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News DeskToday's News from September 7, 2008 |
CURRENT HEADLINESInsurers brace for Hanna, IkeFriday, September 05, 2008 Insurers are warning customers along the Eastern seaboard to prepare for Tropical Storm Hanna, while Hurricane Ike waits in the wings.Several of Liberty Mutual Group's regional companies are reportedly telling customers in Delaware, Georgia, Maryland, North Carolina, South Carolina and Virginia to have an emergency plan in place that includes an evacuation route, supplies, contacts and home preparation. Meanwhile, GEICO is urging customers to "take all necessary steps" i... RELATED FDA issues arthritis drug warningFriday, September 05, 2008 The Food and Drug Administration (FDA) said today that stronger warnings are necessary on four medications that treat rheumatoid arthritis and other illnesses, citing the potential for fatal fungal infections.Enbrel, Remicade, Humira and Cimzia are issued to patients with rheumatoid arthritis to provide relief from swollen and painful joints; however, the FDA says the drugs are a "double-edged sword" because they work by suppressing the immune system so it will not attack the body. ... RELATED Pimco set to introduce actively managed bond ETFFriday, September 05, 2008 Pacific Investment Management Co. LLC (Pimco) has filed an exemptive-relief application yesterday in anticipation of its introduction of an actively managed bond exchange traded fund.The fund will reportedly invest in a range of fixed-income securities, including options, futures contracts, swap agreements or in mortgage- or asset-backed securities. The announcement is the second recent ETF filing for the company and marks the firm's effort to expand their product line, ... RELATED Unemployment rate worst in 5 yearsFriday, September 05, 2008 The August unemployment rate reached heights not seen in five years as a result of the precarious economy encouraging employers to slash jobs for the eighth consecutive month.In fact, the Department of Labor today announced that the unemployment rate last month climbed to 6.1 percent -- an incline from 4.7 percent last year and the highest rate since September 2003. Meanwhile, it was yesterday reported that the economy experienced a net loss of 84,000 jobs in August. This is... RELATED Majority of prescription marketing materials don't meet Medicare guidelinesFriday, September 05, 2008 Approximately 85 percent of marketing materials used by private insurers for prescription drug plans don not meet all of Medicare's guidelines for the products.According to a group of federal auditors, marketing products including enrollment applications for Medicare drug benefits as well as those explaining the plan's benefits and rules don't meet the numerous requirements put in place by the Centers for Medicare and Medicaid Services. Auditors founds that the materials often viola... RELATED MBA: Foreclosures reaching new heightsFriday, September 05, 2008 The Mortgage Bankers Association (MBA) today announced that the rate of homes entering foreclosure in the second quarter, as well as the number of foreclosures, climbed to unprecedented levels.Meanwhile, findings indicate that the number of foreclosures in California and Florida combated improvements in states such as Maryland, Massachusetts and Texas. While foreclosure activity in some states stayed steady in the second quarter, California and Florida alone accounted for 39 ... RELATED Oil dips below $106/barrelFriday, September 05, 2008 Light, sweet crude for October delivery this morning declined t$2.11 to $105.78 per barrel on the New York Mercantile Exchange.This news comes just a day after oil dropped nearly $1.50 a barrel to $107.89 per barrel. Finally, the cost of crude futures hasn't settled below $108 a barrel since closing at $106.32 on April 4. RELATED Florida regulators contemplate STOLI billFriday, September 05, 2008 The Florida Office of Insurance Regulation held an informational hearing on stranger-originated life insurance (STOLI) Thursday to learn more about the issue, and the state's insurance regulators may act against it during their state's 2009 legislative session.Many participants reportedly deemed STOLI an illegal attempt to evade an insurable interest law and that legitimate contracts are assets, meaning an owner can turn around and sell a contract. According to deputy stat... RELATED Americans' top excuses for not having life insuranceFriday, September 05, 2008 The LIFE Foundation recently released a survey revealing the primary excuses consumers give for not having life insurance, uncovering a startling dichotomy; while 93 percent of Americans think it's important for most people to have life insurance, almost half of respondents say they probably don't own enough coverage.The number one reason given for not having enough coverage is that it's too expensive, as 58 percent of respondents indicated. Meanwhile, the LIFE Foundation argues tha... RELATED BofA to settle with SEC and state regulatorsFriday, September 05, 2008 In an effort to settle with state and federal regulators, Charlotte, N.C.-based Bank of America Corp. says it is seeking a deal to provide liquidity relief to clients holding auction rate securities.The bank has reportedly been negotiating with the Securities and Exchange Commission and with regulators in Massachusetts and New York for nearly a month, but it is likely the group decided to settle after eight Bank of America executives received subpoenas from New York attorney general A... RELATED |
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