http://www.insurance4usa.com/blog Insurance Articles, News and Advice. A daily update en-us Sat, 30 Aug 2008 01:27:59 GMT Wed, 04 Jan 2006 21:06:19 GMT CF Blogger by DayDream Inc http://blogs.law.harvard.edu/tech/rss bobl@insurance4usa.com bobl@insurance4usa.com http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=4D061BC3-3FCF-495D-9513E20790C0659E Here is a nice item to keep in your car at all times. It is a vehicle accident report form. If you are in a car accident, big or small, you will not be thinking clearly and might not gather all of the information needed to properly handle your insurance claim.In fact, I once had a client stop into my office with a single name 'Tony' with a phone number after his car was hit in a parking lot. I called the number for him and reached a pizza parlor. Needless to say, they didn't know anything about any accident and there was no one named Tony there.The bottom line is that you need to gather all of the pertinent information to process your claim properly and effieciently. You don't want to forget to gather witness information as well. An independent witness, who can verify the fault of the accident, could mean the difference between an accident costing you money on your insurance or not.'Accident Report Insurance Forms and Tools Wed, 04 Jan 2006 21:06:19 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=4D061BC3-3FCF-495D-9513E20790C0659E http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=980853AB-DD52-4FCA-BCBFB11D8BF66237 New York has released its annual ranking of auto insurance company compalaints. You can find the a link to the document at the NY State Insurance Department web site: 2005 Auto Complaint Ranking. The 2005 report is based upon data for the year 2004.The Insurance Department's Consumer Services Bureau closed a total of 13,023 private passenger complaints in the year 2004, with 7,233 of them either being withdrawn by the consumer or not upheld by the bureau. Insurance News Thu, 29 Dec 2005 15:47:48 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=980853AB-DD52-4FCA-BCBFB11D8BF66237 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=40950C6C-9BDF-41DB-B436A4B4DA799CF7 SAN FRANCISCO - California motorists living in mostly black or Hispanic neighborhoods are charged substantially more for the same amount of auto insurance provided to drivers from white communities, according to an analysis released Monday by Consumers Union. After dissecting the price among the state's three largest insurers in more than 500 ZIP codes, Consumers Union found car insurance in black neighborhoods costs 37.5 percent to 83.5 percent more than in communities dominated by non-Hispanic whites. That means the biggest auto insurers would charge a good driver an additional $537 to $974 per year for moving from a mostly white to black neighborhood, according to Consumers Union, the nonprofit group that publishes Consumer Reports magazine. Good drivers living in Hispanic neighborhoods aren't hit quite as hard. Consumers Union concluded the pricing increase in California's Hispanic communities ranged from $103 to $214 annually, or 7.9 percent to 18.4 percent. The study further illuminates how a driver's home address sways the price of auto insurance - a thorny issue that has bedeviled California for nearly two decades. "It took far less time to put a man on the moon" than to close the regional pricing gaps in California auto insurance, said Mark Savage, a senior attorney for Consumers Union and the author of Monday's report. An insurance reform initiative passed by California voters in 1988 was supposed to minimize the geographical differences, but the industry so far has been able to retain territory's influence on its prices. Insurers have long maintained that their reliance on motorist's ZIP codes is justified, citing their higher frequency of losses in some neighborhoods and the different traffic patterns in densely populated cities and sprawling suburbs. "Insurance companies don't use race as part of their rating criteria," said Sam Sorich, president of the Association of California Insurance Companies, a trade group. "The Consumers Union study is a distraction from the fundamental point that insurance companies should be using data that predicts the likelihood of losses. Territory is a significant predictor." Consumers Union and other industry critics believe the current pricing practices unfairly discriminate against minority and low-income households, reflecting insurers' focus on more affluent policyholders. The high prices prompt more motorists to drive illegally without insurance - a problem that ultimately increases costs for everyone. About 3.2 million, or 14 percent, California's vehicles are uninsured, according to the state Department of Insurance's most recent estimates. Not everyone in the insurance industry believes ZIP codes are the best way to parse auto insurance prices. Earlier this month, an influential risk assessment firm released a study arguing insurers should base their rates on how close drivers live to certain types of businesses or local landmarks. For instance, motorists living within a mile of a church typically are involved in fewer accidents causing property damage than drivers living near restaurants, according to Quality Planning Corp. In its study, Consumers Union created the hypothetical profile of a good driver and plugged all the same characteristics into the pricing formulas of California's three largest auto insurers - State Farm, Farmers and Allstate. Combined, the three insurers cover more than 30 percent of California's drivers. The study spanned 1,838 ZIP codes under State Farm's 2004 rates and 531 ZIP codes for the 2002 pricing criteria used by Farmers and Allstate. State Farm's 2002 prices also were examined, covering 531 ZIP codes. Consumers Union expanded the scope of its State Farm's analysis primarily because its rating formula wasn't as complicated as the other two insurers, Savage said. State Farm also is the market leader, covering nearly one in every seven of California's insured drivers. The Personal Insurance Federation, a trade group that represents State Farm and Farmers, believes Consumers Union's study is flawed, said spokesman Jerry Davies. He also emphasized that the rates of all auto insurers are approved by state regulators. Proposition 103, the package of 1988 reforms approved by voters, mandated that auto insurance prices be based primarily on a driver's record, annual mileage and experience. But those rules also allows "other factors" to be considered, a provision that helped the industry persuade then-Insurance Commissioner Chuck Quackenbush to approve 1996 regulations that preserved ZIP codes as a major pricing factor. The rules so far have been upheld by California courts. Current Insurance Commissioner John Garamendi has promised to unveil new pricing guidelines sometime during the next two weeks, concluding a more than two-year examination of the disparities created by the current rules. "It's a complex issue," said Norman Williams, a spokesman for the California Department of Insurance. "It was done wrong before, so (Garamendi) wants to make sure it's done right this time." Insurance News Tue, 20 Dec 2005 21:29:57 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=40950C6C-9BDF-41DB-B436A4B4DA799CF7 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=B1B09748-930B-499B-AD8665677854C901 Thursday December 15th, 2005Sainsbury's Bank has suggested that the number of financial products purchased online is set to continue to grow in 2006.The insight from the bank comes following hits on its own website rising by some 73 per cent since in the last 12 months with people looking for savings, loans and other financial services."The internet has become an important life tool, playing an increasing role in the way we conduct our daily affairs – whether it's shopping, booking a holiday or sorting our finances," said Kevin Barrett, director of e-commerce at Sainsbury's Bank"The general acceptance of buying goods or services online means that the web is now a mainstream and vital channel for businesses to interact with and sell to customers."The bank's web user behaviour survey also found that the most popular products bought on the bank's website were life insurance, pet insurance and car insurance. Insurance News Fri, 16 Dec 2005 17:32:54 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=B1B09748-930B-499B-AD8665677854C901 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=257F331B-3884-4950-AB1E31385F6FB624 Car insurance getting cheaperBy DENNIS DARROWTHE ASSOCIATED PRESSAmerican Family on Wednesday announced another 10 percent cut in auto insurance rates in Colorado.With the latest price rollback, American Family's average rates are now down a total of 39 percent since the state's 2003 auto insurance reforms took effect, the company said.Rate cuts also continue at other auto insurers, including State Farm, the state's largest auto insurer, and No. 2 Farmers. Consumer advocates suggest motorists price shop to find the lowest rates.American Family used the latest rate cut to tout the state's 2003 repeal of no-fault insurance and mandated personal-injury-protection coverage."The Legislature's decision to scrap no-fault insurance in 2003 was a good decision for Colorado consumers," American Family executive Brandon LaSalle said.The latest rate cut will take effect Jan. 14.The price reduction will average 10.7 percent statewide, the company said.Individual changes in premium amounts will vary based upon geographic area, coverages purchased and the type of vehicle, among other factors, the company said.Right after the state Legislature passed the 2003 insurance changes American Family reduced rates 29 percent, the company said. Additional smaller reductions came in intervening years.Moreover, the 2003 changes negated the company's request for an 16 percent premium increase without the new rules, the company said."By changing to the preferred auto insurance system of 37 other states, Colorado consumers can still obtain the financial protection they need at a much lower cost," La Salle said. Insurance News Thu, 15 Dec 2005 17:28:11 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=257F331B-3884-4950-AB1E31385F6FB624 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=8303DE36-85C6-4867-97BC985A56E98CE0 Kentucky will be able to track which drivers have insurance and which don't on a month-to-month basis under a new law that takes effect Jan. 1.As a NY resident, I appreciated when my state finally started to crack down on the uninsured. An uninsured driver ends up costing every driver more money. Read more: State to start tracking who has car insurance Insurance News Thu, 15 Dec 2005 14:20:32 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=8303DE36-85C6-4867-97BC985A56E98CE0 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=F49B91D3-F013-4152-83A649828BF8A052 COLUMBIA, S.C. (Dec. 13, 2005) – It’s now easier for employees to be approved for voluntary cancer coverage from Colonial Supplemental Insurance because the company has reduced the time an applicant must be cancer-free to be eligible.“With innovations in cancer treatment dramatically improving cancer survival rates, requiring applicants to be cancer-free for five years is reasonable for most types of cancer,” says Monica Francis, assistant vice president of product marketing for Colonial. Colonial previously required applicants to be cancer-free for 10 years. “Early detection and prompt treatment are keys to cancer recovery and survival, and our product includes the popular wellness benefit that encourages cancer screening and early detection.”Colonial’s cancer product can help employees pay for cancer treatment costs not fully covered by health insurance and for nonmedical costs associated with cancer, such as transportation to a treatment center. In addition, when employers offer reduced major medical coverage for out-of-network care, Colonial’s cancer product can help fill financial gaps when employees choose to go out of network. “Cancer treatments can take months or years and costs can be overwhelming,” Francis says. “Major medical coverage may not provide enough benefits to help pay for the longer-term, high-technology approaches some cancer treatments demand.”Many employers are increasing health insurance deductibles or reducing benefits to combat health care inflation, but by adding Colonial’s cancer product to their benefits program, employers can provide needed coverage choices for employees at no direct cost to their company.Sold to employees at the worksite, Colonial’s voluntary cancer product pays benefits directly to the policyholder when an insured is diagnosed with cancer or receives cancer treatment. The product pays lump-sum benefits if a policyholder has certain treatments or procedures as a result of cancer.Colonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial is a market leader in providing voluntary insurance to employees and their families through the workplace, along with personal benefits communication, enrollment capabilities and a commitment to service. Colonial Supplemental Insurance products are underwritten by Colonial Life & Accident Insurance Company and include a broad portfolio of insurance coverages, such as disability, accident, life, cancer, critical illness and hospital indemnity insurance policies. Similar products, if approved, are underwritten in New York by a Colonial affiliate, The Paul Revere Life Insurance Company.A subsidiary of UnumProvident Corporation, Colonial is based in Columbia, S.C. and operates in 49 states, the District of Columbia and Puerto Rico. “Colonial Supplemental Insurance,” “for what happens next” and the logo, separately and in combination, are registered service marks of Colonial Life & Accident Insurance Company. All rights reserved. www.coloniallife.com Insurance News Wed, 14 Dec 2005 16:55:39 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=F49B91D3-F013-4152-83A649828BF8A052 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=B99A0E4D-DF01-4273-A2BB4D10E215A5A3 A.G. Edwards has done a nice job putting together some common sense information that can help you to focus on your retirement goals. Even if you are doing a great job setting money aside for your retirement, the guide will help you to maintain your focus.Some saving highlightsStart Early.Pay yourself firstParticipate in employer-sponsored savings and retirement plans.Tips for Saving Personal Finance Tue, 13 Dec 2005 20:36:48 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=B99A0E4D-DF01-4273-A2BB4D10E215A5A3 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=2ED79289-5DC8-47D3-9DE6F9BDEE501A39 AG Edwards and Son's has published a next egg index to compare the savings habits of different regions of the country. Do you feel that you are saving enough for your retirement? Find out how you compare with other regions and cities.A.G. Edwards Nest Egg Index Personal Finance Tue, 13 Dec 2005 20:28:39 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=2ED79289-5DC8-47D3-9DE6F9BDEE501A39 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=049DAFAD-918C-4706-8E1CA39F4F1B798B CHICAGO--(BUSINESS WIRE)--Dec. 12, 2005--With 2005 almost at a close, Grant Thornton LLP offers the following nine last-minute tax planning tips:1) Consider the AMT when selling assets -- Always consider how significant transactions, such as selling assets or exercising incentive stock options, may affect alternative minimum tax (AMT) liability. Also consider it in your year-end tax planning. Knowing where you stand may enable you to adjust your income and deductions to minimize the AMT.2) Look at total return when investing in stock -- With the tax rates for qualifying dividends and long-term capital gains now the same, it may be easier to focus on total return when investing in stock. Keep in mind, though, you have only a three-year time horizon remaining for the 15 percent rate (unless it's extended by Congress).3) Don't forget above-the line deductions -- "Above-the-line" deductions are those expenses you can subtract from your income in determining your adjusted gross income (AGI). Because AGI affects your ability to enjoy numerous tax breaks to their fullest, above-the-line deductions are especially beneficial. Examples include IRA and Health Savings Account (HSA) contributions, moving expenses, self-employed health insurance costs and alimony payments.4) Contribute appreciated stock to charity -- Contributions of appreciated stock can be especially effective. Along with receiving an income tax deduction and avoiding the capital gains tax, you also remove that asset from your estate, thereby reducing your potential estate tax burden.5) Shift appreciating investments to your children -- Children who are 14 and older can sell capital gain property and pay tax at rates as low as 5 percent (zero in 2008), depending on their income. In 2005, you and your spouse, together, can give up to $22,000 of assets to each of your children (or grandchildren) -- free of federal gift tax -- without using any of your $1 million lifetime gift tax exemptions. This strategy might not work for gifts to younger children because the "kiddie" tax applies. Unearned income beyond $1,600 is taxed at their parents' marginal rate unless the appreciating assets are sold after the children are 14 or older.6) Don't count out the ESA -- Think a Coverdell Education Savings Account (ESA) is too limited? Remember that, although 529 plans give you more bang for your buck, ESAs can pay for elementary and secondary education expenses. Also, you have more investment options and control with an ESA. Finally, you have until April 15 of the following year to make the contribution, so you have plenty of time to make up your mind.7) Nondeductible IRA contributions can add up too -- If your income is too high for a deductible IRA or a Roth IRA, consider a nondeductible IRA contribution. The earnings can build up on a tax-deferred basis, giving some shelter on investment income recognition while you put away money for retirement. The nondeductible contribution amount is still limited to the lesser of your earned income or the IRA contribution limit ($4,000 for 2005).8) Consider selling stocks with a loss position. To the extent a taxpayer has a capital gain position for the year, he or she should consider selling stocks with a loss position to offset capital gains and up to $3,000 of ordinary income. To the extent a taxpayer has a capital loss in excess of $3,000 for the year, he or she may want to consider selling stocks that will generate capital gain in excess of $3,000 to offset the capital gain. This strategy, however, should be considered in light the lower capital gains tax rates that are currently set to expire after December 31, 2008.9) Maximize 401(k) contributions. The 401(k) contribution limit for 2005 is $14,000. For taxpayers 50 years of age and over, an additional "catch-up" contribution of $4,000 is allowed under legislation enacted in 2001. To the extent taxpayers have not yet reached their 2005 contribution limits, they may want to consider increasing their payroll contributions for the remaining payroll periods in 2005. Taxpayers should keep in mind that for 2006, the 401(k) contribution limit is $15,000 and the additional "catch-up" contribution is $5,000.About Grant ThorntonGrant Thornton LLP is the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations. Through member firms in 111 countries, including 50 offices in the United States, the partners and employees of Grant Thornton member firms provide personalized attention and the highest quality service to public and private clients around the globe. Visit Grant Thornton LLP at www.GrantThornton.com.ContactsGrant Thornton LLPKristi Grgeta, 312-602-8720Kristi.Gregta@gt.com Personal Finance Tue, 13 Dec 2005 13:50:37 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=049DAFAD-918C-4706-8E1CA39F4F1B798B http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=6B34D1B8-16CE-414B-9671BE54EFD99C41 Why People Who Live Close to Restaurants are More Likely to Have an Accident and Pay More for Auto InsuranceReport From Quality Planning Corp. Highlights the Risks of Living Near Restaurants, Medical Buildings and Grocery StoresSAN FRANCISCO, Dec. 6 /PRNewswire/ -- If you live within a mile of a church, you're far less likely to have a car accident than drivers who live more than a mile from a church. But if you live within one mile of a restaurant, you face a significantly greater risk of an accident than most other drivers. Those are among the key findings of a study released today by a leading predictive analytics company -- Quality Planning Corporation -- a firm that helps insurance companies price insurance more accurately and fairly.Quality Planning Corporation (QPC) examined the relationship between where a vehicle owner lives and the likelihood that he will be involved in an auto accident, and concluded that the riskiest place to live is within one mile of a restaurant. In fact, if the owner of an automobile lives within one mile of an eating establishment, he is 30 percent more likely to crash his car than if he lived more than one mile from the restaurant.The study examined more than 15 million policyholders and two million claims, mapping the proximity of vehicle-owners' addresses to various types of businesses, including amusement centers, bars, churches, dentists' and doctors' offices, parking lots, banks, car dealers, car washes, child day-care centers, gas stations, medical buildings, movie theaters, optometrists' offices, schools and shopping centers. The study found that the riskiest places to live near are restaurants, grocery stores, schools and banks. At the other end of the scale, individuals that live within one mile of an airport, park, forest or racetrack are much less likely to suffer vehicle damage.When it comes to car crashes, churches are the least risky neighbor of all. People who live within one mile of a church are 10 percent less likely to have an accident resulting in a property damage claim than if they lived one more than one mile from the church.Commenting on the statistics, Dr. Daniel Finnegan, founder and CEO of QPC, noted: "It's well known that auto insurers use a policyholder's ZIP code to calculate the risk he or she represents. New technology enables us to be even more accurate in determining the level of risk associated with a policy by identifying the specific risk factors associated with that policyholder's home address."In our research to develop a new predictive loss model for auto insurers, we have identified more than 500 variables that are highly correlated to auto accidents, many of which are specific to a policyholder's home address. Among the more interesting variables we found are hail storms, crime rate, topography, traffic patterns, occupation, street width and chiropractors per capita."Insurance companies have historically based policyholders' rates on their ZIP code or where their vehicle is kept. While ZIP codes may be convenient and necessary for speedy mail delivery, they are not a particularly good predictor of property/casualty insurance losses. The ability to assess risk at the street-address level is a major breakthrough in private passenger auto underwriting and will eventually lead to more accurate rating and could reduce premiums for some drivers.Increase in physical damage claims by living within one mile of:Top Tier Restaurant 30%Grocery store 26%Elementary or secondary school 26%Bank 25%Car dealer 23%Gas station 22%Liquor store 18%Bottom TierRacetrack or amusement park 11%Hotel, motel, resort or spa 5%National park or forest 4%Local or community park 3%Airport 2%Doctor's office or clinic 1%Religious institution -10%"It's important to remember that these observations are indicative of the area and we would naturally expect higher accident rates in higher traffic areas," added Bob U'Ren, vice president of marketing at QPC. "Traffic patterns and density are often key considerations when selecting sites for restaurants and grocery stores. There are also comparatively fewer homes and apartments, and generally lower vehicle use, close to parks and forests. But who would have thought it is more dangerous to live by an elementary school than a liquor store? Or a bank versus a hotel?"QPC periodically releases snapshots and analyses of auto insurance data to raise awareness of the factors that determine what consumers pay for auto insurance. Previous reports have examined the fraudulent use of social security numbers when applying for insurance, the abuse of the 'farm discount,' older drivers and auto accidents versus violations, the relationship between occupations and auto accidents, teenage drunk driving, and the discrepancy between reported and actual mileage.Rating integrity and competitive advantageQPC assists auto insurers in their efforts to minimize rating error. QPC takes an auto insurance company's book of policyholders and processes it through a battery of more than 150 proprietary tests, cross-reference checking and pattern-matching algorithms to identify errors and discrepancies that might suggest fraud and misrepresentation on the part of consumers. QPC also provides insurers with additional services such as policyholder phone interviews to discover missing drivers, verify garaging addresses, determine annual mileage and other key rating information. Over time, insurance companies with accurate rating information are better able to compete and are more financially stable.About Quality Planning CorporationA member of the ISO family of companies, QPC is focused exclusively on providing decision integrity solutions to the insurance industry. QPC works with insurance companies to identify areas of significant premium leakage using sophisticated database management, statistical analysis and modeling, customized survey design, and highly targeted customer interaction. Quality Planning Corporation (QPC), the rating integrity solutions company, was founded in 1985 and is headquartered in San Francisco. For more information, visit http://www.qualityplanning.com. Insurance News Wed, 07 Dec 2005 21:28:02 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=6B34D1B8-16CE-414B-9671BE54EFD99C41 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=CC1B9FD8-03EA-4B0F-B2F52B5AD0C73670 HOLLYWOOD, Fla., Dec. 1 /PRNewswire/ -- Longtime South Florida resident, Edward Zebersky, Esq., is giving back to his hurricane-beaten community in the best way he knows how -- offering residents free legal advice on the best way to handle their Hurricane Wilma insurance claims."Because of the enormous size of this storm, hundreds of thousands of South Floridians were impacted by Wilma -- people all the way up in Palm Beach and right down through Miami. Some people lost everything. For Broward County especially, this was worse than Hurricane Andrew," Zebersky said. "Unfortunately, some insurance companies are looking to take advantage of the situation."Zebersky warns, "This is the time that home and business owners need to be especially vigilant. It's not uncommon for insurance companies to offer you less than what you're entitled to, hoping that you're not aware of your insurance policy limits. Adjusters will come out and lead people to believe that no more can be paid for the damage. Not knowing any better, most home and business owners just take whatever their insurance company offers them. It's a shame. It's wrong. People need to know they can challenge the amount offered, and frequently, get paid much more."Zebersky, who is the Florida Bar's 2004 recipient of the Professionalism Award, and President-Elect of the Academy of Florida Trial Lawyers, has prepared a Special Report for anyone who has any type of property damage from Hurricane Wilma. The report is entitled, 12 Things You Should Know When Filing Your Hurricane Wilma Insurance Claim. It is free and will be sent to anyone who asks for it. Additionally, Zebersky will offer a free consultation to anyone who has questions about a hurricane claim that they have already filed, or plan on filing.To receive a copy of the free report or schedule a free consultation, please call (954) 989-6333.Additionally, Mr. Zebersky requests the media's assistance in disseminating this free information to all South Florida residents. All media inquiries are welcome. Insurance News Tue, 06 Dec 2005 15:13:15 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=CC1B9FD8-03EA-4B0F-B2F52B5AD0C73670 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=ED916C56-F70D-4154-9D2B441A602E6570 DES MOINES, Iowa--(BUSINESS WIRE)--Nov. 29, 2005--Principal Financial Group, Inc. (NYSE:PFG) announced today that its Board of Directors has authorized the repurchase of up to $250 million of the company's outstanding common stock. The authorization gives the company the flexibility to use share repurchase as an option to deploy capital, as it is generated from net income, in excess of capital needed for organic growth, strategic acquisitions and shareholder dividends on common stock.The repurchases will be made in the open market or through privately negotiated transactions, from time to time, depending on market conditions. The stock repurchase program may be modified, extended or terminated at any time by the Board of Directors. The program authorized by the Board of Directors in June 2005 has been fully executed. Principal Financial Group, Inc. has approximately 280 million shares of common stock outstanding.Forward looking and cautionary statementsThis press release contains forward-looking statements, including, without limitation, statements as to sales targets, sales and earnings trends, and management's beliefs, expectations, goals and opinions. These statements are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company's annual report on Form 10-K for the year ended December 31, 2004, and in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2005, filed by the company with the Securities and Exchange Commission. These risks and uncertainties include, without limitation: competitive factors; volatility of financial markets; decrease in ratings; interest rate changes; inability to attract and retain sales representatives; international business risks; foreign currency exchange rate fluctuations; and investment portfolio risks.About the Principal Financial GroupThe Principal Financial Group(R) (The Principal (R))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $188.4 billion in assets under management(2) and serves some 15.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.(1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.(2) As of September 30, 2005.ContactsPrincipal Financial Group, Inc., Des MoinesMedia Contact:Jeff Rader, 515-247-7883rader.jeff@principal.comorInvestor Relations Contact:Tom Graf, 515-235-9500investor-relations@principal.com Insurance News Thu, 01 Dec 2005 14:12:43 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=ED916C56-F70D-4154-9D2B441A602E6570 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=1C921CE2-B70A-4235-99EE535499B21DD5 FAIRFIELD, Conn.--(BUSINESS WIRE)--Nov. 30, 2005--GE (NYSE: GE) today announced it intends to commence a secondary public offering of 38 million shares of Genworth's Class A Common Stock on December 1, 2005 and to price the offering after the close of trading on that day.The timing of this offering will allow shares to be sold to meet anticipated investor demand for Genworth shares following Standard & Poor's announcement last night of its intention to add Genworth to its S&P 500 Index as of the close of trading on December 1, 2005.GE will not offer additional Genworth shares in 2005 and expects to sell its remaining Genworth shares by the end of 2006.Morgan Stanley & Co. Incorporated is the sole bookrunner and sole manager for the offering. Interested parties may obtain a written prospectus relating to the offering, when available, from Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014 or by email at prospectus@morganstanley.com.This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming, and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.Caution Concerning Forward-Looking StatementsThis document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from the behavior of financial markets, including fluctuations in interest rates and commodity prices, from future integration of acquired businesses, from future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation and healthcare industries, from unanticipated loss development in our insurance businesses, and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.ContactsGeneral Electric, FairfieldRussell Wilkerson, 203-373-3193Mobile: 203-581-2114russell.wilkerson@ge.com Insurance News Thu, 01 Dec 2005 14:06:21 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=1C921CE2-B70A-4235-99EE535499B21DD5 http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=9965E6EA-F83C-659D-593806E02358A2D0 We will be using this blog to publish insurance news, discussions, and headlines that are of interest to consumers and insurance agents. Insurance News Tue, 27 Sep 2005 21:03:43 GMT http://www.insurance4usa.com/blogdisplay_blog.cfm?bid=9965E6EA-F83C-659D-593806E02358A2D0