Fiduciary Market Update

Slides:

Advertisements

Similar presentations

Topic 13. Employee Benefit Plans BUS 200 Introduction to Risk Management and Insurance Jin Park.

Advertisements

Chicago - March 29-30, PLUS Professional Risk Symposium ERISA Litigation in the Hot Seat.

1 National Health Access Citizens Health Care Working Group National Health Access Citizens Health Care Working Group May 12, 2005 Presented by: Kenneth.

Medicaid expansion in sc. today’s talk  Background  Politics of expansion  Impact on People  Impact on Business  Impact on the Economy  Final Thoughts.

GRP Group Health Insurance for Retirees Group Benefits. Individual Service. Liberty National Life Insurance Company United American Insurance.

Government Influences on Cigna Business Acumen Course August 27 th, 2014.

HSA This is how you do it. You can Save 10-50% per month, per employee and still have the same or better coverage… Health Insurance Costs Too High? Health.

EPL& EPLI Underwriting Trends: Baby Boomers Come of Age Panelists: Laura R. Zaroski, Esq. Donohue Brown Mathewson & Smyth LLC Donohue Brown Mathewson &

1 The Credit Crisis: Getting Perspective October 2, 2008.

An Economical Solution to Providing Retiree Medical Insurance Benefits.

Defined Benefit Pension Plan Chapter 14 Employee Benefit & Retirement Planning Copyright 2009, The National Underwriter Company1 What is it? A qualified.

Explore an innovative financial strategy that will permit you to create a legacy for your preferred religious institution, charity, university, or any.

The Retirement Protection Plus Program Disability Insurance Protection for Retirement Plan Contributions.

The Basics of Self Funded Health Plans for Small Employers 11084s1212 Edition Brought to you by: Allied National February 2014.

CHAPTER NINETEEN Employment Retirement Security Act.

1 Chapter 29 Pension Plan Management. 2 Topics in Chapter Pension plan terminology Defined benefit versus defined contribution plans Pension fund investment.

McGraw-Hill/Irwin © 2007 The McGraw-Hill Companies, Inc., All Rights Reserved. CHAPTER 1 Investments - Background and Issues.

Employers’ Coalition on Medicare. Employers’ Role  Employer-based insurance covers more than 175 million Americans  Cost of employer-based health insurance.

© 2004 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Chapter 18 Employee Benefit Plans.

Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Slide 18-1 Chapter Eighteen Employee Benefit Plans.

Surety 101 Presented by: Matt Rosenberg Principal Rosenberg & Parker.

Page 1 Recording of this session via any media type is strictly prohibited. Page 1 Being the Boss: How Unbundling Can Save You a Bundle.

Benefits OS652 HRM Fisher Nov. 2, Agenda Presentation Key issues with benefits – Employer vs. employee contribution – Comprehensiveness – Flexibility.

1 Future Retiree Benefits Michael E Finn. 2 Comparable Districts Deer Valley YES - District pays cost of retiree health insurance up to age 65 Gilbert.

Employee benefits Session-15.

Lecture 2 Introduction to Employee Benefits Why study employee benefits? Define “employee benefits” Show the significance of employee benefits Identify.

Health Care Reform and Concordia Plan Services 2012.

Health Reform: What It Means to Our Community. Health Reform: Key Provisions o Provides coverage to 32 million uninsured people by o Changes insurance.

Benefits and Services Chapter 13 Part 4 | Compensation

1 Fourth: Health Care Plans: 1. 2 The Economics of Health Care: Price rationing occurs because buyers base purchasing decisions on the relative quality.

Introduction to Employee Benefits Chapter 1&2. u Definition of Employee benefits: * Narrow approach: employer provided benefits for death, accident, sickness,

D&O and E&O - Is There Any Good News? John Lewandowski, FCAS, MAAA CNA Insurance Company 2004 Casualty Loss Reserve Seminar Las Vegas - September 13, 2004.

THE CORPORATION n Legal entity created to sell goods and/or services. n Owned by shareholders who purchase its stock. n Possible returns to shareholders:

DI Retirement Security Helping you continue saving for retirement in the event of a disability.

Chapter 34 Social Security Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

Naïve Investing – Company Stock PADM 5111 – Microeconomics for Policy Analysis Presented by Amanda Wright & Glenn Horne Wednesday, October 07, 2015.

Chapter 11.1 notes. Saving Saving = not spending $ Investment – use of income today for a future benefit.

1 FIN 604 Introduction and Overview 1. Investor vs. Speculator 2. Participants in the Investment Process 3. Steps in Investing 4. Types of Investors and.

Michel St-Germain Montréal Health of Defined Benefits Pension Plan Is a Defined Contribution Pension Plan the answer? Presentation to the Canadian Association.

21 - 1Copyright 2008, The National Underwriter Company Taxation of Individual Health Insurance Coverage  What is it?  Individual health insurance  Provides.

Page 1 Recording of this session via any media type is strictly prohibited. Page 1 Is All Quiet On The Fiduciary Front? New Issues in Fiduciary Liability.

Presented By: Mary C. Petrick Kirk L. Pruett 09/15/2011.

Credit Crisis Impact on D&O/E&O Market September 15, 2009 Jason Israel SVP, Guy Carpenter Instrat.

The Surety Industry and Workers Compensation Guarantees Casualty Actuarial Society Presentation by: Marsh Surety Practice Drew Brach, Managing Director.

The Energy Insurance Marketplace. A North American perspective.

ERISA EMPLOYER STOCK CLASS ACTIONS PLUS EMPLOYMENT & FIDUCIARY ISSUES SYMPOSIUM April 13, 2005 Doug Hinson – Alston & Bird Leader, ERISA Litigation Practice.

McGraw-Hill/Irwin © 2002 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 27 Social Security.

SMALL GROUP HEALTH INSURANCE MARKET WORKING GROUP CHAPTER 370, LAWS 2010.

Finance 431 Professional Liability. Historically only covered liability from Professional Services to others Medical malpractice Doctors Errors and Omissions.

Philanthropy Network Greater Philadelphia Health Care Access Breakout Session Ann S. Torregrossa PA Health Funders Collaborative.

For producer use only. Commitment to LTC Financially Strong 20+ years of experience in LTC market Completed research in the industry resulted in new product.

ACTUARIALACTUARIAL Futuristic Scenarios for LTCI Session 25: February 28, 2006 Session Producer: John Timmerberg, President Timmerberg & Associates, Inc.

Portfolio Management Unit – 1 Session No.1 Topic: Portfolio Perspective Unit – 1 Session No.1 Topic: Portfolio Perspective.

Fiduciary Duty or Standard of Care: Professionals on the Fiduciary Firing Line MODERATOR: Simon Hodge, Managing Director Wachovia Insurance ServicesMODERATOR:

Pension Funds, The Financial Crisis, and Ponzi Schemes: What’s Next for Fiduciaries?

AFFORDABLE CARE ACT CONSUMER IMPACT. WHAT’S CHANGING WITH THE ACA? What’s not changing with the ACA? Will have broad impact that affects some population.

D&O Claims Trends Brian Kristiansen Chubb & Son. Shareholder Claims Disclosure Mergers/Acquisitions.

DI Retirement Security Helping you continue saving for retirement in the event of a disability.

City of Kansas City, Missouri Accounting for Other Post-Employment Benefits Thursday, May 1, 2008.

3-1. REGULATING EMPLOYEE BENEFITS McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3.

Risk Movement past, present & future Life Seminar th February Presented by: Dr Brad Beira.

Market Forces in Health Care Eric D. Kupferberg, PhD 23 September 2010.

Assessing Corporate Governance Risk

Benefits and Services Chapter 13 Part 4 | Compensation

Fiduciary Liability Insurance Market Update April 28, 2004

Top 20 largest R&D spenders

Diversity & Inclusion:

"Promoting Microinsurance Through Education"

Balancing Regulation Against Access to Innovative Pharmaceuticals

Providing A Safety Net 3.4.

Presentation transcript:

Fiduciary Market Update Jay Desjardins - Aon FSG Richard Haran - Chubb & Son Rhonda Prussack - National Union PLUS - Employment and Fiduciary Issues Symposium - April, 2005

Where Fiduciary Marketplace was Five Years Ago Low premium High capacity Low frequency of claims/high severity Few underwriting demands Low interest/little understanding

Where is Marketplace for Coverage Today? High frequency/high severity Restricted capacity Premiums have risen dramatically Increased underwriting demands Increased interest e.g. Sessions at PLUS!!

What is Driving These Changes? Securities “Tag-Along” Suits” AirTouch Allegheny Energy Amerada Hess AIG Aon Aquila Inc. (fka Utilicorp United Inc.) AT&T Baxter Bell South Bristol-Myers Squibb Cardinal Health Chevron Cigna CMS Energy Corp. Computer Associates Conseco Duke Energy Dynegy, Inc. Electronic Data Systems (EDS) Enron General Motors Global Crossing Ltd. Goodyear Tire & Rubber Co. Harnischfeger Hartford Financial Services Group, Inc. HealthSouth Honeywell Household International Ikon Kmart Krispy Kreme Lucent Technologies, Inc. Marsh Merck & Co. Mirant Motorola Nortel Polaroid Providian Financial Corp. Qwest Communications Rite Aid Rural Metro Schering Plough Scientific-Atlantic Sears Southern Company Stone & Webster Syncor Textron Tyco International UAL ULLICO Waste Management Williams Companies Worldcom W.R. Grace Xerox

Are There Any Other Factors Driving the Changes? Cash balance plans Pension plan underfunding Mutual funds Miscalculation of benefits claims Cutbacks in retiree welfare benefits Downsizing M&A activity Other stock claims ERISA 510 claims

How Are Insurers Responding? Insurers’ perspective Pricing Terms Limits

How Are Clients Reacting? Greater awareness/understanding of fiduciary issues Purchasing habits Additional marketing

What is on the Horizon? In the courts IBM Supreme court’s decision on disparate impact (Smith v. City of Jackson) U.S District Court blocked the EEOC from allowing employers to reduce or eliminate medical benefits once participant becomes eligible for Medicare at age 65 Legislation SOX Will market harden or soften?