Digital Platforms

Washington - The U.S. House of Representatives voted to approve a revised $700 billion bailout plan for the financial markets Friday, just four days after rejecting the original version and clearing the way for President Bush to sign the historic package.

The embattled insurer will peddle its life and property/casualty businesses in an effort to repay its $85 billion government loan, and plans to refashion itself into a global property/casualty insurer.

Having called for the impending doom of another major insurance company, MetLife and The Hartford both release assurances of safety.

Butler Group says that in order to improve competitiveness, organizations must urgently address the growing dislocation between the business requirements and IT deliverables.

A new Celent report says countless variations of administrative forms can exact a heavy cost on insurers’ bottom lines.

Senate Majority Leader Harry Reid, in pressing for passage of a $700 billion financial system rescue plan, said yesterday that a "major" insurance company was about to go bankrupt if financial markets weren't calmed.

The insurer is rumored to be considering selling more than 15 businesses, including International Lease Finance Corp., a stake in a large U.S. reinsurer and billions of dollars in properties.

According to Sun’s Scott McNealy, Java and open source will force the insurance industry to abandon legacy systems and step into the future.

NEW DATABASE APPLIANCE

UNITED AMERICA SELECTS POLICY ADMIN SOLUTION

While advanced computing and technology is typically a blessing, with more avenues for exploitation, it also can be a curse for IT security.

Bilked for billions of dollars annually and facing tough economic times, insurers are reaping benefits by outsourcing fraud mitigation.

The announcement closely follows a deal facilitated by the FDIC for Citigroup to take control of Wachovia's five depository institutions.

The extension of the plan, which was set to expire today, will allow the program to continue operating under its current terms through March 6, 2009.

Company teams with Sun to deliver POINT IN J for carriers seeking a platform-flexible policy administration system.

Centerview Partners will assist in evaluating potential sales of AIG's 71 member companies, many of which are located in New York.

Certification Commission’s research finds more than $700 million in funding for electronic health records (EHR) software and implementation costs.

The carrier will help the healthcare insurer automate clinical data collection.

A free online service provides necessary state-by-state hurricane-related bulletins and department of insurance compliance information.

Bill seeks to redress perceived tax advantage for foreign-based reinsurers.

Life insurance association says market turmoil underscores need for regulatory changes.

Opponents of the legislation claim enactment would hurt consumers.

Top leaders of both banking committees and representatives from both political parties emerged after three hours of negotiation to say they had worked out a final deal on a bill to create a facility to buy troubled loans.

Within five years, Everest Research projects spending for global business process outsourcing (BPO) by the financial services sector will reach US$145-$165 billion for India-based services, the hub of global sourcing for financial services.

Consumers boost ratings of life insurers’ Web sites slightly, but ranking is still below the overall cross industry benchmark.

Under the terms of the deal, interest will accrue at 8.5% above the rate of the three-month London Interbank Offered Rate, which is the rate at which banks lend to each other. AIG also will pay commitment fees.

Berkshire Hathaway also will receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which is exercisable at any time for a five-year term.

Experts predict a sale of AIG operations in Asia will benefit Aflac Inc. and Prudential Financial Inc. on the Japanese side, and Prudential UK in the non-Japanese Asian countries.

Users send a short messaging service with qualification information and get a reply with confirmation of the coverage.

After making key acquisitions, the software giant officially unveils an insurance unit.

AIG works quickly to shore up support and stave off panic as its leadership transitions and the marketplace repsonds.

The solutions will combine the expertise of IBM's Global Business Services and Norkom's financial crime and compliance software.

As AIG looks to resolve its liquidity problems, some potential buyers are eyeing its diverse group of life insurance businesses.

AIG sued by pension fund.

Companies agree business process management is important, but they lack discipline and structure.

The bill reforms the way agents and brokers are licensed.

Holding company oversight system back in spotlight

The onus is on CIOs to understand the business and communicate IT’s benefits in a way that solves business problems. Many are finding success by first providing metrics that the business can relate to, and then managing the CEOs expectations.

The National Association of Insurance Commissioners has established a working group to oversee AIG insurance interests, and to ensure that policyholders of the insurance subsidiaries remained protected.

As the government assumes control of the company, the specter of new regulation rises.

An $85 billion bailout loan gives the government 80% equity interest in the insurance giant.

Late Tuesday, the Federal Reserve Board made an unprecedented move to rescue American International Group Inc., giving the U.S. government a 79.9% stake in the failing company.

The support and maintenance has been extended over the next 28 months, and continues the growth of a business partnership that began in 2003.

Pinnacle Life, Allied North America and Harleysville Insurance win first, second and third place in Insurance Networking News’ 2008 INNovators Award.

Standard & Poor's, Moody's, Fitch and AM Best all have downgraded AIG's credit rating.

Total losses are expected to make the hurricane the third-most expensive in history.

New York Governor says the company will be permitted to access $20 billion

The Novarica ACE Rankings document the “Average Customer Experience” of insurers with various technology solutions.

Facing a potential downgrade from credit ratings agencies, AIG is seeking a $40 billion bridge loan from the Federal Reserve.

Association says SEC prematurely quelled debate on rule to regulate fixed annuities.

Association offers its support for bill that would establish federal insurance advisory.

Insurance execs expect sub-prime issues to have significant negative impact on 2009 financial performance, and 36% of the execs expect the risk associated with adequately pricing risk, to be the most significant challenge over the next three to five years, according to a survey conducted by KPMG.