Core systems

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

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.

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.