MAINE INSURER TO ENTER
PORTLAND, Maine - UNUM Corp. said Monday that Japan's Ministry of Finance has granted it a license to operate in that country's tightly regulated insurance market.
The Portland-based specialty insurer said it expects by October to begin selling disability insurance in Japan similar to coverage its affiliates market in the United States, Canada and Britain.
UNUM said the long-term potential of its Japanese operation is enormous. No other company sells long-term disability insurance in Japan, which buys more insurance per capita than any other nation.
The company, which opened an office in Tokyo in 1992, has an alliance with Japan's leading short-term disability insurer, Yasuda Fire & Marine Insurance Co., which will introduce UNUM's disability products.
'91 PERCENT' HEALTH PLAN
WASHINGTON - President Clinton rejected a so-called "91 percent solution" for U.S. health care Monday, saying that all Americans must eventually be covered by health insurance.
"The so-called 91 percent solution essentially would guarantee what we have now: The poor would get health care, the wealthy would get health care, the middle class would be at risk of losing it," Mr. Clinton said in an interview on NBC's "Today" program.
Responding to televised comments Sunday by Sen. Daniel Moynihan, D-N.Y., that this Congress would not pass a health-care plan that included universal coverage this year, Mr. Clinton said this could be phased in over a period of years.
MOODY'S MAY CUT
SUMITOMO LIFE'S RATING
Moody's Investors Service placed its "Aa2" financial strength rating for Sumitomo Life Insurance Co. under review Monday for possible downgrade.
Japan's third-largest life insurance firm has come under increasing
financial pressure because it has been shifting its product line toward "less profitable accumulation products," which provide high dividends to policyholders, the rating agency said.
Sumitomo Life's profitability also suffers from volatile market conditions and asset quality problems, Moody's said.
Moody's review will focus on the long-term outlook for Sumitomo Life's earnings, as well as the nature of the company's liabilities.
TO MEET IN LONG BEACH
LONG BEACH, Calif. - The Professional Liability Underwriting Society will focus on the role of surplus-lines brokers placing professional liability coverage at its second annual PLUS Day Aug. 4 at the Hyatt Regency in Long Beach, Calif.
These brokers place coverage with excess and surplus lines companies, which are permitted to do business with minimal regulation of their rates and policy forms in order to provide coverage where it's not otherwise available.
Warren Stanley, president of Swett & Crawford, will be the keynote speaker during the program.
For more information, call (800) 845-0778.
JOINS BERKLEY'S BOARD
GREENWICH, Conn. - Richard G. Merrill, a former executive vice president of Prudential Insurance Company of America, was named to the W.R. Berkley Corp. Board of Directors.
Mr. Merrill, 63, was executive vice president of Prudential from August 1987 to March 1991, when he retired. Before that he served as chairman and president of Prudential Asset Management Co.
W.R. Berkley Corp. is a holding company which, through its subsidiaries, offers regional property/casualty insurance, specialty lines and insurance- services operations.