METLIFE FORMS ALLIANCES
WITH INVESTMENT ADVISERSNEW YORK - Metropolitan Life Insurance Co. has formed alliances with 401k Forum Inc., an online advisory service, and the Scarborough Group Inc., an investment adviser. The object is to provide 401(k) participants with retirement planning and investment advice.
401k Forum will offer information to participants in plans for which MetLife provides record keeping and other services. Scarborough Group will provide participants with a retirement adviser.
ISO, NICB TO TEAM UP
ON ANTI-FRAUD DATABASE
NEW YORK - Insurance Services Office Inc. and the National Insurance Crime Bureau said Monday they plan to build a consolidated all-claims database to help property/casualty insurers fight fraud.
''Everybody gains through this cooperative effort except people who commit insurance fraud,'' said Fred Marcon, ISO's chairman, president and chief executive.
The database, to be maintained by ISO, will be used by the NICB, insurers and law enforcement agencies to help identify questionable claims and to speed up payment of valid claims.
Both groups plan to integrate the databases maintained by NICB and the American Insurance Services Group, which ISO is in the process of buying from the American Insurance Association. The deal is expected to close in September.
NEW YORK AGENTS CHEER
NEW YORK - Peter Flanagan, president of the Life Insurance Council of New York, praised the New York state legislature for passing legislation that will change the way agents are compensated by their insurance companies.
Gov. George Pataki is expected to sign the bill.
The new law modernizes and streamlines the existing system of limits on first year commissions, renewal commissions, training allowances and other benefits.
Mr. Flanagan praised the legislature for ''hammering out legislation that amounts to much-needed reform of complex, burdensome laws that were enacted 90 years ago.''
AGENCY, FLORIDA A&M
WORK ON MINORITY COURSE
TALLAHASSEE, Fla. - The Florida Department of Insurance and Florida A&M University have signed an agreement to prepare minority students for a variety of careers in insurance.
Florida Treasurer and Insurance Commissioner Bill Nelson said the curriculum will emphasize curbing insurance fraud, crisis management and consumer services.
''Our objective is not only to provide new opportunities for minorities in the field of insurance, but also to prepare students entering the insurance field to better serve consumers,'' Mr. Nelson said, in announcing the joint effort between his office and FAMU Department of Economics.
More than 30 students enrolled this past spring in the very first course offered, which dealt with property/casualty insurance. Additional courses in life and health are to be added this year.
COUNCIL SEEKS DECREASE
IN MARYLAND COMP RATES
BOCA RATON, Fla._ The National Council on Compensation Insurance Inc. filed Monday for an overall 9.8 percent decrease in Maryland workers compensation voluntary loss costs/base rates.
Companies use loss costs as a basis for the rates they charge employers. The filing is proposed to take effect Jan. 1, 1998.
NCCI attributed the decrease to the efforts of Maryland employers, injured workers and insurers working together to produce safer workplaces and cost saving efficiencies.