BRIEFS

BRIEFS

INDUSTRY GROUP OPPOSES

MANAGED-CARE BILLWASHINGTON - The Self-Insurance Institute of America Inc. Wednesday announced its opposition to the ''Patient Access to Responsible Care Act of 1997'' (H.R. 1415/S. 644), also referred to as Parca.

''While patient protection is a goal that the self-insurance industry supports, the approach taken in proposals such as Parca is counter-productive because it would cause many employers to eliminate certain coverage positions or to cease offering health-care benefits altogether,'' said James A. Kinder, SIIA's chief executive officer.

According to Mr. Kinder, these effects would be caused by Parca's overly broad liability provisions, which extend not only to employers who sponsor health plans, but also to individual employees and third-party administrators who administer the plans.

FINANCIAL REGULATION

TOPS MEETING AGENDA

NEW YORK - Who will regulate bank, insurance and securities products was the topic when three influential Republicans met with chairmen of major banks, insurers and securities firms here Wednesday.

The meeting with about two dozen chief executives, including Richard Huber of Aetna and Walter Shipley of Chase Manhattan, was led by Rep. John Boehner, R-Ohio. Mr. Boehner chairs the congressional working group trying to find some common ground between two versions of H.R. 10, the bill deregulating financial services.

With him at Merrill Lynch headquarters were Reps. Marge Roukema, R-N.J., of the House Banking Committee, and Michael Oxley, R-Ohio, of the Commerce Committee.

20TH CENTURY MULLS

SELLING STAKE TO AIG

NEW YORK - U.S. insurance company 20th Century Industries Inc. is exploring the possibility of selling the 58 percent stake of the company which is not owned by American International Group, according to press reports.

The stake in the car insurance direct marketer could be sold to the financial-services and insurance company AIG or another party.

20th Century has asked Salomon Smith Barney Inc. to look at strategic alternatives for raising shareholder value, the report said, citing a securities filing by AIG.

Analysts value 20th Century at as much as $3 billion.

LIBERTY MUTUAL UNIT

FORMS CAPTIVE COMPANY

BOSTON - Liberty Mutual Group announced that its subsidiary, Liberty International, has formed a new captive management service company, Liberty International Management Bermuda Ltd.

To form the new company, Liberty International purchased essentially all of the assets of Argus International Management Ltd., a captive management service company owned by Argus Group. Liberty Mutual Group will own 80 percent of the newly formed company; Argus Group will own 20 percent.

The new company will focus on providing high quality captive management services to international customers with single-parent captives or group captives.

Both Liberty and the Argus Group will utilize LIMB for all their captive management business in the future.

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