The Halpern Group Leads Charge To Demand Federal Regulation of the Insurance Industry

The Halpern Group Leads Charge To Demand Federal Regulation of the Insurance
Industry

New Insurance Industry Early Warning System (IIEWS) aggregates data on
deceptive claims settlement practices and delinquent claims payments to shed
light on the true financial state of the insurance industry.

SPRINGFIELD, N.J., March 24 /PRNewswire/ -- Spearheading efforts to force
federal regulation of the insurance industry, The Halpern Group, the foremost
recovery management firm exclusively serving the needs of negligently injured
plaintiffs, today announced the launch of IIEWS, a database that provides
personal injury attorneys nationwide with information on liability cases where
insurers are not living up to their legal payment responsibilities.

"There's no question that the public is outraged with AIG's use of bailout
money to pay exorbitant executive bonuses, but that is only a small part of
the entire insurance industry's irresponsible behavior," said Richard Halpern,
CEO of The Halpern Group. "Lack of federal regulation of the insurance
industry is not only leading to slow payment of plaintiff's claims, but also
wreaking havoc on the global economy as failures by companies like AIG force
taxpayers to bail them out."

Partnering with members of the Academy of Trial Advocacy and the American
Association for Justice (AAJ), The Halpern Group's IIEWS database aggregates
insurance company settlement information from individual attorneys. This
information will then be provided to attorneys so that they can prove trends
of behavioral aberrations and delinquencies to their members of Congress. This
information, in turn, can help reverse the grip that the insurance industry
has had on the political process by finally forcing federal regulation of the
industry.

The Halpern Group developed this rich and growing repository of information so
that plaintiff's attorneys can relay reliable data on insurance company
behavioral aberrations and delinquencies to their elected officials. "I
believe that the insurance industry is in far worse condition than is being
reported by the state insurance commissioners and the carriers themselves
since we are seeing numerous insurance companies use unacceptable and alarming
tactics to delay payments whenever and wherever possible," Halpern said. "We
developed IIEWS so that we can prove what we suspect is going on, is in fact
going on and so that our elected officials can take the appropriate action
before we have an onslaught of other insurance company bailouts that will cost
the taxpayers additional hundreds of billions of dollars."

IIEWS Database: Ammunition for Regulation

"Concretely showing the ongoing pattern of systematic misbehavior of insurance
companies is a very powerful tool for attorneys, and one that will be
extremely useful in efforts to regulate the industry," Halpern said. "It's the
hard evidence attorneys need to push officials to do the right thing, which we
hope will ensure that more AIG-like situations can't happen in the future."

Even though state insurance commissioners continue to affirm that insurance
companies are solvent and should, therefore, have no trouble paying claims,
many insurers increasingly act as if they don't have the funds needed to make
payments, which leaves injured people, their families and even U.S. taxpayers
in the balance. "It's apparent from our review of the IIEWS data that
insurance companies have been needlessly postponing plaintiff's payments long
after cases have been settled," Halpern said. "And the problem has only
worsened since the recession began."

According to Halpern, "Settlements are being delayed at an alarming rate, and
this sorry situation affects many injured persons and their families; plus, it
forces many of these plaintiffs to remain on taxpayer-funded entitlements
until recoveries are paid."

To receive the latest IIEWS reports, or to report on an existing case of
delinquent settlement payouts, attorneys can speak to a Halpern advisor by
calling 800-524-1631.

About The Halpern Group
Founded in 1973 with its headquarters located in Springfield, N.J., The
Halpern Group is the premier innovator in the field of recovery management.
The company's focus is on providing negligently injured plaintiffs with the
most comprehensive set of financial services and customized solutions while
keeping their recoveries safe and the financial future of each plaintiff
protected. The Halpern Group recently began licensing its proprietary,
patented Recovery Management Software (U.S. Patent 7149714), a reactive
investment computer program that is proven to offer lower risks to investors.
For more information visit halperngroup.com.

SOURCE The Halpern Group

Lee Graham, +1-212-333-4983, lee@leegraham.biz, of The Halpern Group