Policy & Regulation
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How New NRRA Regulations and California’s AB315 Will Change the Surplus Lines Industry
Jerry Sullivan, the head of the Sullivan Group, gives his views, largely positive, on how the Dodd-Frank NRRA regulations will require changes in the way the surplus lines industry operates, in this interview with Insurance Journal’s Charles Boyle.
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Consolidation Nation
The big state agency that oversees insurance producers in New York State will soon become a whole lot bigger — and that’s left a lot of agents in the Empire State wondering just how that will affect them.
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New York Evaluating Certificates of Insurance Problems
When clients ask insurance agents to alter certificates of insurance, it can create a lot of legal and liability issues. In New York, where it’s a major problem, some lawmakers are considering penalizing clients for even asking for changes. It could go a long way to eliminating a lot of those problems, says Dick Poppa, [...]
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Hone in on the “Home State” Definition in New Surplus Lines Regs
On July 21, 2011, the Nonadmitted and Reinsurance Reform Act must be implemented. Key to complying with the new regulation, according to insurance regulatory attorney Richard Brown, is an understanding of the “home state” definition.
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California Gears Up To Meet New Surplus Lines Guidelines
With the Nonadmitted and Reinsurance Reform Act July 21, 2011, implementation deadline looming, California is gearing up to comply with new surplus lines regulations.
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Interstate Compacts? Forget About Them
In preparation for new surplus lines regulations, states are considering whether to join a surplus lines tax allocation compact to share surplus lines premium taxes. Recent activities have called into question whether large states are willing to participate in an allocation compact. But insurance regulatory attorney Richard Brown says it’s not important whether states join [...]
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N.Y. Agents Seek Principles for Health Insurance Exchange
Federal health care reform laws mandate that every state sets up a health insurance exchange. In New York, insurance agents plan to weigh in on the creation of the exchange by forming a coalition of trade groups to advocate for core principles for it.
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Tips to Prepare for Surplus Lines Tax Reporting Changes
The surplus lines industry is facing a new deadline. On July 21, 2011, the Nonadmitted and Reinsurance Reform Act must be implemented. In this interview, insurance regulatory attorney Richard Brown shares what effects the NRRA will have on surplus lines brokers.
More information from Richard Brown on the effects of the NRRA can be found at [...] -
Revealing Commissions is a Pain in the Neck
New York insurance agents must now reveal to their clients how much they’re paid, thanks to “transparency” regulations that went into effect in January. Agents say the that new regulation has created significant, daily problems in their offices. Among those problems: compliance, paperwork and potential E&O issues.
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Spring Flooding Renews NFIP Anxiety
Agents across the country are concerned about what will happen in September when the most recent extension of the National Flood Insurance Program (NFIP) expires. On the wish list for a future program: A longer term solution to flood coverage that includes better protections — like business interruption —for property owners.
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Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark
Karen Clark, who pioneered catastrophe modeling for property/casualty insurers, thinks insurers, rating agencies and regulators have become over-reliant on the models. The models are great tools but they are not always the best tool for all purposes and do not give the complete picture. Other approaches must also be used, says the consultant who now [...]
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Gridlock in a Divided Congress? Maybe Not.
The nation now has a divided Congress: Republicans control the House, Democrats control the Senate. For many, this is a recipe for gridlock. But Leigh Ann Pusey, president and CEO of the industry’s American Insurance Association, isn’t so sure. In this interview with Insurance Journal’s Andy Simpson, she predicts the Obama Administration and a divided [...]
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Will Deficit Debate Affect Flood Insurance? Taxes?
Following the November elections, Congress and the White House, as well as states, have signaled that they will be focusing on deficit and debt issues in the year 2011. Might this debate affect the National Flood Insurance Program? Lee Ann Pusey, president and CEO of the industry’s American Insurance Association, thinks that is possible. In [...]
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Industry Can Count on Slow Economic Recovery in 2011
Insurance Information Institute Chief Economist Steven Weisbart gives his economic outlook for 2011.
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How November Elections Changed Insurance Power in Washington
The November elections brought change to Washington as Republicans took control of the House of Representatives from Democrats. Leigh Ann Pusey, president and CEO of the industry’s American Insurance Association, discusses what the November elections may mean for the key Congressional committees that deal with insurance issues in this talk with Insurance Journal’s Andy Simpson.
Featured
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Norwood on Workers’ Comp
John, principal of Norwood & Associates, has been an lobbyist for insurance and financial services sectors across several decades. Norwood offered a focused looking at the all-important workers’ compensation issue, and he gave his thoughts on health insurance exchanges. In fact, Norwood forecast that 2012 will rank as an important one when it comes to [...]
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Lobbyist Norwood Analyzes Consumer Watchdog Legislation
John Norwood is one of California’s best known legislative advocates for the insurance and financial services sectors. Norwood spoke to the Insurance Journal about legislation and regulation, including a proposal by a consumer advocacy group that would establish prior approval for healthcare insurance and would make major changes to auto insurance and homeowners insurance in [...]
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At-Home Insurance Careers for Disabled Veterans
For insurance agents Gary Trippe and Jim Pender, the idea for DVIC, or Disabled Veterans Insurance Careers, which aims to guide disabled veterans into careers in insurance, evolved in part from their own personal experiences with disabled family members. In this interview with Insurance Journal’s Andy Simpson, the two share their dream of an organization [...]
Popular
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Entrepreneurial Technologists
This year the Entrepreneurial Insurance Alliance (EIA), sponsored by MarketScout, named Vertafore and Risk Metrics, as winners of it 2011 Entrepreneurial Award in technology. Vertafore’s WorkSmart and Risk Metrics’ Insurance 360 technology products received recognition from the EIA as being some of the industry’s most innovative concepts in technology. Each year, the EIA receives hundreds [...]
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How Insurance Distribution Is Changing
Retail and wholesale brokers face the challenge —and opportunity— of redefining their relationships and value proposition in today’s changing insurance distribution world, according to Glenn Hargrove, president, MarketScout Wholesale, Dallas, Tex. In this interview from the recent Western Insurance Agents Association’s Insurance Industry Roundtable in California, Hargrove outlines the value proposition of agents and brokers [...]
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Interesting Times in Medical Liability
The medical liability market continues to perform well even as the nation struggles to implement health care reform. Robert Allen, senior vice presidents at Torus Insurance, says many health care institutions are implementing new strategies to be successful in today’s health care reform world. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual [...]
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Pat Ryan Asks, ‘Are You Happy?’
Patrick Ryan is an innovator who sees opportunity. And it was opportunity that drove him to launch Ryan Specialty Group in early 2010. Success lies in hiring “good people,” Ryan says. In this interview from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Ryan says his newest venture gave [...]
Random
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Inside IMCA Interview with Thomas Wetzel
Inside IMCA Interview with Thomas Wetzel at the 2005 Annual Meeting Communcation Roundup
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Earthquake Insurance for California Homeowners
California residents are no strangers to earthquakes, but what might be surprising is that most homeowners in the state do not have the coverage they need to protect themselves from the potential catastrophic loss these earth tremors could impose on their property. In this interview, Steve Bouker, President and Chief Operating Officer of Arrowhead [...]
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Flood Reform Top Concern on Capitol Hill
Renewal of the federal flood insurance program may be the most pressing federal insurance legislative initiative this year as the current program is set to expire at the end of September. But Charles Symington of the Independent Insurance Agents & Brokers of America says progress has been made and agents are optimistic Congress will act [...]
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PhotoScene.net Introduces New Online Tool for Claims Adjusters
Mitch Dunford talks with PhotoScene.net CEO Robert Arenas about SceneDiagrams.com, a new online tool where the claims adjuster can order professional scene diagrams online.
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