IIARI BOARD ADOPTS CONFIDENTIALITY POLICY

At a recent meeting of the IIARI Board of Directors, a new confidentiality policy was adopted for use by the Association. The policy applies to all proprietary and confidential member information. Beyond safeguarding the information, it restricts access to the information without Board approval.

IIARI members can be assured that the information shared with IIARI will be held with the strictest confidence! Click here to read the policy.

Final Notice!

THURSDAY: YOUNG AGENTS SUMMER RECEPTION

Come enjoy the summer down by the dock with the Young Agents at the annual summer networking reception at Table 28, 28 Water St, East Greenwich on Thursday, July 17 from 5:00 to 8:00 pm.  RSVP to Melissa at mmooradian@iiari.com. 

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If you’ve been by the IIARI office recently or attended a class, you probably could not help but notice construction work. The Board approved making some important and needed repairs to the building to ensure the viability of the location for another 10-15 years. To date a new roof has been installed and the HVAC roof units have been replaced with more efficient and reliable equipment. Windows will be recaulked and replaced where needed. A new perimeter drainage system is being installed as well. The project is expected to last a few more weeks so we appreciate your patience as we take steps to maintain our facility.

IIABA APPLAUDS HOUSE SUBCOMMITTEE FOR ACTION ON INSURANCE REGULATORY REFORM LEGISLATION

Scott/Davis NARAB legislation will benefit agents and consumers

The Independent Insurance Agents & Brokers of America (the Big “I”) applauds House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski and other Members of the Subcommittee for approving legislation to modernize insurance regulation, especially H.R. 5611, the NARAB Reform Act, which will reform nonresident agent licensing.  Along with H.R. 5611, today the Subcommittee approved H.R. 5840, the Insurance Information Act.

“The Big ‘I’ has long supported the use of targeted federal legislation to reform the state system of insurance regulation, and we believe that these bills are good examples of such reform,” says Robert Rusbuldt, Big “I” President & CEO.  “The most serious regulatory challenges facing our members are the redundant, costly and contradictory requirements that arise when they seek licenses on a multi-state basis.   The NARAB Reform Act solves these problems through targeted reform and modernization of nonresident agent and broker licensing without affecting resident licensing.”

The bipartisan NARAB Reform Act, introduced by Reps. David Scott (D-Ga.) and Geoff Davis (R-Ky.) earlier this year, would provide for nonresident insurance agent and broker licensing while preserving the rights of states to supervise and discipline insurance agents and brokers.  This legislation modifies the original NARAB provisions of the Gramm-Leach-Bliley Act to immediately establish NARAB as a private, non-profit entity managed by a board composed of insurance regulators and marketplace representatives.  The NARAB board created by this legislation would not be part of, or report to, any federal agency and would not have any federal regulatory power.

“We believe that this type of targeted federal legislation makes the appropriate reforms to the marketplace and improves insurance regulation without having to take the unprecedented path of creating a new federal regulator,” says Charles E. Symington, Jr., Big “I” senior vice president of government affairs. 

The Big “I” is an advocate for the state system of insurance regulation and continues to oppose federal regulation, optional or otherwise.  However, the Big “I” believes that the state system cannot appropriately and effectively address certain problems on its own and feels that there is a vital role for Congress to play in helping to modernize state regulation and make it more efficient.

“As indicated by the industry and congressional support for these bills and the Subcommittee’s action today, targeted reform is the most viable option for insurance regulatory reform. When enacted, the NARAB bill will result in a more efficient and effective regulatory system, which is good for consumers,” says Symington.  “The Big ‘I’ is pleased that the Subcommittee passed these bills, and we look forward to continuing to work with Congress on these and other targeted reform proposals.”

Second Notice!

OPEN INVITATION TO HURRICANE PLANNING WORKSHOPS

Code Red Business Continuity Services of Cranston, in cooperation with Insurance Restoration Services, is sponsoring a summer series of 3-hour Hurricane Planning Workshops for business and non-profit organizations at the Hilton Garden Inn off Jefferson Boulevard in Warwick on July 30, August 6 and August 20. The program is designed to assist businesses plan for disaster in order to keep their business operations going and return to full operation. More than half of businesses that suffer a major loss never recover – in large part due to a lack of a plan. Click here for a registration form and more details.

MARKETSCOUT POINTS TO POSSIBLE END OF SOFT MARKET

NU Online News Service

The end of the soft market may be near, as underwriting results are weakening and outside economic factors are weighing on insurers, according to an electronic insurance exchange. Dallas, Texas-based MarketScout’s latest Market Barometer analysis found that while rates still declined, and the market is still considered soft, the June composite rate of decline moderated 21 percent compared to June 2007, according to Richard Kerr, founder and MarketScout chief executive officer.

Overall, the average property-casualty premium rates declined 11 percent in June, compared to a 14 percent decline in June 2007, according to MarketScout. “This is the largest year on year rate moderation in the last three years,” MarketScout said. “If July continues in a similar pattern, we may be nearing the bottom of the soft market,” according to Mr. Kerr. The reason for this, he said, is “Underwriting results are weakening and the issues some very large insurers are facing will have an impact on the market as a whole. The current climate is still soft, but underwriters cannot control many of the financial issues facing some insurers. These outside financial influences are starting to make the market a bit nervous, thus the moderating of rate reductions.”

According to the MarketScout Barometer, commercial property led all property-casualty insurance coverage classes with rates declining 15 percent in June. Commercial property led the way in MarketScout’s May report, during which the class saw rates decrease by 14 percent. General liability rate decreases, which were also reported at 14 percent in May, were 12 percent, MarketScout said. Directors and officers liability saw the most modest decrease, with rates declining 6 percent, the same figure reported in May by MarketScout. Professional liability, which also declined 6 percent in May, dropped 7 percent in June. With respect to industry classes, manufacturing, service, and habitational saw rate declines of 12 percent, while rates for energy dropped 9 percent. Contracting, public entity, and transportation all declined 10 percent.

MarketScout has tracked the U.S. property-casualty insurance market since 2001. MarketScout said that its Market Barometer findings further supported by surveys conducted by The National Alliance for Insurance Education and Research.

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EDUCATION NEWS

Is there an interesting way to learn about Commercial Property?

On August 15, spend the day “Navigating the Commercial Property Mine Field” by reviewing the 2002 ISO Commercial Property Coverage and Cause of Loss Forms, Crime Coverage Forms, Commercial Inland Marine Coverage Forms, the 2006 Business owners Coverage Form, and commonly used endorsements for each area.  Click here for more information and to register.

Would you like to expand your book of business?

By obtaining the Construction Risk and Insurance Specialist (CRIS) certification, you will be recognized by contractors as a person who possesses a basic-to-intermediate understanding of construction exposures, insurance, and risk management techniques, and are making an effort to stay on top of insurance industry changes and trends affecting contractors.  This five part program begins on September 11.   Click here for more information and to register.

Attention CPIA Designees!

We will present our first ADVANCED Insurance Success Seminar, “Advanced Commercial Lines Risk Analysis for E&O Loss Prevention”. This seminar will fulfill your update requirement.  Mark your calendars for December 5. Click here for more information and to register.

Pictured above from left to right: Eddie Hjerpe, Jared Adams and Owen Lynch

GIRLS DIVISION

RHODE ISLAND BUILDING/WIND ZONE MAP

The Rhode Island Building Code Zones referenced in Regulation 110 can be reviewed by  clicking here.

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BOOK YOUR ROOMS NOW - CONVENTION ROOM RATE

The IIARI Annual Convention will be held at the Newport Marriott, October 16-17, 2008. The Annual Golf Tournament at Newport National will be on Wednesday, October 15. The IIARI room rate has been released at $239.00 per night.  To book your rooms now  click here.

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J.D POWERS DOES STUDY ON AUTO INSURANCE SATISFACTION

By Daniel Hays, NU Online News Service

J.D Powers recently completed a customer satisfaction study on auto insurance. The report shows customers are switching insurers more frequently.  J.D. Power said its study examined the purchase behaviors and overall satisfaction of buyers who shop for a new auto insurance company with three key factors measured to determine overall satisfaction. The company said key factors in order of importance are: distribution channel (50 percent), price (29 percent) and policy offerings (21 percent).

To view the complete article click here.

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UPCOMING MEETINGS, EVENTS & EDUCATION

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Newsbriefs Archives

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