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Attention Wal-Mart shoppers: PIA agents are a better insurance pick
As soon as Wal-Mart announced it will promote online auto
insurance to its customers, PIA issued a press release
advising consumers that it is better to deal with a
professional, independent insurance agent. In the news release, PIA National Executive Vice President
Mike Becker expressed skepticism about a claim by
Wal-Mart that customers in a pilot of the program
experienced average savings of more than $1,100 a year
on auto insurance purchased through its online service.
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PIA Oregon EXPO: Look who's coming!
When: June 17-18
Where: Red Lion Hotel on the River
Jantzen Beach, Portland, Oregon
EXPO is a one day, business-to-business and education program for all agents, agency
and company personnel. Last year's EXPO was a huge success. More than 150 independent
insurance agents registered.
Click "Read More" for more information and to get started.
Marketplace SHOP webinars for agents to be held in May
Although the first open enrollment period in the
Affordable Care Act health care marketplaces is
now closed, enrollment in the Small Business Health
Options Program continues on a monthly
basis throughout 2014.
| Industry News from PIA Western Alliance|
TRIA renewal: It's TRIA in the Senate, TRIM in the House
It may be about to get really ugly. The subject is the
reauthorization of the Terrorism Risk Insurance Act. The
Senate recently held a hearing on reauthorizing TRIA and the
House Financial Services Committee is expected to begin work
on the issue soon.
Finally: Bills changing fed oversight of insurance
When it was passed the Dodd-Frank Act inserted language
that requires the Federal Reserve to apply bank capital
standards to insurance companies. The industry has been
lobbying since to change that since banks and insurance
companies are very different financial entities.
All Risks, Ltd., the Nation’s Largest Independent Wholesale Insurance Provider
Contact our professional underwriters with access to exclusive “A-“ or better rated carriers with competitive rates.
- Storage Facilities (All Lines)
– Aggressive rates and enhanced coverages, plus discounts for association members.
- Restaurants with Delivery (WC) – Single to multi-location/multi-state restaurants are eligible with monthly self reporting plus additional payment plans
- Insurance Agents (E&O) – Comprehensive coverage with varying limits and deductible options for P&C, L&H, MGAs, Wholesalers and more. Many optional coverages available.
- Building Operations (WC) -Direct WC carrier access with low minimum premiums for building operations by owners and contractors.
- Real Estate Owned (REO Property & Liability) - Industry-leading technology to help agencies with financial institutions (regional and community banks) and large investors who service and/or invest in mortgage, vehicle and collateral based loans
Financial Stability Oversight Council: New transparency rules
The Financial Stability Oversight Council was
created by the Dodd-Frank Act to determine which
large financial institutions posed the greatest risk to
the nation's economy. Once designated financially
risky the FSOC puts strict financial rules in place for
that particular company.
ACORD LOMA: Grading insurers on trends
The world is changing. Rapidly. Like most
industries, insurance is trying to keep up. And like
most other industries, it's not keeping up very well
and is only doing an average job. Or so says Kimberly Harris-Ferrante of Gartner
Research who came to that conclusion at a presentation she made at the ACORD
Obamacare: Who enrolled, who paid
On May 1, the Obama administration finally
released its final report on Affordable Care Act
enrollment. More than 8 million people signed up
for private insurance in federal and state exchanges
during the initial enrollment period. That
exceeded the administration's original goal of 7 million.
Overstock.com: Insurance offering claims exaggerated
Both Wal-Mart and Overstock.com started insurance buying
services very recently. The reaction of PIA
National has been immediate and strong. PIA National started with statements made during the rollout of
the Overstock.com program by Jeff Chesky — CEO of
Insuritas, the company handling agency and policy details for
overstock.com — who said, "Consumers don't want a
relationship with an agent or even a carrier."
Rating rates: Rate downturn trending
MarketScout's April stats are out. They're down on
average from March's 3 percent rise, but still up. The
company's CEO Richard Kerr put it in perspective. "The April composite commercial rate remained in positive territory at plus 2 percent, but we
may see rate reductions by year end if the current trend continues. If you are in the
market on a daily basis, you can almost feel a change in the wind. No reasonable
insurer wants rate reductions. However, everyone seems to feel they are coming," Kerr
Missed last week's issue? See which articles your colleagues read most.
Cover Oregon: Oregon's governor responds
The Oregon Health Authority's authorities have decided
to bag Cover Oregon's website. Recently,
Cover Oregon's board — under the authority of the
Oregon Health Authority — said it would be cheaper
and better to partner with the federal government's
HealthCare.gov than to try to repair its site.
California legislator proposes tax per driving mile
Forget the gas tax. A bill introduced in the California
Legislature — if passed — will change that forever.
It proposes to replace the gas tax with a tax per
mile driven. The idea is the brainchild of Sen. Mark
DeSaulnier, D-Concord, Calif.
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Mom's you are more valuable than ever — up from a year ago
First of all, happy Mother's Day to all who fit the
description. Your children love you. And you
continue to be valuable to them on an emotional
level and now on a physical level. After two years
of declines, the value of mom rose 5 percent in 2014
and is the job is now worth $62,985 a year. Or so says the annual insure.com study.
The fed: 15 firms with extra supervision
The Federal Reserve is adding more
companies to its watch list. The list of
15 is of those firms posing system risk
to the entire U.S. economy. The fed
says they'll need an "extra layer" of
supervision and they "may pose
elevated risks to U.S. financial
2 big insurers P&L: More 'l' than 'p'
Two economic giants one an insurer and one with
huge ties to insurance did not have a good first
quarter. They are AIG and Berkshire Hathaway.
Around the PIA Western Alliance States
Just for fun: Animals on the golf course
A huge percentage of insurance agents and
insurance company personnel are golfers.
Those who are may have experienced things
like you'll see in this video. Many have not. All
— however — golfers or not will enjoy the
humor of animals on the golf course as shot at
PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608
Gary Wolcott, Writer for PIA Western Alliance, 503.724.9028
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