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A global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with a physical presence in 53 countries.
Another Obamacare requirement delay
A couple of weeks ago, the Obama administration stirred a huge
controversy by postponing the employer mandate. A
few days later, another requirement was also rolled back. The exchanges that will operate in each state will not be required to verify the income
and coverage status of those enrolling in the program. To get government subsidization
for health insurance, individuals must — under the law — provide proof of income that
must be between 100 and 400 percent of the federal poverty level.
Those same individuals must also not have access to insurance from their employer.
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PIA National unveils 2013 Marketing Guide
PIA National just unveiled the fourth edition of its annual Agency
Marketing Guide. The 2013 PIA National Agency Marketing
Guide is mailing to PIA members across the country and is now
available to PIA agents online at www.PIAAgencyMarketingGuide.com.
Should you take on debt to grow?
by Rick Dennen, Oak Street Funding
Theories about the best way to grow a business are
plentiful and change with the times. Just contrast the
highly-leveraged 80s with today's infatuation with
bootstrapping. Now that we're coming off one of the worst
economic downturns of our lifetime, it's not surprising that
business owners are conflicted about the best way to
grow: organically or by investing using debt.
COST manages and operates insurance premium finance companies for clients nationwide. The COST Program™ enables you to focus on your core business - running your insurance agency or company - while increasing profits, improving customer service, controlling the finance process, enhancing market value, creating a profit center for your business, and adding to your bottom line with no extra staff or fixed expense - If you aren't earning $30,000 to $40,000 per $1mm financed contact COST today.
Compliance in insurance: An industry within an industry
At times the insurance industry seems to defy gravity, growing profitably even in the direst of economic conditions. Yet, the recent announcements by both Aviva and Direct Line of job losses around 2,000 apiece are a reminder that our workforce is not immune in these recessionary times. As the pricing conditions in the United Kingdom continue to deteriorate, we can expect more companies to pursue cost-cutting strategies to preserve their profit margins.
Prescription for procrastination
By Michael J. Berens
Everyone has parts of their job they don't like, and it’s only human nature that we tend to put off those tasks that annoy or bore us. One of the principles of good time management is to modulate your work schedule so that you parcel out the tasks you don’t like into tolerable chunks rather than let them pile up throughout your work day or week. The idea is to suck it up and do the things you don’t like as quickly as possible and then move on to something more challenging, engaging or, dare I say, fun. Most disciplined workers respond well to this approach, but what do you do with the employee who consistently neglects part of their duties?
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Obamacare employer mandate: Criticism and praise
Fairly recently, the Obama administration shocked the
business world and said employers with 50 or more employees will
not have to comply with the employee mandate until 2015. The mandate will provide them with health insurance. The
administration said employers and employer groups argued they
cannot be ready to comply with the regulation in time for the 2014 start up. So the
administration backed off and gave them another year.
The Obamacare waiver: Individuals — What about us?
HealthPocket did a survey of individuals on the one-year
extension of the employer mandate in Obamacare. The
extension means employers with 50 or more employees
will get another year — until 2015 — to provide health
insurance for all their employees. In a survey done just after the administration's
announcement of the delay, HealthPocket found that 41 percent of the individuals they asked
want to be wavered, too. That response is three-times higher than the 12 percent supporting
the continuation of the individual mandate.
Farm bill: Hot and cold and hot again
Some thought the extension was dead. However, recently U.S. House Republicans rallied and the House
has passed a five-year farm bill. The Senate has also
passed one. Now the two bodies will have to get together in a conference committee and iron out the
Prudential, MetLife and systemic financial risk: We are not banks
MetLife and Prudential Financial have been
joined by state regulators challenging the
Federal Reserve on how to oversee the
biggest insurers under the Dodd-Frank Act. The
two insurers and regulators are pressuring the
Fed to avoid bank-like capital rules for firms
that may eventually fall under central bank
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AIG and GE: It's official FSOC makes designations
For weeks the rumors have run rampant. At the same time,
you don't have to have a genius IQ to figure out that AIG
was going to officially get designated as a systematically
important financial institution by the Financial Stability
The hard/soft market: Price predictions
Barclays Capital checked with 75 risk managers for their
2013 mid-year insurance rate survey. The 75 manage
many large national accounts. The end result is a
prediction by Barclays Capital that rates will continue to
rise for property/casualty insurance.
Congress vs. Vermont on Obamacare
A difference of opinion has cropped up between Vermont and the U.S. House Oversight
and Government Reform Committee. At issue is a Vermont state law that says starting
next year, individuals and businesses with up to 50 employees have to get their health
insurance through the state exchange Vermont Health Connect. Period. No exceptions.
It opens for business on Oct. 1.
Missed last week's issue? See which articles your colleagues read most.
Industry jobs: Some sectors add, others fall
Agents and brokers continue to lose employment ground
even though the industry continues to grow. The U.S.
Bureau of Labor Statistics recently released the May statistics and they show the property and casualty
industry gaining 1,100 jobs in May. The Insurance Information Institute analyzed the data and found that agent and
broker employment fell for the sixth straight month but with a loss of only 100 jobs.
Greenberg sues Spitzer
At one time Maurice "Hank" Greenberg ran the world's largest
insurance company AIG. His tenure ended at AIG in 2005 when the
firm's board pushed him out. A $1.64 billion bad business
practices settlement with state and federal officials by AIG a year
later is the reason. Eliot Spitzer — at the time of Greenberg's ousting — was called the
Sheriff of Wall Street. He led the charge against corrupt business
practices at Marsh & McLennan and other large brokerages.
Facebook makes important personal changes
A lot of you use Facebook as one of your marketing tools. There are changes. And you
need to be up to speed on them for your business page and your personal Facebook
page if you have one.
Facebook has rolled out a new feature called Graph Search. The idea is to let users do
more advanced searches for businesses, friends, etc.
The healthiest generation: Millennials? GenX? Baby boomers?
Aetna did an interesting study as part of its "what's
your healthy?" advertising and marketing campaign. It
asked 1,800 Americans age 25 to 64 what generation is
the most healthy. There are three generations within that age span — millennials,
Gen Xers and baby boomers.
Close to half — 45 percent — named their own generation as the healthiest.
Twinkies are back!
It's popular demand working at its
best. Once bankrupt and in danger of
never being seen again, the public
outcry got action and bankrupt
Hostess got a new owner. The
ownership of the 83-year old brand
stuck 50 million Twinkies were recently in stores and more are on the way.
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