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PIA reacts to FIO Regulatory Modernization Report
It's almost two years late.
The Federal Insurance Office finally issued the
Dodd-Frank Act required report on how to modernize and
improve the U.S. system of insurance regulation. It is
titled, "How to Modernize and Improve the System of
Insurance Regulation in the United States." PIA National's policy analysts are reviewing the report
and its recommendations in detail. Look for a
comprehensive analysis soon. Meanwhile, our initial
reaction to the report starts with disappointment.
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| Industry News from PIA Western Alliance|
Finally, FIO releases Regulatory Modernization Report
The Federal Insurance Office's Insurance
Regulatory Modernization Report is close to
two-years late. It was due in January of
2012. Recently released, it is titled, "How to
Modernize and Improve the System of
Insurance Regulation in the United
The insurance industry responds to the FIO Regulatory Modernization Report
The industry response to the very, very late Dodd-
Frank Act mandated insurance regulatory report, "How
to Modernize and Improve the System of
Insurance Regulation in the United States," was
swift and cautious.
Summary: The FIO Regulatory Modernization Report
Here is the summary of the Federal Insurance Office's
report on the modernization of insurance regulation.
The report is titled, "How to Modernize and Improve
the System of Insurance Regulation in the United
A new Deductible Reimbursement Insurance is now available to all residents of the Western Region (except Alaska). Licensed insurance agents may now sign up on the ZeroDeductible website and offer deductible reimbursement insurance to their clients directly for their auto, home and boat policies.
Click here to learn more!
The 1st insurance prediction for 2014
Investment bank Keefe, Bruyette & Woods is the first
company of its type to come forward with a prediction
about 2014. KBW says P&C operating earnings will be
moderately better in 2014 and the rate increases the
industry has been experiencing will be — there's that word
again — moderate into 2015.
Special report: Tracking HealthCare.gov
This report starts with Bloomberg reporting that through
October the Obama administration spent $319 million
building HealthCare.gov. The news source isn't sure that
figure is correct and said it has been difficult to track the
spending over the three years since the administration
and Congress to passed the Affordable Care Act.
Conning: The independent agency model still works
Conning says 12 of 18 personal lines insurers have
outperformed their direct-writer peers in growth and
profitability. The Conning report is called Growth and
Profit Leaders in Personal Lines Insurance. The
negative is the growth in direct channels has come at
the expense of independent agents and brokers.
"The flexibility of the independent-agency channel is well suited to the rapid growth of
these companies," Conning said in the report.
Missed last week's issue? See which articles your colleagues read most.
Obamacare: The polls
The Patient Protection and Affordable Care Act has been an
incredible struggle for the Obama administration and for the
American people. From the passage of the law to its
administration admitting botched rollout, Obamacare has
been a constant source of controversy.
Farm bill renewal not likely this year
Since House and Senate Democrats and Republicans
on the negotiating committee have not been able to
make progress on combining the 2013 farm bills that
each passed, the House has passed a temporary
extension of the current farm bill.
It will extend the law through the end of January.
Administration to insurers: Overlook unpaid premiums
The Obama administration is asking the health insurers
participating in HealthCare.gov to insure customers who
miss their payment on the Dec. 23 deadline or
who are late with their initial health insurance payment or
who only send part of that payment.
Insurance sector adding jobs
The U.S. Bureau of Labor Statistics said the U.S.
unemployment rate for November hit 7.0 percent. Approximately
203,000 jobs were added to the economy including some
for the insurance industry. Unemployment in the sector
dropped to 2.9 percent as 5,600 jobs were added.
Homeowners: Nonsmoking break going away
It used to be consumers that didn't smoke got a nice
break on their homeowners insurance. Not so much
anymore. Michael Barry of the Insurance Information Institute said the nonsmoking
discount is being dropped because fewer people smoke.
Update: Flood insurance reform reforms
Last year's Biggert-Waters Act reformed the
National Flood Insurance Program. It brings
flood insurance premiums into a more actuarial
sound rate. As per the law, those rates are
rising and complaints are rolling in from
homeowners hit by higher rates. The wails
have reached the ears of politicians and
members of Congress. Many in Congress now want to reform the Biggert-Waters Act reforms and bills to do so
have been introduced.
November commercial rates, CLIPS, ALIRT and more
Commercial insurance rates on average continued to rise in
November. Or so says MarketScout's monthly rate analysis.
The composite rate rose 4 percent and personal lines rates jumped
3 percent compared to a year ago.
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Improve communications with social media
Business Insurance highlights a video episode of brokers' efforts to improve internal and client communications via social media networks.
Who will lead the digital insurance enterprise?
Insurance Networking News
One of the emerging trends shaping enterprise technology that has received a lot of discussion over the past year has been the emergence of a "parallel" IT department. This is mainly coming out of marketing departments, which are taking the reins of big data, mobile and social media efforts by investing in their own solutions, often coming off the cloud. Is IT okay with this? While IT and marketing departments have different priorities when it comes to advancing to the digital realm, there's a lot of common ground as well.
What to make of those annual forecasts
By Michael J. Berens
With 2014 only a month away, last year's business plans are heading for the shredder. 'Tis the season once again for sharpening pencils, creating fresh spreadsheets and bringing the team together for a visioning and planning session. And just in time, here comes the annual parade of predictions, forecasts and trends for the coming year to give you a bit of help. Should you factor them into your plans or dismiss them as just so much seasonal industry buzz? Here are a few rules-of-thumb to help you get the most from this year's forthcoming crop.
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