2010 MID-YEAR CONVENTION
Thursday, October 21, 2010
at the
Aqua Turf, Plantsville, CT
(directions)
Attending
Early Attendee Registration form - please click here
Exhibiting
Exhibitor Registration form - please click here
Sponsorship
Sponsorship Registration form - please click here Held every year, this event is a great opportunity for our members and company representatives to meet and learn about the current industry trends. Sponsorships of the IIAC Mid-Year Convention is one way that we are able to provide our members with a quality program at a reasonable cost. All sponsors are provided with an advertisement in our convention program booklet and complimentary registration to the convention. 2009 MID-YEAR CONVENTION
November 19, 2009 at the Aqua Turf, Plantsville, CT 2009 SPONSORS
Click here to view a complete listing of Sponsors of the 2009 Mid-Year Convention
2009 EXHIBITORS
Click here to view a complete listing of Exhibitors at the 2009 Mid-Year Convention
Nearly 450 IIAC agents and company representatives gathered at the Aqua Turf Club in Southington for the annual IIAC Mid Year Convention. The event featured dozens of companies with display exhibits before and after the speaking portion. IIAC President Warren Ruppar and Chairman Kurt Battey were pleased to once again have Connecticut Insurance Commissioner Thomas R. Sullivan headline the speaking portion of the convention, as well as to have several other key national speakers along with a panel discussion of many of the most pressing issues facing the industry. Connecticut Insurance Commissioner Thomas R. Sullivan spoke on two specific topics – the concept of businesses deemed “Too Big to Fail,” and the idea of regulatory reform. “Too Big to Fail” is a theory used by policy-makers to describe businesses that are so large and so intertwined with the fabric of the economy that their failure would be considered catastrophic, and therefore must be protected and helped by the federal government at all costs, Commissioner Sullivan said. He added that this has led to some problematic situations in Washington D.C. and around the country. “What should the government’s role be? Should we protect the Top 10 or Top 100 financial institutions? And if so, what happens to companies ranked Number 11 or Number 101?” Commission Sullivan asked. Commissioner Sullivan said many of the problems seen in the past 18 months, with major financial and insurance institutions needing government bailouts came as a result of the 1999 Gramm-Leach-Blilely Act (GLBA) which allowed investment banks and insurance companies to consolidate their businesses. This was a major shift from the Glass-Steagall Act of 1933, which specifically placed walls between these institutions. Commissioner Sullivan did caution, however, an outright repeal of GLBA. “Before you take down a fence, you should know why the people put it up in the first place.” On regulatory reform, Commissioner Sullivan said he recently testified before Congress on behalf of the National Association of Insurance Commissioners (NAIC), which has successfully fought off attempts by Congress to create the Optional Federal Charter (OFC) and other types of federal regulations. He also praised IIAC and IIABA members for their lobbying efforts on this issue. “Our system of supervision and regulation works, and has gotten us through one of the most difficult crises’ in history,” Commissioner Sullivan said. J. David Daniel, IIABA Chairman, National IIABA Chairman, spoke about various Big “I” services and programs that can help IIAC members. He also updated attendees on various legislative issues. Mr. Daniel spoke about the popular Errors and Omissions Program, Trusted Choice, the IIABA research on a new program to use the internet to locate agents, and the Best Practices Program as being some of the services available to members. Looking to younger members, Mr. Daniel also spoke about the resources available at the “Virtual University,” and the importance of the Young Agents Program and Invest. In terms of legislative issues, Mr. Daniel said he was very concerned with the trend toward increased government control, and is concerned that if it is not careful, the insurance industry could get caught up in the tidal wave of Financial Services Reform. “We work in a healthy regulated industry,” Mr. Daniel said. “It is our concern that we will get caught up in the reforms of the financial sector. Your customers are far better off with local, responsible regulation than they would be with more federal bureaucracy. We are not opposed to the concept of Financial Services Regulation, but we are watchful of it.” Mr. Daniel also said IIABA is keeping an eye on the following issues: Creation of the Federal Insurance Office – He said if it serves as a data-collecting agency, and not another regulatory arm, the Big “I” does not object to it but will be watching as it unfolds. Optional Federal Charter – He said the Big “I” has successfully fought against it, but pressure must be kept on elected officials. National Disaster Relief Crop Insurance National Flood Insurance
Joe Wall, IIABA Senior Director of Federal Government Affairs, discussed in depth the large-looming topic of Health Care Reform. He walked the convention attendees through the lobbying and public relations strategies being employed by IIABA to members of Congress, and discussed the recent vote in the U.S. House of Representatives on the Health Care Reform Bill. The bill ultimately passed, but by a very narrow margin of 220-215, he said. The next step is the U.S. Senate, Mr. Wall said, though he added it is unlikely the final bill will be voted on by the end of the year. He also reviewed several key components of both the House and Senate bills, including: The Public Option – both bills have one, only the Senate’s has a state opt-out clause. Co-ops – Both bills would create a Health Insurance Exchange through which policies could be sold.
Mr. Wall said one area where agents need to be particularly wary is regarding their commissions, which under a national health care bill could become regulated by the federal Department of Health and Human Services, which he said would be a terrible idea. He said what is ultimately coming is a “whole new world” of health care, one to which all agents will need to adjust. Mr. Wall’s full presentation is available by clicking here. Jim Rogers, Director of eBusiness and Technology for The Hartford, spoke to IIAC members about email security and the need for agents to be wary of the types of email they send. Mr. Rogers pointed out that email is largely unprotected, and newer and improved protections are needed considering how commonly used it now is. Mr. Rogers talked about encryption tactics that can be used to protect information and also dissuaded members from using “public” email systems such as Hotmail to transfer personal information, as there is little-to-no protection for those servers. There are currently no state regulations concerning email, although such regulations do exist in Massachusetts, Nevada, and with the California Department of Motor Vehicles. Spencer Houldin, IIAC State Director moderated a spirited and informative insurance industry panel discussion that included: Michael L. Browne - President and CEO of Harleysville Group, Inc. James Hasson – Regional President, Travelers William H. Rohde, Jr. – President, Acadia Insurance
Topics of the panel discussion included responsible underwriting, federal regulation, health care reform/worker’s compensation, and the future of insurance agents. Each of the panelists agreed they had concerns about health care reform and worker’s compensation, with Mr. Hasson saying he thinks the state’s system of worker’s compensation is working well and doesn’t see the need for a federal overhaul. Mr. Rohde expressed concerns over the health care bill and the impact it could have on agents’ revenue stream, and Mr. Browne said he is having a hard time with the idea of the government running health care and the costs of it. In terms of federal regulation, all agreed that state regulation is much-preferred, with Mr. Browne mentioning the level of clout agents have in their individual states and how increased federal restrictions would make the playing field unfair. Mr. Rohde said he doesn’t know why these debates always have to happen in absolutes; for example, he said there are elements of the Optional Federal Charter that are attractive, but not if they are done to the exclusion of state regulation. Lastly, all three were asked the biggest worries or concerns they have right now concerning the industry. Mr. Hasson said it was over health care reform and educating customers as to the changes. Mr. Browne said it was finding ways to grow in the current economy. Mr. Rohde said it was finding ways to be smarter about doing business and learning how to do it better. The panel discussion was informative for all in attendance, and the IIAC thanks those who participated. | 
