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T H U R S D A Y , J A N U A R Y 4, 2 0 0 7
Industry News
GOVERNMENT AFFAIRS
Big “I” Releases 2007 Legislative Agenda
The Big “I” looks to build on its successes in 2006 by advocating aggressively for a number of important legislative reforms, at both the federal and state levels, in 2007.
Over the next few weeks, IN&V will be highlighting the 2007 Big “I” legislative agenda. The following are the first three of nine items the Big “I” has on slate for this year:
Producer Licensing— The Big “I” wants all jurisdictions to issue and renew producer licenses on a truly reciprocal basis and to implement uniformity in key areas. Many states claim to have enacted reciprocity and other reforms in the early part of the decade, but that reform effort has not produced meaningful results for many agents. The Big “I” supports targeted federal legislation to streamline the licensing process and to implement uniformity.
One of the association’s key objectives is to address the requirements in many states that force an insurance agent to obtain three licenses (an individual license, an entity license and a corporate registration) before placing business in a particular jurisdiction. These duplicative requirements impose significant and unjustified costs on producers, hinder an agent’s ability to serve customers, and are a likely violation of state and federal law. The Big “I” is also developing a targeted list of reforms that will make the licensing process simpler for multi-state producers.
Producer Compensation— Very few states enacted any legislation in this area in 2005 and 2006, and very little legislative activity, if any at all, is expected in 2007. The educational efforts undertaken by the Big “I” in recent years have been well-received by state legislators and helped prevent knee-jerk policy responses in the wake of the Marsh scandal and, predictably, no state has banned the payment of incentive compensation. The Big “I” is concerned that some attorneys general are usurping the authority of state regulators and legislators and using legal settlements as vehicles for imposing costly and unnecessary requirements and altogether banning forms of legal incentive compensation.
Insurance Regulatory Reform— The Big “I” will continue to strongly support targeted federal legislation, or “federal tools,” to reform the current state-based regulatory system without creating a federal regulator or “optional” federal charter.
Look for the remainder of the Big “I” 2007 legislative agenda in IN&V over the next two weeks or click here to read the full list now.
BIG "I" FLOOD PROGRAMSM
2005 Flood Manual Available
The National Flood Insurance Program (NFIP) has released the 2005 edition of the “NFIP Flood Insurance Manual.” This edition, a complete reprint of the manual and a new subscription is necessary, will take care of current and future semi-annual updates through October 2007. The manual is available to view or download at: www.fema.gov.nfip.manual.shtm. To learn more about the Big "I" Flood Program, visit www.independentagent.com/flood.
LEGISLATIVE CONFERENCE & CONVENTION
Register Now and Win a PlayStation 3
The Big “I” Legislative Conference & Convention will be April 25-27 in Washington, D.C. The annual event offers agents an opportunity to experience advocacy, innovation and exhibits not available anywhere else. Emmy Award winner Bill O’Reilly will address attendees at the general session on April 27 at 4:30 p.m. The Big “I” is looking for early registrants to be entered in a drawing for one new PlayStation 3 and two Apple iPods. Three names will be drawn from the registration system as of noon EST on Feb. 2. The three recipients of the items will be listed on the Big “I” Web site and will be contacted to coordinate delivery. Those who have already registered don’t need to do anything else. Those registering at 12:01 p.m. EST or later on Feb. 2, 2007 will not be eligible for this opportunity. Click here to find details about the event or to register online.
BEST PRACTICES
Include Best Practices in New Year’s Resolutions
There is a solution for those who have had their fill of platitudes and magic bullet solutions to agency problems: “IIABA Best Practices Study.” IIABA and Reagan Consulting work together to find the most successful agencies, study their procedures and then create tools that other agencies could utilize to learn and implement those procedures in their own operations.
A goal of the Best Practices program is to create opportunities to make real change to an agency and its success by providing practical tools that can be used to create a Best Practices culture in every agency. And with a new year ahead, there has never been a better time to do that than now. There are a wide variety of Best Practices tools available including a selection of how-to publications and quick-check programs. For a more detailed description of each tool, go to www.independentagent.com and click Best Practices. Each tool addresses a specific area of the study’s findings and provide the information and methods needed to get started. Click here to begin.
IA MAGAZINE
Keep IA Coming
Did Want to have the latest industry news and trends, management information, specialty lines access and government affairs coverage at your fingertips? To improve the profitability and efficiency of your agency, renew your subscription to Independent Agent magazine. And the best part—it’s free. Take action now. Keep your IA magazine coming, delivered straight to your home or office each month. To validate your subscription online, go to www.IAmagazine.com and click on "Update Your Subscription." Use the six-digit ID printed on your magazine mailing label and follow the directions. While you’re visiting the Web site, don’t forget to check out the Premier Insurance Directory (PID). PID is the ultimate monthly guide for insurance products and services, including specialty lines, and the information is searchable by category online. Direct any IA subscription questions to Jill Cosgrove at 800-221-7917; jill.cosgrove@iiaba.net.
VIRUTUAL UNIVERSITY
VU Newsletter Delivers it All
The Big “I” Virtual University e-newsletter, The VUpoint, is a free, bi-weekly publication e-mailed to subscribers in the United States, Canada and more than 70 other countries around the world.
Each issue comes with timely and insightful articles that will help keep agency staff, managers, producers, CSRs and support staff alike, current on all that matters in their profession. The VUpoint e-newsletter explores agency-relevant topics such as personal lines, commercial lines, agency management, sales and marketing, customer service, technology and Internet issues.
A recent issue featured these attention-grabbing articles: “Coverage A Limit and Debris Removal,” “Garage-keepers vs. On-Hook Coverage,” “Quality Control vs. Service Delays,” “Client Recovery,” “Lessons from a Sandpile” and “Phishing…Don’t Get Hooked.”
With relevant, timely and interesting articles like these in every issue, it’s easy to see why The VUpoint has quickly become a must-read for insurance professionals. Since its launch in early 2000 to 32 original subscribers, readership has grown to more than 25,000 and continues to grow. A survey conducted by Specific Software Solutions found that The VUpoint is the top-rated industry newsletter, garnering four times as many votes as the closest publication.
As an added bonus, Big “I” members can access a complete archives of every article published in the The VUpoint since 2000. Make sure that everyone in your agency is a subscriber. Click here to subscribe.
InVEST
Silent Auction Items Online
Participate in the InVEST silent auction and support the program’s annual scholarships awarded to graduates of InVEST pursuing higher education with an emphasis on insurance. The InVEST board of directors will hold the 2007 InVEST silent auction during the Big "I" Legislative Conference & Convention. The InVEST Silent Auction will open at 6 p.m. April 26 and will close at 1 p.m. April 27. Be sure to keep an eye on bids – the auction is a popular even during the event.
Play an important roll in the future of InVEST’s brightest students by making a donation to the 2007 silent auction. Click here to access information regarding the InVEST Silent Auction including updates on the great auction items.
A 501(c)3 educational trust, InVEST introduces high school and community college students to insurance and the more than 350 diverse careers available within the industry, giving students a new outlook on the future. The program also offers insurance agencies, brokers and carriers a diverse and talented group of entry-level recruits.
Visit www.independentagent.com and click here to download a contribution form. For more information, contact Sandra Skipper at 703-706-5437; sandra.skipper@iiaba.net.
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