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Industry News

IIABA NEWS
House Passes Garrett-Frank Flood Insurance Bill

Earlier this week, the House of Representatives passed H.R. 3959, sponsored by Financial Services Committee Chairman, Barney Frank (D-Mass.), and Rep. Scott Garrett (R-N.J.), which would gradually phase-out some of the subsidies in the National Flood Insurance Program (NFIP).

“The Big “I” thanks Congressman Garrett, Chairman Frank and Ranking Member Bachus for advancing this legislation through the House,” says Charles Symington Jr., Big “I” senior vice president for government affairs. “This would make the flood program more actuarially sound and more effective at serving both consumers and taxpayers and we hope the Senate will consider including it in their broader Flood Insurance Reform and Modernization legislation.”

The bill would require any purchaser of a pre-FIRM primary residential home that costs $600,000 or higher to pay phased-in actuarial flood insurance prices using the same phase-in structure that non-residential and non-primary homes are currently subject to in the Flood Insurance Reform and Modernization (FIRM) Act as passed by the House of Representatives. The phase-out of subsidies for pre-FIRM properties is one of the Big “I’s” 23-point recommendations for reforming the NFIP for the future.  

“The Big “I” strongly supports the NFIP gradually moving toward actuarially sound rates,” says John Prible, Big “I” assistant vice president for federal government affairs.  “We recognize that the NFIP’s need for financial stability must be measured against fairness to the customers we serve, which is why we believe it is important that this legislation is aimed at homes valued at over $600,000 and includes a phase-in mechanism.”

IIABA NEWS
InsurPac Off to a Fast Start

Attendees at the January Big “I” board meeting raised a record $100,000 for InsurPac. We are well on our way to being a $1 million PAC in 2008. Check out the February issue of IA magazine to see contributors from your state. For more information, contact Nathan Reidel at 202-863-7000; nathan.riedel@iiaba.net.


BIG “I” MARKETS^SM
Writing Restaurants with BIM

Did you know the Big “I” Markets restaurant program can write policies for restaurants to cover them on opening day? Generally, past experience of the current management team will be considered when there is no previous loss history for the establishment. Big “I” member Sen. Bill Ketron, Jr. (R-Tenn.) of Universal International, Inc. in Murfreesboro, Tenn. took advantage of this and added $6,500 to his agency’s book of written premiums.

“The underwriters were great. I personally have an insurable interest in this business. It is a new business so it was not placed last year. Based on the management experience that we assembled we were able to qualify for this program. As this year's recipient of the Insurer of the Year for Tennessee I will sing the praises for this program,” he says.

Learn more about the restaurant program and other available markets at www.bigimarkets.com. 


InVEST
InVEST, the Perpetuation Solution

Who will perpetuate the independent agent system five, 10 or even 20 years from now? How do we help educate consumers about an industry that will affect real-world financial decisions? The answer is InVEST.

For more than 30 years, volunteers, association staff and educators nationwide have been the driving force of this one-of-a-kind program that educates high school and college students on insurance, financial services and risk management. As a 501c(3) educational foundation, InVEST fuels the future of the independent agency system by developing a diverse pool of future insurance professionals. Furthermore, by instituting this program in high schools and colleges, educators provide students with knowledge that will affect their financial life, from a first car to retirement. InVEST teaches real-life skills.

InVEST thrives because of dedicated industry volunteers, staff and educators. Be an industry expert in your community and build relationships with a diverse pool of future employees. Gain respect among educators and neighbors by helping students become educated consumers. InVEST provides all the tools needed to start an InVEST program, speak publicly about insurance, start an internship program, host a job-shadowing day and much more. Contact InVEST at 800-221-7917 or visit www.investprogram.org to learn how you can help fuel the future of the independent agent industry.


IA MAGAZINE
Keep IA Coming

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.


LEGISLATIVE CONFERENCE & CONVENTION
Coming Soon! 2008’s Premier Event for Independent Agents

The 2008 Big “I” Legislative Conference & Convention will be hosted April 2-4 at the Marriott Wardman Park Hotel in Washington, D.C. This program offers members an opportunity to experience advocacy, innovation and exhibits not available anywhere else. In addition to the annual Big “I” Day on Capitol Hill, attendees can learn about the Best Practices of agency financial management or earn hours toward a CRIS designation by attending the contractual risk transfer in construction seminar. This year’s general session will include a state-of-the-industry address by IIABA Chairman Bob Fulwider and an election year debate, moderated by Big “I” President & CEO Bob Rusbuldt, between Paul Begala, CNN political analyst, and Tucker Carlson of MSNBC's Tucker.

Need more reasons to attend this year’s event?:

*Visit with your key federal legislators--they take notice and listen.

* Use your influence to affect the future of the industry on issues such as insurance regulation, agent licensing, flood insurance, and many other issues.

* Improve your agency's efficiency and profitability with new tools.

* Discover how industry leaders are addressing perpetuation, technology and agency workflows.

Click here to register today and save 20% (offer good through Feb. 14).