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PIA Western Alliance
Last week Weekly Industry News reported that Federal Insurance Office (FIO) Director Michael McRaith is leaving his post at the end of this week. McRaith's decision pleased PIA National Executive Vice President Mike Becker and other key players in the association.
With McRaith gone and with a Republican Congress looking at major modifications of the Wall Street reforming Dodd-Frank Act, PIA wants the House Financial Services Committee to not only do away with the FIO when the Financial CHOICE Act is acted upon but eliminate its replacement, the Office of the Independent Insurance Advocate. And the association sent a letter to committee chairman and Texas Republican Rep. Jeb Hensarling requesting that change.
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PIA Western Alliance
The PIA and other insurance groups have been worrying since the passage of Dodd-Frank and the establishment of the Federal Insurance Office (FIO) that the regulation of insurance would be taken away from the states.
Now it appears an agreement reached between Europe and the U.S. will nullify that concern. Maybe. Negotiators announced last week that agreement has been reached that covers the three key areas of insurance supervision.
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PIA Western Alliance
Droves. That's the word used most to describe the numbers of Baby Boomers retiring these days. The word is not being bandied about lightly. In the fourth quarter of 2016, some 800,000 Baby Boomers bagged working and retired.
A lot of the people in that 800,000-plus number worked in insurance.
A big concern is who is replacing that lost talent. That would be Millennials — people born between 1980 and 2000 — and they have much different expectations than those they are replacing. Insurance agencies and companies — since they're nothing like their parents or grandparents when it comes to the job — need to find a way to understand them, work with them and make them happy.
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PIA Western Alliance
Candidate Donald Trump promised tax reforms for corporations and individuals. Some conservatives — and even some liberals — have been screaming for reforms for years. Republicans are positive corporate reform will happen and Republicans in Congress are already moving that direction.
Those same Republicans are not sure about how quickly the much-needed relief for middle-class taxpayers will happen. Or if it will happen at all. And while they’re all pondering and pontificating on those reforms, both parties ought to read the two reports issued late last year by the Taxpayer Advocate Service (TAS).
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PIA Western Alliance
Coming soon to a state near you? Five states are trying to implement this at the state level and labor experts think more states could join the bandwagon in the near future.
Here's the issue. The Obama administration run Department of Labor tried to change the federal government's overtime threshold from the current $455 a week to $913. If implemented it would have impacted 4.2 million workers. It had a lot of small business — and large — really concerned.
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PIA Western Alliance
Republicans — encouraged by the election of Donald Trump and his promises to "drain the swamp" — are moving to do away with regulations and much of the power of some federal agencies. Last week the House passed — among others — the Regulatory Accountability Act. It orders federal agencies — when crafting rules — to do the least expensive rules possible.
What this means — says California Republican and House Majority Leader Rep. Kevin McCarthy — is agencies that make the most significant decisions in Washington and that affects the most lives, are not elected and don’t stand for election will be held more accountable for that they do.
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PIA Western Alliance
In his news conference, last week President-elect Donald Trump said when it comes to the Affordable Care Act, he wants repeal and replace. And with criticism piling up from outside — and even inside — the Republican Party for its lack of a replacement plan, Trump said he'll soon have one.
"We're going to be submitting, as soon as our [Department of Human Services] secretary [Georgia Republican Tom Price] is approved, almost simultaneously, shortly thereafter, a plan. It will be repeal and replace. It will be essentially simultaneously. It will be various segments, you understand, but it will most likely be on the same day or the same week, but probably the same day, it could be the same hour," Trump said.
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PIA Western Alliance
Every year cyber attackers and hackers get more sophisticated and bolder. An Aon company Stroz Friedberg said look for 2017 to be even worse than previous years. Its report on the subject is titled 2017 Cybersecurity Predictions and those predictions are dire.
Ed Stroz — the firm's co-founder — said, "In 2016 we witnessed everything from cyber attacks influencing public opinion to hacked IoT devices and the introduction of new cyber security regulations. This year we'll see an intensification of these threats, along with new challenges and a blurring of lines between the actions and responsibilities of the state, markets, businesses and civil society."
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PIA Western Alliance
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