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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 States."
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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.
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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 States."
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PRODUCT SHOWCASE
  Who wants to eliminate their deductible?

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.

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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.
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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.
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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.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    NAIC pushes Obama administration to support state regulation (PIAW)
Why HealthCare.gov should have been a mobile app (By Alex Bratton)
Obamacare shift: Administration says use agents/brokers (PIAW)
Obama to urge 'young invincibles' to buy health insurance (Los Angeles Times)
Rule spells out how insurers must cover mental health care (NPR)

Don't be left behind. Click here to see what else you missed.


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.
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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.
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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.
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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.
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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.
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How are your vendors doing? Tell us in the Professional Insurance Agents Marketplace.


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.
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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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Looking for similar articles? Search here, keywords COMMERCIAL RATES.


FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
3 insurance ETFs leading the financial sector higher
Zacks Equity Research
With QE3 tapering on the table and an improving economic scenario, the insurance industry is performing remarkably well compared to other corners of the financial space.

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Rule spells out how insurers must cover mental health care
NPR
The Mental Health Parity and Addiction Equity Act of 2008 requires health plans that offer benefits for mental health and substance use to cover them to the same extent that they cover medical and surgical care.

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Obama to urge 'young invincibles' to buy health insurance
Los Angeles Times
President Barack Obama will urge young people to sign up for health insurance at a White House forum aimed at mobilizing a demographic that is crucial to the success of his signature health care law. The recent youth summit at the White House.

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 News You Can Use


Improve communications with social media
Business Insurance
Business Insurance highlights a video episode of brokers' efforts to improve internal and client communications via social media networks.
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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.
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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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 Around PIA Western


Around the PIA Western Alliance States

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PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608   
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Gary Wolcott, Writer for PIA Western Alliance, 503.724.9028   

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