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m m m m MARYLAND MESSENGER MAR | APR 2013 Kudos to Maryland’s ACSRs page 6 IIAM Hosts Legislative Dinner page 8
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MARYLAND MESSENGER MAR | APR 2013
Kudos to Maryland’s ACSRs
page 6
IIAMHostsLegislativeDinnerpage 8
Active ingredients:
Commercial and personal risk assessment tools (Exposure identification surveys and coverage checklists)Coverage reference resources and proposal tools (PF&M, ACORD forms, insurance glossary)Marketing and prospecting tools (Client letter templates and web site content)
Use:
Use liberally for relief of lethargic agency sales and lack of producer confidence.
Dosage:
Subscribe annually (or get four years for the price of three). Available online 24/7.
Side effects:
Dizzying improvement in knowledge and professionalism of agency staff. Innoculation against E&O claims from failing to offer proper coverage or identify customer exposure. Rejuvenated content to market your agency’s services.
Warning: Prolonged exposure to VRC will result in agency success.
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IIAM OFFICERS 2012-2013Dennis Lawson Immediate Past Chair
Angela Ripley, CIC, CRM, AIS Chair
Michael McCartin, CPCU State National Director
Terry Katz, CPCU Chair-Elect
Jay Duke Vice Chair
Don Grauel, CIC Director-At-Large
Thomas C. Lowe, CPCU Past President Rep.
Shelley Arnold, CPCU, AU, PresidentARM, AAI, ACSR, AINS
THE MARYLAND MESSENGER INDEPENDENT AGENTS OF MARYLAND, INC.Editor : Shelley Arnold, CPCU, AU, ARM, AAIGraphic Designer: Laurie HareAdvertising Info: www.iiamd.orgThe Maryland Messenger is a monthly publication publishedfor the exclusive use of regular and associate members ofthe Independent Insurance Agents of Maryland. Publicationof any article, letter to the editor or advertisement in the Maryland Messenger should not be deemed an endorsement by IIAM of the opinions expressed or products advertised. Questions and comments should bedirected to the editor, Shelley Arnold.
Editorial Office, IIAM, 2408 Peppermill Drive, Suite A, Glen Burnie, MD 21061 phone 410.766.0600 • fax 410.766.0993 email [email protected] • www.iiamd.org
t a b l e o f c o n t e n t s
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Chairman’s Message
Kudos to Maryland’s ACSR’s
IIAM Hosts Legislative Dinner
Ask Pat
Recession Affects Training and Development Programs
Life Corner
Tidbits
Questions Remain for the State’s Health Exchange Big “I” Works to Eliminate Barriers to Broker Access
ACT and AUGIE Leaders Urge Industry to Embrace Key Technology Priorities
Education Corner
Legislative Update
chairman’s messageAngela Ripley, CIC, CRM, AIS
In January I attended the National Big “I” meeting in Palm Springs, CA. I was honored toattend as the Chairman from Maryland along with our State National Director MichaelMcCartin. I found myself energized by the National meeting. I met several agents fromMaine, to Wisconsin to Las Vegas, NV that made an impact on me with our wonderfulassociation and what we offer to our members.
One of my favorite moments from the meeting began with my introduction to the gentleman to my right who is the President/CEO of the New Mexico Independent Insurance Agents Association, Thom Turbett. We were reading an article given to us bythe leadership regarding PPACA (Patient Protection and Affordable Care Act). I ofcourse shared my need to wrap my arms around the changes facing us and understand the legislation better. We bothagreed that it was overwhelming. I told Thom that I was still in denial that the legislation has actually passed and I cannotseem to remove myself from the denial phase. He shared with me that he had moved on from denial phase, he was now inthe anger/bargaining phase. This prompted both of us to share a laugh.
As I reflect on that interaction with Thom I think about how many other aspects of life that I just need to get past the denialphase and eventually into acceptance. Why do I spend so much time trying to deny something whether it is new continuingeducation credits legislation, the increase in the minimum wage or production and growth in my own agency?
With these thoughts, I plan to focus, reengage and try to move through the phases quicker. One way I plan to capitalize onmy reengagement is to maximize my membership with the Independent Insurance Agents Association. I always find myselfpuzzled when I come across something I did not know that about the association when I have the resources at my fingertips.Log on now to iiamd.org, navigate and learn.
Trusted Choice is one example of a denial that we all eventually came to accept. At the conference I learned for marketingpurposes if you use the Trusted Choice logo in your marketing or on your website an agency can apply for a $500.00 marketing reimbursement. The application can be found at iiamd.org under Trusted Choice. I know the association has more to offer however, the reimbursement made me question what else am I missing?
Here are a couple of items to remember. IIAMD is running a special ‘three months of free dues.’ Share this today with a non-member. It essentially means15 months of membership for one dues. Reengage your commitment to grow our association, reengage your commitment to learn more about the resources offered to you and your agency. Maximize thosebenefits today and don’t get stuck in denial move onto acceptance.
MAR | APR 13:4
Big Changes at the Associa on Office
Big ‘I’ Maryland website gets a ‘Make‐Over’
The new site includes a 'Member only' site.
We're very excited to announce that we will be rolling out a new-look website. The website will be easier to navigate with the addition of several drop down menus, as well as multiple 'quick clicks' to those portions of the site and specific forms that are most often searched for.
We will also have several parts of the website that will be password protected, which increases the many reasons for membership in the Big 'I'. The areas that will be se-cured include the Maryland Law, Technical Stuff and the Legislative Bulletin. In order to access the secured portions of the site, you may use your current national passcode, which is normally a six digit number. If you do not have a passcode and would like one, call or email the association office. You must be an employee/staff member of a member agency.
Of course, the consumer portion will remain open and we have added a 'Find An Agent' link which gives consumers the ability to find independent agents located in their zip code.
There is a substantial amount of content on the site and the good news is that during the transition the content was main-tained. All the good information found before may still be accessed. The content is being expanded now that the site is secure and the association is working on several key items that will benefit you and your business.
We expect it to be effortless at your end, but check in that week and let us know what you think.
New Email Addresses for Big 'I' Maryland Staff
Beginning immediately the staff will have new email addresses. Please make certain that you add all of the new addresses to your address book so that there will be no delay in receiving information from the Association office. If the addresses are not in your address book, it is likely the emails will go to your SPAM folder. We don't want you to miss important news, especially during this legislative session. The new email addresses: Shelley [email protected]; Rebekah Langford- [email protected] ; Carla Short:[email protected] ; Administration- [email protected] . Please add these addresses to your address book to avoid information being sent to your SPAM folder.
Big 'I' Social Media Connections Please like our 'Facebook' page and join us on Twitter and LinkedIn. We have established a ‘Member Only’
group on LinkedIn. Make sure you bookmark the sites to stay up to date on classes, special events, legislative issues, etc.
Jannalex Alviarez, ACSRDoreen Armstrong, ACSRCarrie Arnold, ACSRMichele Arnold, ACSRRachael C. Bannon, ACSRGretchen Becker, ACSRKathryn A. Bell, ACSRNicole Briney, ACSRRebecca Brogan, ACSRConstance Brooks, ACSREmily Bucci, ACSRTracy Bungcayao, ACSRBarbara Burk, ACSRTracey Burk, ACSRDonna Carter. ACSRJessica Causey, ACSRStephanie Colburn, ACSRTasha Connelly, ACSRJoseph Conroy, ACSRR.Delores Culverwell,ACSRJanie Cuthbertson, ACSRJoy Davidson, ACSRKathy Dicken, ACSRWhitney Donaldson, ACSRColleen Dunn, ACSR- Maryland’s 2011 ACSR of the YearCynthia Englar, ACSRStephanie Fairley, ACSRLouise W. Feeney, ACSREllen Fick, ACSRPatricia Fields, ACSRStephanie Fischer, ACSRShirley Foster, ACSRJanet Fritz, ACSR- Maryland’s 2007 ACSR of the YearSharon Gardner, ACSRLois Yvette Gathings, ACSRJoAnn Genovese, ACSRCindy Gnau, CPCU, ACSRJudith A. Godbey, ACSRElizabeth Green, ACSRShelley Hall, ACSRKathy HarringtonStacie Harris, ACSRLori Harris, ACSRKimberly Harris, ACSRDawn Hensley, ACSRMicheleHerget, ACSRK
udos
to M
arylan
d’s ACSRs
Special Tha
nks for their Co
mmitm
ent to Profession
alism!!
MAR | APR 13:6
Elinor Hilliard, ACSRJoanne E. Holmquist, ACSRPippa Horton, ACSRRita Hudson, ACSRDarlene Hudson Sauerwein, ACSRMary Ellen Isennock, ACSRMarilyn Jacoby, ACSRJanice Johnson, ACSRDelois Johnson, ACSRCheryl Jones, ACSR- Maryland’s 2010 ACSR of the YearKenneth Jones, ACSRLinda Jones, ACSRRuth Jordan, ACSRLisbeth Joy, ACSRBarbara Keller, ACSRNancy R. Kristofik, ACSRRebekah Langford, ACSRScott Latham, ACSRDawn Lechner, ACSRPatricia A. Lincoln, ACSRNatalie Lopez, ACSRKristen Marquez, ACSRMarla Mayles, ACSRMary Jane McBride, ACSRAshley Kirsten McGrath, ACSRMichelle Meyer, ACSRJoanna G. Moorman, ACSRKerri Morin, ACSRBeverly Morton, ACSRWanda Muncey, ACSRValerie Murray, ACSRLauri Neubauer, ACSRAngela Openshaw, ACSR-Maryland’s 2009 ACSR of the YearMary Oppitz, ACSRMargretta Palya, ACSRHeather Parker, ACSRCarol A. Patrylak, ACSRLindsay Payne, ACSRJennifer Petrero, ACSRRobert G. Pincus, ACSRLisa Pope, ACSRBambi Porter, ACSRElizabeth Pregent, ACSRRobin Preston, ACSRPhyllis M. Price, ACSRHugh Purvis, ACSR
Frank Rapisarda, ACSRLinda Ray, ACSRVicky Rednagle, ACSRRebecca Reed, ACSRChristina Reid, ACSRLacy Revell, ACSRMary Rich, ACSRSharon K. Richards, ACSRChristina Robinson, ACSR- Maryland’s 2008 ACSR of the YearRayna Robinson, ACSREdward B. Rosenthal, ACSRLinda Ruszin, ACSRLeslie Ryan, ACSRKati Jo Schmitz, ACSRAlyce Schwallenberg,ACSRCrystal F. Schwallenberg-Sears, ACSRTracey Seibel, ACSRChristine Shelton, ACSRCarla Short, ACSRVanessa Simmons, ACSRMarcia Slaughter-Brooks, ACSRMelanie Smith, ACSRKimberly L. Smith, ACSRRuth Spaid, ACSRKate Steele-Walter, ACSRElizabeth Stevens, ACSRDonna Stolzenbach, ACSRDanielle Supsic, ACSRMavis E.Surratt, ACSRCheryl Terry, AAI, ACSRAnne Tiemeyer, ACSRJennifer Toepel, ACSRValerie Townsend, ACSRMelanie Utterback, ACSRAngela Vecchioni, ACSRLauranne L. Victor, ACSRNancy Lee Wheeler, ACSRJennifer Whittle, ACSRMichelle Williams, ACSRKimberly A. Wood, ACSRAnn Zeh, ACSR
MAR | APR 13:7
L to r : Senator Barry Glassman, Brett Lininger, Terry Katz, DeniseCarnes and Delegage Galen Clagett
Finance Chairman, Senator Mac Middleton addresses our group House Economics Chairman, Derrick Davis
Chairman Angela Ferguson and Delegate Brian McHale
IIAM’s lobbyist, Brett Lininger with Senator Delores Kelley
The IIA Maryland Legislative Committee and Board of Directors hosted Maryland legislators on January 24th atMaria’s in Annapolis. The event was well attended. IIAMhosted seven Senators and eleven Delegates. This is anexcellent venue that allows us to speak with the legislatorson issues specifically important to the independent agentin Maryland. It was an exceptional evening. Special thanksto Deborah Gordon at Semmes for working with us toput this great dinner meeting together.
IIAM HostsLegislative
Dinner
MAR | APR 13:8
Dear Pat:I have been wondering about arbitration clauses and howthey impact contracts that I have. One requires that disputesbe arbitrated in Bermuda (which I don’t mind since I love thepink beaches) and one says that disputes must be arbitratedin Oklahoma (a place that I have never been). How enforceable are such clauses?
Dexter in Dundalk
Dear Dexter :Oklahoma or Bermuda? That’s like a choice between icecream and spinach.
Putting geography aside, arbitration clauses are generally enforceable unless unconscionable. Unconscionable is atough standard. For example, you would not be able toargue that an arbitration clause is unconscionable just because Oklahoma is a foreign location to you.
Arbitration can sometimes be a way to resolve disputesquickly and privately. But often times, there is a hidden costto arbitration. For example, the parties generally split thecost of the panel of arbitrators—a cost that can be expensive (over $3,000 per day of arbitration would not beunusual). The loser may have to pay the other side’s legalfees, which can run to the tens of thousands of dollars. Andthere is a limited ability to appeal the ruling of an arbitrationpanel.
Pat
Dear Pat:I am wondering about the lack of good faith law that passeda couple of years back. I remember that it applies to firstparty claims, but now I am hearing talk that it applies to thirdparty claims. What gives?
Donna from Dundalk
Dear Dundalk Donna:I understand why you are confused—I am too. By its terms,Maryland’s lack of good faith statute only applies to firstparty claims. The question is whether a first party claimagainst an insurer can be made where there is a denial ofcoverage for a third party claim. Surprisingly to some, the Maryland Insurance Administrationand some lower courts have determined that a lack of goodfaith claim can be made when there has been such a denial.I am sure that one of these days the Maryland appellatecourts will be called on to determine what is meant, underthe statute, by “first party”. Until then, insurance professionalswill need to continue to be careful regarding claims denialsand document, document, document every decision.
Pat
Dear Pat:One of my clients received a reservation of rights letterwhich confused me. It indicated that a defense would beprovided but indicated that the insurer could require the insured to reimburse it for defense costs if it were determined that there was no coverage. Is that legal?
Confused in Canton
Dear Confused:The short answer is, “it depends.”
If the policy is issued in Maryland, then an insurer generallycannot recover defense costs from an insured under the circumstances you described. Other states, however, have allowed the enforcement of policy provisions which allow forreimbursement.
The law in this area is evolving. For that reason, the insuredshould always seek legal counsel in order to determinewhether or not to object to the reservation of rights letter.
Pat
MAR | APR 13:9
askPATPatricia McHugh Lambert901 Dulaney Valley Road, Suite 400Towson, MD 21204Pessin & Katz, P.A.410.938.8800 • 410.339.6759 (direct)410.832.5628 (fax) • [email protected]
Anita Z. Bourke, CPCU, AINSThe Institutes
When times are tough, training and development budgetsare often the first areas to feel the pressure. During thesechallenging economic times, companies are looking to reduce expenses and improve the bottom line. Expenses considered nonessential are cut. Some companies haveeliminated their entire professional development budgets.Other firms view training and development as one of the lastplaces to cut and instead look for ways to get more resultsfrom the training dollars spent. Why is there such a disparity? What do some firms believe that others who cuttraining do not see?
At the end of 2008, The Institutes surveyed insurance companies, reinsurance companies, insurance brokers, and independent insurance agencies to establish benchmarks regarding employee education and professional developmentin the insurance industry. We found that more than half thecompanies expected spending on training and developmentto be level in the next few years, and 45 percent of companies expected such spending to increase.
Improving employee skills to better match needed job competencies was the most highly ranked reason for a company’s investment in training and development; however,only one in ten companies strongly agreed that their organization effectively aligns employee development planswith company goals. Sixty percent of companies do not require employee development plans, and only one in fivecompanies requires that development plans address neededgrowth in job competencies. For training and developmentto have a positive impact, senior management needs to ensure that training is focused on key drivers of the business.
Insurance is a knowledge industry. We need people whoknow the business and transfer that knowledge to providevalue to customers, which in turn increases the bottom line.Agencies need knowledgeable employees to attract morecustomers and increase revenue.
Business is changing, as evidenced by the recent cataclysmiceconomic events. Firms need people who are adaptable andknowledgeable and make good business decisions. It takestraining and development to focus employees on results thecompany wants, and the payoff is on the bottom line for thecompanies who do this right.
Companies are carefully scrutinizing their budgets with an increased push to prove the return on investment (ROI).They are quick to eliminate programs if they are concernedthe ROI isn’t there; however, many firms do not measure the results of their training, so they do not know the impact.Good training may be cut, diminishing a firm’s ability to meetits objectives.
Boomers won't stay in the workforce forever, even thoughmany are staying longer than expected. Our survey foundthat more than 40 percent of companies were concernedabout staffing enough skilled employees in underwriting,claims, marketing and sales, finance, executive management,information technology, and actuarial in the next five years.More than 60 percent of companies were concerned aboutfinding enough risk management staff in the next five years.The best and brightest Gen Ys coming into business todaywant to be with an employer who has a plan for developingemployees. Training is an important tool to attract and retain the best talent. Training and development affects recruitment, as star performers generally want to work fortop-notch companies. Their evaluation of a company tendsto be multi-faceted and will frequently include considerationof whether the prospective employer is a learning organization. A company’s decision to decrease its trainingand development programs can be a detractor that maycause a candidate to pursue alternate employers.
Training and development are essential for any organizationto remain relevant and competitive in the marketplace. Asthe social and business environments shift over the years, (con’t on page 21)
Recession Affects
Training and Development
Programs
MAR | APR 13:10
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How to help your client plan for aloved one with special needs
THE CASE FOR SPECIAL NEEDS TRUSTS
According to data from the National Institute of Health one inevery five people in the United States suffer from some form ofdisability. Of the roughly 55 million disabled people in this countryabout 30 million are considered severely disabled. Not all of thesepeople are born with a disability; some may be stricken by illnessor be involved in an accident that leaves them disabled.
Parents and families of individuals with specials needs face incredible challenges on a daily basis. During the life of the specialneeds individual crucial decisions must be made that will havelong term implications. Typically, parents and families spend a greatdeal of time worried about what will happen to their loved one when they are no longer living or able to support their per-sonal and financial needs.
WHY DO I NEED TO USE A SPECIAL NEEDS TRUST?
A spouse, parent or grandparent of a special needs individual will have unique planning needs. While each family’s situation isdifferent, many financial plans center around three primary objectives:
1. Protect the Assets left to a special needs beneficiary.2. Provide additional income to facilitate a better quality of life.3. Prevent the loss of government benefits, including Supplemental Social Security (SSI) and Medicaid.
When a disabled person receives an inheritance, the government will require that the inheritance be depleted before it willpay for food, shelter and medical care. This can quickly exhaust even a large inheritance based on today’s costs and standardsof care. Currently, an individual owning assets in excess of $2,000 disqualifies an individual from most federal assistance programs such as SSI and Medicaid.
A trust can not only be used to protect assets passed from generation to generation, but with proper funding can be used toensure that liquidity and funds are available to supplement a special needs beneficiary’s government benefits and allow themto participate in activities and programs that they may not otherwise be able to afford.
Special needs trusts can pay for almost any cost not met by public or private agencies such as:• Medical, dental and rehabilitation expenses not otherwise proved for• Education and Training• Vacations, Recreation and transportation (Including the purchase of a vehicle)• Life Insurance Premiums• Legal ExpensesProper planning avoids the risk of an inheritance disqualifying a special needs heir from receiving all or most of their government benefits. The correct techniques can protect inheritance for the lifetime of the special needs individual.
FUNDING A SPECIAL NEEDS TRUST
Life insurance can be the most cost effective and efficient method for providing the funding to help achieve family goals. LifeInsurance provides immediate funding of the trust, regardless of the timing of the deaths of parents or other insured. The (con’t on page 13)
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(con’t from page 12)type of life insurance policy that may be the best fit will depend upon a number of other factors including premium structureand the tolerance for risk.
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Our mission is to help Property & Casualty agencies seamlessly integratelife, long-term care and linked benefitproducts into their standard offerings.Our commitment is to help firmsidentify emerging opportunities andprovide the knowledge and point-of-sale assistance that will allow P&Cfirms to maximize their strengths indeveloping and broadening clientrelationships.
Belman Klein Associates and the IIAMDAs a member of the IIAMD we lookforward to working with other members to help them round outtheir business by partnering to bringour services to their clients. In 2013we will continue our Life InsuranceMade Easy series in the MarylandMessenger and continue to offer freelife insurance continuing educationcredits to IIAM members.
For more information contact ScottZilber at [email protected] or1-800-729-6007
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(443) 692-4000www.pinsiaa.com • [email protected]
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MAR | APR 13:13
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THE HANOVER URGES HOME AND BUSINESS OWNERS TO TAKE ACTION AGAINST ICE DAMSWORCESTER, Mass., -- As low temperatures and snow andice storms begin to sweep across the country, ice dams increasingly are becoming a hazard for home and businessowners alike.
With winter weather continuing, The Hanover InsuranceGroup, Inc. (NYSE: THG), a leading provider of property andcasualty insurance for individuals, families and businesses nationwide, urges property-owners to take immediate actionto reduce damage and avoid injury.
"Cold winter months alone can cause damage to your homeor your business. But, emerging challenges, such as ice damsthat form and go unattended can lead to leaks, mold andeven safety hazards caused by falling ice," said Michael Billings,vice president, The Hanover's safety management team."While pre-season prevention works best, there are stepsyou can take now to avoid the potential of further damage."
Following are a few simple steps that can help home andbusiness owners reduce damage from ice dams: • Take preventive actions to remove ice and snow from theroof to allow proper drainage. In doing so, take precautions,such as staying on the ground and using a snow rake andconsider calling a professional if it is necessary to go on theroof. Additionally, it is imperative to avoid contact with electrical lines, and to watch for falling objects.
• If there is an existing ice dam, melt a channel through theice to the roof surface to create a drain path to relieve waterbuild up. • An easy way to do this is to fill the leg of nylons with calcium chloride ice melter and place that on the roof. Thelong tube can melt a patch through the ice to allow drainage.You can refill or replace the ice melter to keep the channelsopen. Make sure the channels extend to the roof edge orgutter. • You can engage the services of an insured roofing contractor to remove ice build up and ensure they don'tcause additional damage to the roof.• If you observe water damage, hire a restoration service todry out the walls, ceiling and structure. Minor damage cancause rot, decay and more extensive problems if it is notproperly addressed. • Contact your roofer and an insulation company to correctthe ventilation and heat transfer issues in your attic. This canprevent future problems. • When replacing a roof, add an ice and water shield membrane at the edge of the roof and extend it at least fivefeet up the roof to protect this area against water intrusion. • In the future, try to prevent ice dams by ventilating and insulating your attic. • If you have suffered damage to your property, contact yourlocal independent insurance agent immediately.
For more information on ice dams and other safety issues,visit www.hanover.com and click on "Safety Tips."
BEN NELSON NAMED NAIC CEOFormer Senator Brings Executive, Legislative and Regulatory Experience to Role
WASHINGTON, D.C. — Former Nebraska Senator BenNelson has been named Chief Executive Officer (CEO) ofthe National Association of Insurance Commissioners(NAIC).
Nelson will lead the NAIC’s efforts to meet the needs of itsmembers and represent their interests as the primary advocate and chief spokesperson in Washington, D.C. His
responsibilities will include outreach to federal and international governmental entities, as well as state government associations, consumers and insurance industryrepresentatives.
“Senator Nelson’s impressive credentials and deep knowledge of state insurance regulation are simply unmatched,” said Jim Donelon, NAIC President and LouisianaInsurance Commissioner. “His rare and valuable combinationof experience in insurance and government will be a (con’t on page 15)
MAR | APR 13:14
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(con’t from page 14)tremendous asset to our organization. In addition to skillfullynavigating the political arena, the stalwart leadership and collaborative nature that marked his time in public servicewill be integral to elevating our efforts on Capitol Hill. Moreover, as a former regulator and Executive Vice Presidentof the NAIC, Senator Nelson has a keen understanding ofthe insurance marketplace, which will make him an effectiveadvocate for the preservation of our state-based system ofregulation.”
“I am honored to serve as CEO during such an importantand exciting time in the regulatory community,” said Nelson.“After years in government, this is a homecoming for me. Itis also an opportunity to advance the work of the NAIC tosafeguard the insurance sector through the promotion of ouroutstanding regulatory framework. In my new role, I lookforward to continuing our relationship with the Federal Insurance Office as well as working with state regulators on
matters affecting the economy and consumers.”
Prior to retiring from the Senate in 2012 after two terms,Nelson served as Governor of Nebraska from 1990-1998.He also served as Executive Vice President and Chief of Stafffor the NAIC (1982-1985); Director of the Nebraska Department of Insurance (1975-1975); and Executive VicePresident and then President/CEO of the Central NationalInsurance Group (1977-1981). Nelson earned a Juris Doctorate, as well as undergraduate and graduate degrees inphilosophy, from the University of Nebraska.
Nelson replaces NAIC Acting CEO Andrew Beal, whostepped into the role after former CEO Dr. Therese M.Vaughan left the association in November. Beal now returnsto his roles as Chief Operating officer and Chief Legal Counsel.
BURNS AND WILCOX BECOMES FIRST NATIONAL WHOLESALER TO JOIN TRUSTED CHOICE®Nation’s largest wholesale broker and underwriting manager is latest brand movement company partner.
ALEXANDRIA, Va., – Burns and Wilcox is the newest member of the Trusted Choice® consumer branding program for independent insurance agents and brokers. Burns & Wilcox, headquartered in Farmington Hills, Mich., has joined 64 leadingcompanies nationwide as a Trusted Choice® company partner.
“Welcoming Burns & Wilcox to Trusted Choice® reflects our appreciation for the company’s longstanding commitment tothe Big ‘I’ at the national, state and local levels,” says Dave Evans, Trusted Choice® executive director. “While our membersalready work with Burns & Wilcox, we look forward to this relationship fueling greater connections with our outstanding independent member agencies.”
Burns & Wilcox is the industry’s largest privately-held wholesale broker and underwriting manager. Burns & Wilcox has morethan 40 offices across the United States, Canada and London and employs more than 1,000 professionals. Founded in 1969and headquartered in Metro Detroit, Burns & Wilcox is internationally recognized for its insurance brokerage and underwriting expertise in commercial and professional liability, property, marine and personal insurance.
“We built Burns & Wilcox as a business 100 percent committed to wholesale, which has enabled our firm to foster lasting (con’t on page 16)
MAR | APR 13:15
(con’t from page 15)relationships with insurance brokers and agents across the country,” says Alan Jay Kaufman, Burns & Wilcox Chairman, president and CEO. “That legacy continues today with our focus on helping brokers and agents succeed. Our relationshipwith Trusted Choice® underscores how much we value the product choice, policy customization and advocacy that independent agents provide their clients. It is an honor for Burns & Wilcox to be part of this great organization.”
Burns & Wilcox is a member of the Kaufman Financial Group, which also includes Burns & Wilcox Brokerage, Burns & Wilcox Canada, Burns & WilcoxRe, Chesterfield Insurance Brokers Ltd. of London, R.B. Jones, Royal Premium, US-Reports, and Minuteman Adjusters. More information can be found atwww.burnsandwilcox.com or www.kaufmanfinancialgroup.com.
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A.M. BEST AFFIRMS RATINGS OF SWISS REINSURANCE COMPANY LTD AND ITS SUBSIDIARIES
OLDWICK, N.J. - A.M. Best Co. has affirmed the financialstrength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Swiss Reinsurance Company Ltd(Swiss Re) (Zurich, Switzerland) and its subsidiaries. Concurrently, A.M. Best has affirmed all debt ratings of SwissRe and its subsidiaries. The outlook for all ratings is stable.(See link below for a detailed listing of companies and ratings.)
Swiss Re continues to maintain a dominant position in itschosen markets and benefits from a global franchise with a large selection of products along with a worldwide distribution system. The company has established soundclient relationships with some of the leading companies inthe world while offering larger lines and capacity. Swiss Re’smarket presence is fully supported by its superior risk-basedcapitalization and robust risk management capabilities.
Operating results through the first nine months of 2012 forthe property/casualty reinsurance business segment reflectedthe low level of catastrophes with a combined ratio of78.1%, while the primary insurance segment, Swiss Re Corporate Solutions Ltd, performed better than breakevenwith a combined ratio of 94.0%. The life/health reinsurancesegment performed well with a benefit ratio of 75.8%. During the fourth quarter of 2012, Swiss Re reported a Hurricane Sandy net loss estimate of $900 million. Despitethis loss, the company is anticipated to report profitable results for the year ending December 31, 2012.
Over the past several years, Swiss Re has consistently maintained superior levels of risk-based capitalization, benefitting from its diverse books of business and efficientcapital management program. Additionally, Swiss Re maintains minimal levels of exposure to sovereign risk emanating from Europe’s more troubled economies, alongwith minimal exposure to European banks.
A.M. Best considers Swiss Re’s risk management program tobe very effective. The organization dedicates a significantlevel of personnel on a worldwide basis to monitor risk in alloperating segments as part of its formal risk managementprogram. Swiss Re also makes extensive use of its proprietary capital model to analyze various stress scenarioson its entire operation as well as on individual business segments.
Positive rating actions could occur if over the next severalyears, Swiss Re’s operating performance and risk-adjustedcapitalization significantly and consistently exceed its peergroup of global reinsurers.
Negative rating actions could occur if Swiss Re’s operatingperformance and risk-adjusted capitalization consistently fallbelow A.M. Best expectations for its current rating level by asignificant margin for a prolonged period.
For a complete listing of Swiss Reinsurance Company Ltdand its subsidiaries’ FSRs, ICRs and debt ratings, please visithttp://www.ambest.com/press/012306swissre.pdf.
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MAR | APR 13:16
BIG ‘I’ FEDERAL POLITICAL ACTION COMMITTEEBEEFS UP WEB PRESENCEIndependent agents can take action at www.insurpac.com
As the political world becomes more technologically advanced, InsurPac is embracing that change and upgradingits Web presence. Now, independent agents can access valuable content and take action by visitingwww.insurpac.com.
The upgraded webpage allows visitors to see where theirstate ranks in terms of federal political involvement and,when logged in, see who in their state is a major InsurPacbooster.
Did you know that, in 2012, North Carolina agents investedthe most money to InsurPac? Did you know that North
Dakota led the country in most dollars invested per memberagency? Where did your state rank?
More than 5,000 independent agents came together to support InsurPac in the 2012 election cycle, helping raisemore than $1.8 million. That money was disbursed to nearly300 federal campaign committees, helping elect officials fromboth sides of the aisle that understand and appreciate the independent agency system. While this was significant participation, InsurPac’s goal is to become a $1-million PACper year and multimillion PAC per two-year election cycle.
Today it is more important than ever to be engaged in thepolitical process. The federal government is making decisionsevery day that affect the insurance market. Please visitwww.insurpac.com to learn more about the federal politicalaction committee for independent agents. Nathan Riedel isBig “I” vice president of political affairs.
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MAR | APR 13:17
BACCIOCCO TO LEAD PROJECT CAPInsurance and Internet Visionary Selected for Industry Cause
MINNEAPOLIS- After a six-month national search, ProjectCAP has named Charles “Chip” Bacciocco as its new chiefexecutive officer. A 22-year veteran of both the insurance industry and Internet innovation, Bacciocco brings a wealthof expertise and entrepreneurial spirit to the organization.
“Our objective was to find an individual with deep roots inour industry and a clear and forward-looking vision of howdigital marketing can transform our business,” said Bob Rusbuldt, president and CEO of the Independent InsuranceAgents & Brokers of America (IIABA), which founded ProjectCAP and invested operating capital with six key insurancecompanies. “He has impressive experience and accomplishments. We are excited that he has agreed to takeon the CEO role.”
Since founding Nickel River Partners in 2010, Bacciocco hasled development and advancement of the firm’s ActSocialTM
web solution for insurance agents and brokers. NickelRiver’s next-generation social web technology platform
replaces the traditional agency website with acustom-branded, interactive community-centric destinationwhere clients, prospects and employees can develop relationships, share ideas and solve problems.
Prior to his launch of Nickel River Partners, Bacciocco served as chief operating officer of the Aon Private Risk Management (APRM) and Agency Specialty Product Network (ASPN) subsidiaries of Aon Corporation, and alsoheld senior executive positions with such industry leaders asZywave, Inc. and Arthur J. Gallagher & Co. A graduate of theUniversity of Notre Dame, he began his career as a retailcommercial insurance broker with Rollins Burdick Hunter inChicago in 1988.
“This is an exciting opportunity, and I am pleased to haveChip with us,” said Tom Minkler, a Project Cap board member and the chairman-elect of the IIABA. “Chip’s skillset mix was incredibly difficult to find. He has great visionand a balanced approach which will serve us well in leadingthe ‘industry cause’ to regain market share for independentagency system.”(con’t on page 18 )
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(con’t from page 17)“Chip’s leadership skill, insurance expertise and technology savvy make him the ideal candidate to lead Project CAP into thefuture,” said Scott Deetz, who served as Project CAP’s interim CEO since the company was launched late in 2011.
“This is the year of realization for Project CAP. In 2013, we will launch the consumer portal and expand Project CAP’s offerings into new areas of digital marketing to help independent agents find new and creative ways to market and growtheir businesses in an increasingly digital world,” said Bacciocco. “I am proud to be a part of the Project CAP team.”
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IWIF PROMOTES CHARMAINE KELLEY, ADOLPH“BUTCH” BUCCI AND JACKIE SIEJACK
(TOWSON, Md.) — IWIF Workers’ Compensation Insurance is proud to announce that Charmaine Kelley hasbeen promoted to Territorial Account Executive/AgencyServices Manager. In this role, Ms. Kelley will oversee theday-to-day functions of the Agency Services group, which includes agency and producer licensing compliance, mergersand acquisitions, and agency technology services. Additionally, Ms. Kelley will continue to service agencies inBaltimore, Anne Arundel and Eastern Shore counties. Ms.Kelley has been a valued IWIF employee since 1997 andpossesses more than 30 years of insurance industry experience. She is a Certified Professional Insurance Womanand holds an Associate in General Insurance as well as anAssociate in Commercial Underwriting.
Adolph “Butch” Bucci was recently promoted to TerritorialAccount Executive. Mr. Bucci will service developing
agencies that are located in the Montgomery, PrinceGeorge’s and Howard counties. Prior to his promotion, Mr.Bucci was a Business Development Manager where he oversaw management and development of IWIF associationprograms. Mr. Bucci first began his career at IWIF as aClaims Director of the Managed Care Unit. He possessesan Accredited Advisor in Insurance designation and recentlypassed the Property and Casualty Producer License exam.
Jackie Siejack was promoted to Territorial Account Managerand will service developing agencies located in the greaterBaltimore area . Jackie joined IWIF in 2000 as a Human Resources Representative. In 2003, she joined the IWIFMarketing and Business Development department andworked in several capacities, most recently as a Senior Business Development Analyst. Ms. Siejack is an AccreditedAdvisor in Insurance.
Established in 1914, IWIF is the primary writer of workers’ compensation insurance in Maryland.
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MAR | APR 13:18
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SAMUEL C. HOFF AGENCY EARNS RECOGNITION
HUNTINGDON, PA – Samuel C. Hoff Agency, an independent insurance agency located in Westminster, Maryland, has beenawarded Inner Circle honors for 2012 by Mutual Benefit Group, a multiline property and casualty insurance company basedin Huntingdon, Pennsylvania. The Samuel C. Hoff Agency has been in business for 46 years serving the Maryland counties ofCarroll, Baltimore, Frederick, and Howard, and the southern Pennsylvania counties of Adams and York.
This is the fourth consecutive year that the Samuel C. Hoff Agency has qualified for the award, an honor that Mutual Benefitpresents annually to acknowledge outstanding agent performance, recognizing those who have established a consistentrecord of profitable growth along with superior customer satisfaction.
Questions Remain for theState’s Health ExchangeBig “I” Works to EliminateBarriers to Broker AccessBy Wes Bissett
Maryland is one of 16 states to receive approval from theObama Administration to establish and operate its ownhealth benefit exchange pursuant to the Affordable Care Act.The state’s new clearinghouse – which will be branded asMaryland Health Connection – will begin open enrollmentfor individual consumers and small businesses in October2013. Although Maryland leads many other states in termsof exchange development, there is much work to be done –and many critical decisions to be made – before the exchange goes live.
The General Assembly took action in the previous two legislative sessions to ensure that insurance producers willhave access to the Individual and Small Business Health Options (or SHOP) exchanges. In order to obtain the authorization necessary to sell exchange-offered plans, statelaw requires that brokers submit an application, be licensedto sell health insurance, complete a special training program,pay the appropriate fee, and enter into an agreement withthe exchange.
While there is recognition among policymakers that insuranceproducers must be actively involved in the exchange if it isgoing to be successful, the rules and procedures now beingdeveloped by the exchange will ultimately determine theprecise nature of the producer role. For example, theexchange recently unveiled a proposal that would prohibit abroker from selling any exchange plans unless the personheld an appointment with every issuer offering plans on theexchange. Such a requirement is anti-competitive, and thereis no other context in which a single carrier can block a broker from operating in an entire marketplace. This type ofmandate limits who is permitted to operate in the exchange,places all of the power in the hands of individual carriers, andhinders the ability of producers to serve their clients. TheBig “I” opposed this mandate and has argued that it wouldhave adverse consequences for insurance producers, consumers, and the exchange itself.
At the time this article was drafted, the exchange was reconsidering its initial appointment proposal and examiningother options. Some of the alternatives under discussion aresimilarly troubling and would needlessly restrict producerand consumer access to the exchange. These and otherrules and procedures now under debate will have a profound impact on health insurance producers and theirclients, and the Big “I” intends to continue its advocacy effortswith regard these issues.
Wes Bissett is Senior Counsel, Government Affairs, for the Independent Insurance Agents and Brokers of America.
MAR | APR 13:19
ALEXANDRIA, Va., -- The leaders of the Independent Insurance Agents & Brokers of America’s Agents Council for Technology (ACT) and ACORD’s User Group Information Exchange (AUGIE) recently concluded joint planning sessions and agreed to work together to advance four important industry priorities in 2013: ID Federation, Real Time, e-signaturesand client self-service capabilities.
“Carriers and vendors frequently ask the agents to identify their key technology-related priorities which they would like tosee the whole industry get behind and adopt,” said Jim Armitage, ACT chairman and vice president of Arroyo Insurance inArcadia, Calif. “We have now done that and encourage industry leaders to support these priorities and implement them.”
ACT and AUGIE have worked together on numerous issues in recent years and this recent effort is part of that continuingpartnership.
“The last five years have brought enormous improvements in agency and carrier efficiency and customer service, because wehave all worked together to streamline workflows and incorporate improved technologies,” added Lisa Goth, AUGIE’s February meeting rotational chair and vice president of the Charles P. Leach Agency in New Bethlehem, Pa. “It is now timeto build on these accomplishments and put our distribution system in an even stronger position for the future.”
The four key priorities the AUGIE and ACT leaders urge the industry to work together on to implement in 2013 are:
To support the ID Federation and movement to federated digital identities to replace passwords. Efforts are underway to encourage vendors to become identity providers and the carriers to support the initiative. The developmentof an effective digital identity infrastructure is also likely to increase agency use of Real Time and enable agencies to provide greater customer functionality through the agency website, such as to make a payment.
To increase agent and carrier adoption of Real Time. The groups are encouraging carriers to build out their transactions following the industry recommended workflows, so that agencies will have a consistent experience across their carriers. This includes increasing the use of Real Time for commercial business, including program and E&S business, and supporting the all-industry Real Time Day to be held April 9, 2013.
To encourage agencies to incorporate e-signature tools into their client workflows and carriers to support their agencies employing these tools. The groups also are seeking integration of e-signature technologies with the agency management systems.
To enhance agencies’ ability to offer clients self service capabilities through the agency website which integrate with carrier functionality, such as to make a payment.
“In addition to advocating for these industry priorities, both ACT and AUGIE will put greater focus on achieving successful(con’t on page 21)
ACT and AUGIE LeadersUrge Industry to EmbraceKey Technology Priorities
JOINT EFFORTS FOCUS ON ID FEDERATION,REAL TIME, E-SIGNATURES AND SELF-SERVICE CAPABILITIES.
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MAR | APR 13:20
(con’t from page 20)industry implementations of the recommendations thatcome out of our groups,” said Cal Durland, CPCU,ACORD director of member relations and AUGIE facilitator. “We will ask our working groups to validatetheir recommendations with a larger audience, encourageproof of concepts and develop timelines to set industryexpectations.”
The ACT and AUGIE leadership will continue to meetquarterly and review the progress on these industry priorities.
“Another outcome of our joint planning sessions was tocoordinate the agendas between our two organizations sothat the industry does not duplicate its efforts,” added JeffYates, ACT executive director. “Each of our organizationshas a number of additional initiatives that we each will bepursuing, but we thought it was important for our twogroups to work together on these four key priorities in aneffort to get the whole industry behind them and toachieve actual implementations in 2013.”
(con’t from page 10)firms need to become learning organizations. By investingin their employees, they ensure skills are up to date tomeet the challenges of a changing environment.
Companies that continue to invest in professional development programs fill knowledge gaps, address specific business issues, differentiate themselves and their employees from the competition, demonstrate commitment and excellence in the niches they serve, andrecruit and retain top employees. Short-term cuts are ashort-term fix that can set a company back in the long runas the economy recovers.
Anita Z. Bourke, CPCU, AINS, is executive vice president of TheInstitutes in Malvern, Pennsylvania. The Institutes are the leader in delivering proven knowledge solutions that drive powerful business results for the risk management and property-casualty insurance industry. Bourke leads and contributes to the product developmentprocess while maintaining a visible presence within the insurance industry. She can be reached at [email protected].
© 2013 American Institute For Chartered Property CasualtyUnderwriters www.TheInstitutes.org
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MAR | APR 13:21
State Auto Insurance Companies – Hunt ValleyBusiness Insurance UnderwriterA minimum of three years of commercial lines underwriting experience including auto, property, general liability, workerscompensation and umbrella lines of business. We are looking for a self directed individual with solid underwriting and decision making skills to manage a large, established territory. This individual must also possess a proven ability to developstrong working relationships with assigned agents. State Auto is an A rated, super regional company with a regional office located in Hunt Valley, Maryland. Please send your resume to [email protected].
Sales Agent/Customer Service RepresentativeAgency looking for Sales Agent/Customer Service Representative to join a growing personal lines customer serviceteam. Position offers a competitive salary, aggressive commission plan and company benefits. Please call (443-430-2390)for a copy of the Responsibilities and Requirements of the position or to arrange for an interview. Resumes may be sentdigitally to [email protected].
Help Wanted
MAR | APR 13:22
3/06/13Principles of InsuranceJohn J. Darlington Jr.8:30 AM - 4:30 PM
3/12/13Insurance EthicsStanley Lipshultz, CPCU9:00 AM - 12:00 PM
3/13/13Professional Development & Account Management (ACSR #5)Shelley Arnold, CPCU, AINS, AAI, ACSR9:00 AM - 4:00 PM
4/03/13Property & Liability Insurance PrinciplesAINS 21 - Segment BShelley Arnold, CPCU, AINS, AAI, ACSR9:00 AM - 4:00 PM
4/08/13Homeowners (ACSR #1)Joseph Conroy, ACSR9:00 AM - 4:00 PM
4/10/13Commercial Property Insurance (ACSR #6)Don Dudey, CPCU9:00 AM - 4:00 PM
4/15/13Personal InsuranceAAI 81-Segment BJoseph Conroy, ACSR8:30 AM - 4:30 PMAAI 81B
4/18/13Property Insurance for ContractorsCRISDon Dudey, CPCU8:30 AM - 5:00 PMCRIS
Education CornerMAR/APR
The 2013 Legislative Session of the Maryland General Assembly began on January 9, 2013. At the time of thiswriting, there were over 2200 bills introduced in the Legislature. As it pertains to legislation that has an impacton the property & casualty insurance industry, there are a variety of bills that we are monitoring.
One bill that has been a topic of interest for the LegislativeCommittee of the Independent Insurance Agents of Maryland is HB 1132, entitled “Maryland Automobile Insurance Fund - Operational Changes.” The legislation originates from discussions that have taken place duringmeetings of the Task Force to Study Maryland Insurance of Last Resort Programs. The bill calls for the Fund to be independent of all State units with the exceptions listedbelow. It provides that the Fund is not subject to any law of the State Government Article, including oversight by theAttorney General’s office; the Fund would be subject to public records provisions; open meetings provisions; theMaryland Public Ethics Law; State immunity and liability provisions; the Maryland whistle-blower law; the examinationprovisions in the Insurance Article for insurers; the reports ofexaminations and investigations in the Insurance Article; andthe annual and interim statements audited financial reportsof the Insurance Article.
The legislation would change the number of Board ofTrustees members from 13 to nine members, all of whichwould be appointed by the Governor with the advice andconsent of the Senate. Presently, of the 13 members on theBoard, seven are appointed by the Governor, five appointedby the Board of Directors and one by the Executive Director.
The Board composition would be as follows: at least threeshall have insurance industry expertise; and at least two shallhave financial management expertise. The bill provides that,in deciding which individuals to appoint, the Governor, to the extent practicable, shall consider the geographic and demographic, including race and gender, and diversity of theState. The term of each member would be five years as opposed to the current four.
The legislation would provide that employees of the Fundare not in the State Personnel Management System exceptfor a skilled service employee of the Fund hired before October 1, 2013, in a non-professional or non-technical position. The Legislation would also remove MAIF from theannual legislative audits and, in its place, an Audit Committee,composed of members of the Board of Trustees and the Executive Director, would require the Fund’s internal auditorto conduct fiscal compliance and fiscal audits of the accountsand transactions of the Fund each year. It also provides that,if an independent auditor conducts a fiscal audit of the Fund,the Audit Committee shall direct the Fund’s internal auditorsnot to duplicate the fiscal audit for the same period. Additionally, MAIF would be removed from the general procurement law.
This legislation certainly was inspired by last year’s legislationthat more morphed the Injured Workers’ Insurance Fund(“IWIF”) to become a private insurer. Although the MAIF billdoes not quite go as far as the IWIF legislation, it certainlytakes a step towards that direction.
Another piece of legislation that is of interest to the Independent Insurance Agents of Maryland is HB 537: Insurance Producers - Continuing Education - OnlineCourses. This legislation provides that the Commissionermay not disapprove a continuing education course solely onthe basis of the methodology or technology used to deliverinstruction to individuals taking the course. It also providesthat an insurance producer may obtain all or part of thecredit hours of continuing education required for renewal ofthe license under this Section from correspondence coursesor online courses approved by the Commissioner. This legislation was opposed by the Independent InsuranceAgents of Maryland in the House Economic Matters Committee on February 14th. We have learned that theMIA is working on regulations on this same issue. While we will be working to defeat the legislation, we will need to engage the MIA through the regulatory process.
Brett Lininger is a Principal with the law firm of Semmes, Bowen, andSemmes where he has a Government Affairs and Insurance RegulatoryPractice.
Legislative UpdateBrett S. Lininger, Esq. | Semmes, Bowen & Semmes | 25 South Charles St., Suite 1400Baltimore, MD 2120 1 410.576.4815 | fax 410.576.4826 | [email protected]
MAR | APR 13:23
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