To recap the issues raised during this week’s conference call, here are the key media stories we discussed, and the messages we’re conveying.
If there is a subject you would like to see addressed on Wednesday, December 16, please email me at michaelb@iii.org.
MEDIA EXPLORES POTENTIAL INSURANCE IMPLICATIONS OF SAN BERNARDINO MASSACRE
The I.I.I.’s Jeanne Salvatore spoke with Ahiza Garcia of CNNMoney.com about the issue. Fortune and Insurance Business America also offered an insurance perspective on the what the FBI is now calling a terrorist attack.
THOUSANDS OF LONG-TIME UNIVERSAL LIFE INSURANCE POLICYHOLDERS ARE SEEING THEIR RATES RISE, WALL STREET JOURNAL REPORTS
Rates are going up because several life insurers are exercising seldom-used contractual rights (subscription required) amid the prolonged low-interest rate environment.
CONTINGENT DEFERRED ANNUITIES (CDAs) REQUIRE GREATER REGULATORY SCRUTINY, ACCORDING TO THE CENTER FOR ECONOMIC JUSTICE (CEJ)
The CEJ believes the National Association of Insurance Commissioners’ regulatory guidance manual for CDAs illustrates the need for the Department of Labor’s fiduciary rule. An aside: Investor’s Business Daily assessed the pros/cons last week of purchasing individual annuities.
MORE U.S. INSURANCE AGENTS/BROKERS WERE HIRED IN OCTOBER 2015 THAN IN ANY MONTH SINCE JUNE 2000, U.S. LABOR DEPARTMENT FINDS
The agent/broker segment gained 23,600 jobs in October 2015 vs. October 2014 (up 3.3 percent), for a total of 745,700—hiring 9,600 people in the month of October 2015 alone. The latest federal insurance industry employment numbers and I.I.I. commentary are posted online.
SOCIAL MEDIA
Marielle Rodriguez joined the I.I.I. this week as its new Digital and Social Media Coordinator. The Rutgers University graduate was most recently a Social Media Specialist at The Brunswick Group in New Jersey. Her direct line is 212-346-5535, and her email address is marieller@iii.org.
STORIES IN THE WORKS
The Wall Street Journal is looking into a life insurance fraud case but offered no details on the circumstances to the I.I.I.
The I.I.I.’s Janet Ruiz provided flood related information to The San Jose Mercury News’ Paul Rogers, who is writing a story about El Nino. Rogers wanted historical flooding data for California dating back to 1970.
The Detroit News is exploring dog bite liability trends in the wake of a four-year-old boy’s mauling death. The reporter is focusing on how home insurers treat policyholders with pit bulls, the type of dog involved in the fatal attack on Wednesday, December 2.
CAPITOL HILL
The Insurance Institute for Highway Safety released this week its 2016 TOP SAFETY PICKS.
The U.S. Department of Transportation has proposed high-tech changes to the National Highway Traffic Safety Administration’s (NHTSA) 5-Star Safety Ratings for new vehicles.
The Financial Stability Oversight Council (FSOC) was criticized yesterday (Tuesday) by the chairman of the U.S. House’s Financial Services committee for being secretive and unwilling to share information.
A cybersecurity bill that would allow companies to share directly information with governmental agencies concerns the U.S. House’s Homeland Security committee chair. He believes the information should go through the Department of Homeland Security first to ensure identifiable personal information is scrubbed.
STATES
California
The I.I.I.’s California Issues subcommittee is holding its next quarterly conference call on Tuesday, December 15, at 1 p.m., PT/4 p.m., ET.
A Stanford University earthquake expert told The Christian Science Monitor data mining techniques can be applied to earthquake detection, and that advanced technology is allowing scientists to sift faster than ever before through decades of seismic data.
Connecticut
The Insurance Department issued a bulletin on Friday, December 4, saying it “views price optimization as a discriminatory practice and therefore a violation of insurance law,” according to Commissioner Katharine Wade.
Florida
Kendall, and other communities in southwest Miami-Dade County, were flooded on Saturday, December 5, after a record amount of rain fell near West Kendall-Tamiami Airport (8.77 inches).
Hillsborough County is taking steps to regulate transportation network companies (TNCs) operating within its boundaries; however, their efforts might be pre-empted by the state Legislature during its 2016 session.
Georgia
Former Insurance Commissioner John Oxendine may have illegally loaned $237,000 to his law firm from his unsuccessful 2010 gubernatorial campaign. The state ethics commission is expected to hear arguments regarding Oxendine’s case on Wednesday, December 16.
Kansas
State lawmakers should raise the mandatory minimum coverage limit for property damage liability to $25,000 from $10,000, a legislative panel recommended over the objections of Enterprise Rent-A-Car. The $10,000 minimum for Kansas drivers has been in effect since 1981.
Louisiana
The state’s drivers are the 5th-worst in the nation, and ranked #1 when it comes to ignoring traffic signals, according to a study done by CarInsuranceComparison.com.
New York
The I.I.I.’s Bob Hartwig was quoted in a front-page Newsday story (Sunday, December 6, subscription required). The article’s premise: thousands of Long Island homes damaged by Sandy in 2012 are not covered by a FEMA National Flood Insurance Program (NFIP) policy in 2015.
A single arsonist is believed to have caused seven suspicious fires over the past month in New York City’s Forest Hills, Queens neighborhood (subscription required).
Oklahoma
The Daily Oklahoman’s editorial board said it supports the approach being taken by state agencies and the energy industry to reduce the frequency and severity of the state’s quakes without halting all drilling activity. A 4.7 magnitude quake near Medford last week shook the state and parts of Kansas.
Oregon
Intense rainfall over the past few days has caused flooding, mudslides and sinkholes in the Portland area.
South Carolina
Residents impacted by October’s historic floods have until Monday, January 4, 2016, to apply for Individual Assistance from FEMA.
West Virginia
Massey Energy Company’s former chief executive officer was convicted in federal court of conspiring to violate federal safety regulations (subscription required). The federal case had its origins in a 2010 mining accident in which 29 miners died.
MEDIA MATTERS
New York City’s WPIX-TV, which is affiliated with the CW Television Network, is launching in January 2016 a local 30-minute weekday news program at 6:30 p.m.
The I.I.I. is cited regularly in the media as an authoritative source of insurance information. To access the current I.I.I. press clips, click here
For an I.I.I. Blog search, click here.
