To recap the issues raised during Wednesday’s conference call, here are some of the key media stories, and the messages we’re conveying.
If there is a subject you would like to see addressed on Wednesday, August 5, please email Loretta Worters at Lorettaw@iii.org.
Wisconsin Senator criticizes ‘cash for clunkers’ insurance rules:
In a Wednesday, July 29, letter to the National Highway Traffic Safety Administration (NHTSA), Senator Russ Feingold (D-Wisconsin) explained why he thought NHTSA’s auto insurance requirements discriminated against Wisconsin drivers who might want to trade-in a gas guzzler for a more fuel-efficient vehicle.
U.S. Senate committee appears open to creating an Office of National Insurance:
The Obama administration’s proposal to create an Office of National Insurance within the U.S. Treasury Department received favorable feedback at a Tuesday, July 28, U.S. Senate Banking committee hearing, according to this BestWire story (subscription required). Senator Dodd’s formal statement on the hearing, which dealt with insurance regulatory matters, is here. Politico.com also had a Wednesday, July 29, story on the future of insurance regulation.
Virginia study finds driving a truck while sending a text message is a dangerous combination:
A Virginia Tech Transportation Institute study showing truck drivers are 23 times more likely to get into an accident if driving while sending a text message made the front page of the New York Times on Tuesday, July 28. The same story was on NBC’s Nightly News on Monday, July 27.
Texas insurers win plaudits for willingness to rebuild homes in an eco-friendly manner:
The Houston Chronicle published a story on the front page of its Sunday, July 26, edition which offered details on homeowners insurance policies that give policyholders the option of rebuilding their homes in an environmentally friendly manner, although the premium costs for such coverage are generally higher.
Some life insurers may have made a modest comeback in second quarter of 2009, Wall Street Journal says:
Analysts are expecting some of the second quarter reports from large life insurers to show improved earnings, but investment portfolio losses remain an issue for the sector, according to a Wednesday, July 29, ‘Ahead of the Tape’ column in the Wall Street Journal (subscription required).
Two insurance stories being readied for September 2009 Money magazine:
One story, being written by Amanda Gengler (Phone: 212-522-2034, email: Amanda_Gengler@moneymail.com) will focus on the average annual cost of homeowners insurance in the U.S. The other piece is a column assessing the exclusions in personal umbrella liability policies, especially in instances where homeowners knowingly allow underage drinking to occur on their property, and an accident occurs afterwards.
Wall Street Journal reporter, I.I.I. blogger talk Chinese drywall:
WSJ reporter M.P. McQueen continues to hear in conversations with industry sources that the installation of defective Chinese drywall is not covered under a typical homeowners policy, although contractors and manufacturers could be held liable. The I.I.I.’s Claire Wilkinson reported in her Wednesday, July 29, Terms and Conditions blog that federal lawmakers are trying to help homeowners who may have been adversely affected by the installation of Chinese drywall.
Insure.com to source I.I.I. content in upcoming story on teen driving:
The Illinois-based Web site, which caters to the needs of self-directed insurance shoppers, consulted extensively with the I.I.I. for an upcoming article on auto insurance for teenage drivers.
California reports 25 percent year-to-year spike in vehicle arson fraud:
California Insurance Commissioner Steven Poizner, who is running for governor next year, held a press conference in San Diego on Tuesday, July 28, reporting that his Department had seen a 25 percent increase in suspected vehicle arson fraud case referrals in 2008 as compared with 2007 (to 451 from 344).
Four vie to succeed California’s incumbent insurance commissioner:
Three Democrats have announced they will seek their party’s nomination for insurance commissioner in 2010: San Francisco supervisor Michela Alioto-Pier; state Assemblyman Dave Jones (D-Sacramento); and state Assemblyman Hector De La Torre (D-South Gate). On the Republican side, GOP Assemblyman Mike Villines (R-Clovis) has said he will run for the job.
Daily Oklahoman examining state’s high cost of homeowners insurance:
Dusty Somers of the Daily Oklahoman is exploring the relationship between Oklahoma’s severe weather and its ranking as the state with the fourth most-expensive homeowners insurance rates, according to the Southwestern Insurance Information Service (SIIS).
Ohio homeowners saw their policy premiums rise 6.9 percent on average in 2008:
A Saturday, July 25, Columbus Dispatch article picked up on many of the themes outlined in a Friday, July 24, Ohio Insurance Department press release. The Ohio Insurance Institute compiled a document that put the Department’s statement in perspective, noting that Ohio still ranks among the least expensive states in the U.S. for this product.
Florida-Georgia insurance departments sign disaster plan accord:
Florida insurance commissioner Kevin McCarty and Georgia Insurance Commissioner John Oxendine issued a joint statement on Friday, July 24, to say they had revised/replaced a disaster cooperation plan between the two states which had been in effect since February 2006. In the event of a disaster in one state that does not affect the other state, senior management at Florida’s Office of Insurance Regulation would go to Atlanta, GA while the Georgia Insurance Department’s top executives would set up camp in Tallahassee, FL.
New York City workers compensation fraud case results in multi-year jail term:
Andrew Baxter, the interim U.S. attorney for the Northern District of New York, announced on Tuesday, July 28, that Chong-mun Chae, the owner of a New York City asbestos removal company, had been sentenced to nearly four years in prison for avoiding paying $1.6 million in workers compensation fees by claiming to have one employee when he often had dozens. Baxter said that Chae, a 71-year-old illegal immigrant from South Korea, would be deported after serving his sentence. The scam went on for about a decade, according to a Wednesday, July 29, New York Times story.
Media Matters:
Nancy Cook, a business writer who worked previously for National Public Radio, (Phone: 212-445-4080) has joined the staff of Newsweek.com and will occasionally contribute to its print publication, as well….Business reporter Laura Stevens has left the Arkansas Democrat-Gazette. No replacement has been named but pitches to the Arkansas publication can be called into Democrat-Gazette business editor Jack Weatherly (Phone: 501-378-3518)….The New York Times television critic gave a tepid review on Tuesday, July 28, to the Weather Channel’s Wake Up With Al. Al Roker’s new program debuted on Monday, July 20 and is broadcast live on weekdays at 6 a.m., ET.
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
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