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, July 14, please email Michael Barry at Michaelb@iii.org.
Financial regulatory reform bill appears close to passage in the U.S. Senate:
Since the call, the Dodd-Frank measure has secured the support of almost 60 U.S. Senators, according to this Tuesday, July 13, Wall Street Journal article (subscription required).National Flood Insurance Program is reauthorized through September 30, 2010:
The Hill reported the news in its Friday, July 2, online edition.California state Assemblyman appears to have won GOP insurance commissioner primary:
Assemblyman Mike Villenes (R-Clovis), who represents a district that includes Fresno, CA, is expected to be certified by California’s secretary of state on Friday, July 16, as the victor in the Tuesday, June 8, Republican Party insurance commissioner primary contest, accordingto this Wednesday, July 7, BestWire story (subscription required). Assemblyman Villenes will then face California state Assemblyman Dave Jones (D-Sacramento) in November’s general election, with the winner succeeding outgoing California insurance commissioner Steve Poizner in January 2011.Florida state Senator sets up political action committee to boost Governor Crist’s U.S. Senate campaign:
State Senator Mike Fasano (R-New Port Richey) has established Friends for Freedom and Prosperity, a “so-called 527 group, which can take in contributions of unlimited size, in hopes of countering independent groups working on behalf of Mr. Crist’s opponents,” according to this Friday, July 2, New York Times article.
U.S. Transportation Secretary concerned about creation of DRIVE coalition:
Secretary Ray LaHood was joined on Wednesday, July 7, by Vernon F. Betkey, Jr., chairman of the Governors Highway Safety Association, for a press event where the GSHA praised the U.S. Department of Transportation and the National Highway Transportation Safety Administration (NHTSA) for their leadership in raising awareness about the nation’s distracted driving problem. The event appeared aimed at responding to the potential formation of the DRIVE (Drivers for Responsibility, Innovation & Vehicle Education) Coalition. DRIVE is seeking to rein in governmental mandates on what drivers can and cannot do when behind the wheel.LexisNexis has high praise for I.I.I.’s Terms + Conditions blog:
“Written by the inimitable Claire Wilkinson, this insurance industry blog aims to provide timely information and discussion on contemporary insurance topics,” LexisNexis writes. “Wilkinson admits to an unhealthy obsession with all insurance issues and has found a passion in blogging. Her posts often link out to white papers and other reports from the I.I.I.” The LexisNexis salute came as they nominated Terms + Conditions to be considered one of the LexisNexis Insurance Law Community’s Top 50 Insurance Blogs for 2009.Yahoo! launches feature that tries to quantify Web’s most important stories, based on Internet search queries:
Known as The Upshot, the news blog, which debuted on Tuesday, July 6, will rely on search inquiries to help guide its reporting and writing on national affairs, politics and the media. Yahoo! recently bought Associated Content, a leader in this field. Demand Media is another company in this space.Congressional Budget Office called the I.I.I. to talk about the odds of an off-shore oil spill in any given year:
The I.I.I. sent to the CBO some reports and data that explored the issue indirectly. The CBO said its inquiry came at the behest of the U.S. Senate Environment and Public Works Committee.GAO assesses the financial strength of the Texas Windstorm Insurance Association (TWIA): This Wednesday, July 7, Insurance Journal story looks at why actuarially sound rates remain “elusive” along the Texas coastline, with the piece pegged to the recent U.S. Government Accountability Office (GAO) report on the nation’s residual property insurance markets.
MA state Senate approves bill requiring auto manufacturers to sell the diagnostic codes and scan tools they now offer to authorized dealerships to independent repair shops: The move was controversial because the auto manufacturers would have to sell these codes and tools “at a non-discriminatory price,” according to this Wednesday, July 7, Boston Globe article. Moreover, the legislation requires manufacturers to give that information to repair shops as well as vehicle owners. Auto manufacturers have argued that the bill would force them to offer proprietary secrets that could benefit their competition—generic parts manufacturers. Massachusetts would be first state in the nation requiring such an information-sharing arrangement, the Globe reported.
California Insurance Commissioner touts his push to force insurer disinvestment in Iran-related investments:
In a Thursday, July 1, news release, Commissioner Steve Poizner said that “his relentless focus on reducing the exposure of California policyholders to risky Iran-related investments resulted in insurers selling nearly one fifth of the assets the industry holds in the 50 companies the California Department of Insurance (CDI) has identified to be doing business with Iran’s nuclear, energy and defense sectors in the first quarter of 2010.”Washington ballot measure may open up workers compensation insurance market to private sector:
The Seattle Times ran a brief Wednesday, June 30, Associated Press (AP) story about how a voter initiative seeking to end the state monopoly on workers compensation insurance could be headed for the November 2010 statewide ballot. Initiative 1082, if enacted, would allow private workers compensation insurers to compete with the state government’s system. Washington is one of just four states that does not allow private insurers to offer workers compensation coverage, according to the AP.Pennsylvania attorney general announces arrest of one-time Scranton agency owner on insurance fraud charges:
AG Tom Corbett announced in this Friday, July 2, news release the arrest of the former CEO of a bankrupt Scranton, PA, insurance agency, who was charged with the theft of more than $1.3 million in premium payments that were collected for insurance coverage from an assortment of businesses, schools and other organizations.CEO of Louisiana Citizens, state’s property insurer of last resort, to retire:
John Wortman, who has since April 2007 been the chief executive officer of Louisiana’s Citizens Property Insurance Corporation announced on Friday, July 2, via a news release from the Louisiana Insurance Department that he will retire when Insurance Commissioner Jim Donelon finds his successor. Commissioner Donelon credited Wortman with putting together a management team that completely overhauled Citizens and reduced its statewide book of business to 127,000 from about 170,000 policies.One poll shows Georgia Insurance Commissioner’s lead in gubernatorial lead has evaporated amid negative media coverage:
Commissioner John Oxendine, Georgia’s top insurance regulator for almost 16 years, is now tied for first with former Georgia Secretary of State Karen Handel as the Republican gubernatorial primary election, to be held on Tuesday, July 20, nears. Oxendine and Handel each have 18 percent of the vote contest that includes five other GOP candidates, according to this poll. Atlanta’s ABC affiliate and the Atlanta Journal-Constitution have been running negative pieces on Commissioner Oxendine for weeks.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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