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, July 15, please email me at michaelb@iii.org.
I.I.I. QUOTED IN AUTO AND RENTAL CAR INSURANCE STORIES IN REUTERS AND NEW YORK TIMES
The I.I.I.’s Jeanne Salvatore was interviewed for a Reuters article on auto insurance loyalty discounts, which also included quotes from the features editor for Edmunds.com. The I.I.I.’s Loretta Worters served as a source for a NYT article on covering a rental car.
LLOYD’S RELEASES A STUDY ON THE ECONOMIC IMPLICATIONS OF A CYBER ATTACK ON THE U.S. POWER GRID
Business Blackout depicts a scenario in which hackers shut down parts of the U.S. power grid, leaving more than 90 million people in 15 states without power. The Wall Street Journal (WSJ) posted a same-day story on the findings.
INDEXED UNIVERSAL LIFE POLICY SALES MAY WANE AS REGULATORS CHANGE THE WAY THEY ARE MARKETED
The National Association of Insurance Commissioners’ (NAIC) adoption of a new guideline for the marketing of indexed universal life policies could prompt the product to lose some of its appeal effective September 1, 2015, according to the Wall Street Journal.
CARGO TRAIN DERAILMENT IN TENNESSEE PROMPTS EVACUATION OF MORE THAN 5,000 PEOPLE
A CSX cargo train derailed near the town of Maryville (Blount County) on Thursday, July 2, causing a fire that produced hydrogen cyanide—known to cause dizziness and nausea.
STORIES IN THE WORKS
The I.I.I.’s Steve Weisbart discussed with CNBC.com’s Kelley Holland how life insurance needs change as you get older.
The I.I.I.’s Worters spoke with Becky Yerak of The Chicago Tribune for an upcoming story on lightning-caused insured losses.
The I.I.I.’s Michael Barry provided information to Jackie Zimmerman of Money magazine for an article she is writing on the risks posed by older drivers.
The I.I.I.’s Barry gave Kevin Nious, a producer at New York City’s NBC affiliate, the I.I.I.’s latest information on how New York State is combatting no-fault fraud. Nious (kevin.nious@nbc.com) wants to develop a story and is open to hearing auto insurers’ views on this issue.
The I.I.I.’s Janet Ruiz is working with KPCC radio reporter Sharon McNary on a story the station is readying on subrogation, specifically instances in which a municipal water main ruptures, and then causes flood damage.
CAPITOL HILL
The president of the American Council of Life Insurers (ACLI) was among those who testified this morning at a U.S. Senate hearing on The Role of the Financial Stability Board in the U.S. Regulatory Framework.
In a bid to accelerate the development of a private flood insurance market, U.S. Senators Dean Heller (R-Nevada) and Jon Tester (D-Montana) reintroduced the Flood Insurance Market Parity and Modernization Act (Senate Bill 1679).
STATES
Alabama
Governor Robert Bentley has appointed a16-member work group to study ways to reduce coastal property insurance costs. The group is tasked with delivering a report to the governor no later than December 31, 2015.
California
The I.I.I. issued a news release today on three steps Californians can take to mitigate the earthquake risks they face—disaster-proof their home, plan an evacuation and purchase the right insurance.
Florida
The I.I.I.’s Lynne McChristian was quoted in a front-page Orlando Sentinel story today on a disputed Maitland sinkhole claim that has been in litigation for the past six years.
The I.I.I. was cited in a Monday, July 6, Orlando NBC affiliate story about fires caused my lightning strikes. The news peg was an Orlando hotel blaze, which prompted this segment on NBC’s Today Show.
The federal Flood Insurance Fairness Act of 2015, if enacted, would offer to non-primary residences NFIP rates comparable to those charged to primary residences. The measure has bi-partisan support among Florida U.S. House Members, the article notes.
Idaho
The Cape Horn Fire (Bonner, Kootenai counties) began near Bayview on Sunday, July 5. It has burned nearly 2,000 acres in the northwestern part of the state and prompted the mandatory evacuation of at least 300 people. FEMA is providing assistance.
Louisiana
U.S. Senator David Vitter said a presidential disaster declaration is needed in the wake of the recent historic flooding along the Red River, which caused major damage in Shreveport and Bossier City.
Minnesota
A City of St. Paul Department of Safety and Inspections employee, who was charged with selling fake auto insurance cards while on duty, pled guilty this week to one count of aggravated forgery of a document.
Nevada
Chief Insurance Counsel Amy Parks has been named acting insurance commissioner. Parks, who has been with the Division of Insurance since 2004, succeeds Insurance Commissioner Scott Kipper.
New Jersey
Outgoing Department of Banking and Insurance Commissioner Ken Kobylowski is joining AmeriHealth New Jersey as a senior vice president, effective Monday, July 13.
New York
The I.I.I.’s Barry provided information to Syracuse’s ABC affiliate on the losses a standard homeowners insurance policy covers after heavy rainfall caused flash flooding in East Syracuse.
North Carolina
Corroded fasteners caused a home’s deck to collapse at an Emerald Isle (Carteret County) residence on Saturday, July 4, investigators found (see page 2). Raleigh’s ABC affiliate reported five people remained hospitalized because of the incident as of Monday, July 6.
Ohio
Ohio should ban auto insurers’ use of credit-based insurance scores as a rating criterion, according to The Toledo Blade’s editorial board.
Governor John Kasich signed into law a budget which will affect the way insurers subrogate for medical losses. The relevant budget provision was criticized by the Ohio Insurance Institute.
Oklahoma
National Flood Insurance Program (NFIP) policyholders who incurred flood damage in either May or June can provide proof of loss to their insurance company up to 240 days after it occurred, according to FEMA, which extended the deadline.
Vermont
Insurance Commissioner Susan Donegan’s price optimization bulletin won praise from the Consumer Federation of America.
Washington
Citing its ongoing wildfires and the depletion of the state’s firefighting resources, Commissioner of Public Lands Peter Goldmark announced the state has hired additional private contractors and is seeking crews “who can fight wildfire in especially tough conditions.”
MEDIA MATTERS
Scheduled to start on Monday, July 6, a trial involving Gawker and former pro wrestler Hulk Hogan, has been postponed at least until the fall, The New York Post reports.
Arianna Huffington’s role at The Huffington Post, following its sale to Verizon from AOL, was explored in The New York Times magazine.
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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