Hello fellow PIBbers! It’s been awhile since I’ve blogged about what’s going on in the industry and I thought it would be both informational and interesting to take a look at some of the “newer news” that’s hit our industry in the last few months. There have been some thought-provoking things that have occurred lately, and seeing that I have always been a fan of being a student of the industry, I thought that I would share a few of the more interesting tidbits floating around in cyber-space. Please read on for more!
State Farm Starts the “Pay As You Drive” Auto insurance plan in California!
State Farm Mutual Automobile Insurance Co. is the first insurer to submit an application to the California Department of Insurance to offer a program that rewards drivers who voluntarily drive fewer miles with lower auto insurance rates.
“It’s just common sense that Californians who choose to drive less should have an option to pay less for auto insurance,” said Commissioner Poizner… click HERE to read the full article.
Insurance Licensing Fees Double in Hawaii
Things are going to get more expensive in Hawaii for insurance agents and agencies this July 1, 2010. The state is doubling the fees paid for most insurance-related concerns, including licensing and certain insurer-obtained reports, such as motor vehicle records and similar needs. This legislation affects all those in the industry and will likely increase the cost, already expensive, of buying insurance coverage in the Aloha state. Click HERE for the full article including a link to the Hawaii Insurance Division.
Flood Insurance Program Suspended until June 7, 2010 or Later
Congress adjourned prior to the Memorial Day holiday weekend without making a decision on the National Flood Insurance Program, or the NFIP. The program officially expired on 5/31/2010 and has not been reauthorized by Congress. Congress is not expected to take up the matter until June 7th at the earliest. As as result, no new flood insurance coverage may be written until, and unless, Congress reauthorizes and extends the legislation.
Charles Symington, senior vice president of government affairs for the Independent Insurance Agents and Brokers, or Big “I” says, “The series of temporary extensions, last minute actions and service lapses during such a delicate period in the American economy is troubling to agents, homeowners and small businesses.”
Click
HERE for the full article
Health Plans awaiting verdict in 2010 Medicare Advantage Cut
Insurance people that work with Medicare Advantage plans are anxiously awaiting information on how President Obama’s health care plan will affect these products. There’s a lot of “what if” going on right now, not the least of which is under a proposal unveiled last month by the Centers for Medicare and Medicaid Services (CMS). CMS used its authority to reduce reimbursements to Medicare Advantage plans by 5% from January 2010 and insurers are having fiscal attacks. Please click HERE for the full article!