standard commission level. “Profit sharing would only serve to introduce uncertainty and risk on the earnings level for agents.
■
“We believe that any reforms made to the crop insurance program should promote private sector delivery mechanisms and leverage the expert ability of agents to deliver the best services possible to farmers and ranchers. Crop insurance agents have proved instrumental in achieving the goal of helping farmers make well-informed risk assessments and choices about the coverage they purchase. We do not believe that the proposals mentioned “reform” the program, but rather needlessly weaken the program and damage an aspect of the rural economy that currently provides over 18,000 jobs,” commented IIABA.
WASHINGTON, D.C. — The American Insurance Association (AIA) this week asked the Senate Banking Committee to acknowledge that property-casualty insurers had no real impact on the global financial crisis and pose no exceptional risk for the future.
an insurer fails, and funds a guaranty structure to protect policyholders and other claimants in those circumstances.”
Commonwealth of Massachusetts
Division of Insurance
March 5, 2010
FOREMOST INSURANCE
COMPANY, GRAND RAPIDS, MI
5600 Beech Tree Lane
Caledonia, MI 49316
The above company has made application to the Division of Insurance to amend their Foreign Company License to transact Property and Casualty insurance in the Commonwealth.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, One South Station, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
Leigh Ann Pusey, AIA president and chief executive officer of the American Insurance Association, sent a letter to Sen. Chris Dodd (D-Conn.) and members of the Senate Banking Committee supporting proposals that provide greater oversight of financial institutions - not P/C companies.
“The American Insurance Asso-
ciation reiterates its support for
well-constructed legislation de-
signed to close regulatory gaps to
help avoid or reduce the severity and
duration of a future financial cri-
sis,” said Pusey. “To fill those gaps,
we support proposals that will pro-
vide greater oversight of financial
institutions that, based on their in-
terconnectedness, degree of leverage
and unregulated activities, could
pose systemic risk to our economy.”
Pusey noted, “AIA could not support
“one size fits all” legislative proposals
that apply bank-oriented financial
regulatory models and assumptions
to the property-casualty sector. Nor
could we support a resolution au-
thority mechanism that duplicates
or usurps our state-based insolvency
process and guaranty fund system – a
system that has been proven to work
to the benefit of insurance consum-
ers. Ironically, altering the insolvency
process and guaranty fund system for
insurers could generate regulatory
gaps that financial regulatory reform
legislation should be designed to pre-
vent. Correspondingly, AIA could
not support a resolution system that
requires property-casualty insurers
to pay for the resolution of non-in-
surers who engaged in behavior that
put the broader financial system at
risk, particularly where payments are
assessed on a pre-event basis and do
not differentiate among financial in-
stitutions and sectors according to
that risk.”
Commonwealth of Massachusetts
Division of Insurance
February 26, 2010
SURETEC
INSURANCE COMPANY
952 Echo Lane, Suite 450
Houston, TX 77024
The above company has made application to the Division of Insurance to obtain a Foreign Company License to transact Property and Casualty insurance in the Commonwealth.
Any person having any information regarding the company which relates to its suitability for the license or authority the applicant has requested is asked to notify the Division by personal letter to the Commissioner of Insurance, One South Station, Boston, MA 02110, Attn: Financial Surveillance and Company Licensing within 14 days of the date of this notice.
She added, “Importantly, property-casualty insurers did not pose systemic risk during the recent crisis. Property-casualty insurance companies have remained competitive, stable and well-capitalized. Our business depends on ensuring that capital is readily available for those that suffer insured losses. For this reason, property-casualty insurers are generally not highly leveraged businesses, maintaining conservative investment portfolios that align with the insurance business model. Our companies adhere to rigorous capital standards that ensure sound financial condition and the ability to pay claims when those claims come due. The property-casualty industry is subject to a state-based resolution system in those rare instances when
A recent study confirmed AIA’s viewpoint, that insurers present no systemic risk. The Geneva Association asserted that the core activities of insurers and reinsurers are safe from the turmoil that swamped the larger financial system.
“Insurance is funded by up-front pre-mia, giving insurers strong operating cash-flow without the requirement for wholesale funding,” stated the Geneva Association. “Insurance policies are generally long-term, with controlled outflows, enabling insurers to act as stabilizers to the financial system. During the hard test of the financial crisis, insurers maintained
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