Email can be a great way to get in touch with prospects in clients, filling them in on a new product or gently reminding them that renewal time is near. But how can you make sure your next email campaign generates a few sales leads? Copywriting guru Tom Chandler has a few tips:

1. Don't ignore the subject line (This can determine whether a recipient opens it...or deletes it)
2. "Write tight" (Short chunks of text with pertinent info)
3. Test before you send (Send it to your private email address to see how it looks)

Also important: Let your readers opt-out of your emails and newsletters. As Tom points out, some of it's legal...but most of it's just good marketing.

And, if you really want to have a successful email marketing campaign, hire some professionals. If you don't want to hire a full-time creative team, look for freelance writers and graphic artists that can help you put your next email together.

Read more email tips from Tom here.

[Previously]:
7 Tips for Email Marketing Campaigns
Is Your Netiquette Turning Customers Off?
The Problem with Newsletters
What Should Your Marketing Message Say?
Poor Writing Skills Cost Companies Time and Money

Posted by Megan Mahan at 01:33 PM | Permalink | Comments (0)
 

Happy Monday, y'all. I hope a phenomenal weekend was had by all and that you have, by now, watched the first Agent Blog Wrap-Up featuring Aurora Borealis. The fan mail is already streaming in. I have a feeling Aurora Borealis is going to take off from here.

Once you've watched the video, don't forget to leave a comment on last Wednesday's post. You could $100. So far no one's posted anything, making your chances of winning...well, pretty awesome.

I've spent most of this afternoon reading up on insurance news and various hot topics through my favorite sales and marketing blogs. A couple things piqued my interest but not enough to send me into a 700-word diatribe. So without further ado, here are today's links:

Not Much Employer Backing for HSAs [The Health Care Blog]
Sidecars (relating to reinsurance) [Specialty Insurance Blog]
Minn. Boy Sues Parents Over Injuries Sustained in Accident [Insurance Journal] Make sure to check out David Rossmiller's stellar commentary of this story here.

Posted by Megan Mahan at 03:23 PM | Permalink | Comments (0)
 

I'm running short on time this afternoon, but did notice the developing auto insurance news from California: the DMV has sent out more than 180,000 letters over the past two months warning uninsured drivers to provide proof of insurance—or else.

A motorist who is given a suspension warning has 30 days to buy insurance or show proof of coverage to avoid suspension. Ignoring the notice could lead to fines exceeding $1,000 and seizure of the vehicle if a motorist is cited for driving with the registration suspended.

Check out the full story via the Insurance Journal here.

Check out this week's insurance blog wrap up here.

Posted by Megan Mahan at 02:34 PM | Permalink | Comments (0)
 

Homeowners in Hawaii who have taken precautions and steps to strengthen their homes against hurricanes may be eligible for grant money from the state.

According to the Insurance Journal, qualified homeowners could stand to get one-third of their costs covered by the Loss Mitigation Grant Program, which will begin next month. State Insurance Commissioner J.P. Schmidt said that about $4 million is available for the program this year, and an additional $2 million will be available next year. The goal, Schmidt said, is to increase state protection against natural disasters, as well as to lessen the impact of those disasters.

While a more in-depth description of the program will be available via the Web in October, IJ reports that eligibility requirements include things like foundation strengthening, roof wood sheathing fastening and roof-to-wall restraint ties.

Thumbs up, Hawaii. This sounds like a great way to protect properties and encourage residents to be proactive in disaster prevention and protection. Well done.

Posted by Megan Mahan at 11:36 PM | Permalink | Comments (0)
 

Earlier this week, Riskprof provided some commentary about the issues facing the New Jersey auto insurance market and the serious savings NJ drivers have reaped as a result of the deregulated market.

The post provides some context via this article from The New York Times, part of which reads:

Some of New Jersey's worst drivers are paying more than before and some drivers have experienced little, if any, change in their premium costs. But agents around the state say costs have fallen for most of their customers and many are paying as much as 30 percent to 40 percent less. Even some drivers with poor records are saving money. Over all, state regulators say, drivers have saved more than $500 million since the regulatory controls were relaxed.

Check out Prof's post here and see if you can note the similarities between the New Jersey auto insurance market and the Florida home insurance market. Interesting indeed.

Posted by Megan Mahan at 11:14 PM | Permalink | Comments (0)
 

Fellow InsureMe blogger, Jeb Foster, recently posted some good news over at the Insurance Blog: 90 percent of homeowners in Louisiana and Mississippi are satisfied with how their insurers handled their post-Katrina claims. Furthermore, only two percent of post-Katrina claims are in dispute.

According to a press release from the Insurance Information Institute (I.I.I.), other positive highlights include:

• Insurers have paid out over $15.5 billion to homeowners in Mississippi and Louisiana
• Claim settlement rates are over 94 percent in both states
• Claim payments equal 11 percent of state income in Louisiana and 10 percent in Mississippi.

In his post, Jeb hits on three significant takeaways from the I.I.I. report, one of them being that insurers should consider throwing some of their huge profits at PR campaigns to negate negative media coverage and highlight their Gulf Coast successes.

I have to say I'm in agreement here. And while I also think there's something to be said about being humble and having the integrity to realize that doing the right thing doesn't always mean receiving over-the-top recognition, I think the industry would do well to stand up to negative media attention and remind people of all the good that's happening. How will consumers learn otherwise?

I'm anxious to get an insurer's point of view here. Leave your thoughts via comments and let the discussion begin!

[Related post]:
Can The Insurance Industry Turn It Around?

Posted by Megan Mahan at 06:49 PM | Permalink | Comments (3)
 

The home insurance drama continues.

In an article reported by The Advocate in Louisiana, Allstate has officially ticked off Insurance Commissioner, Jim Donelon.

The mega-insurer says that Louisiana state law allows the company to drop basic hurricane coverage—including hail and wind damange—for 30,000 policyholders in 18 coastal parishes. Donelon maintains that a state consumer protection law prevents insurance companies from changing or dropping a policy if a homeowner has been insured for at least three years and filed no more than two claims not considered "acts of God".

Allstate's legal representative, Lorrie Brouse, said that the law deals only with policy cancellations and nonrenewals.

"We're not disputing the statue. We're saying what we're planning to do doesn't apply [to it]."

In his rebuke, Commissioner Donelon said that the consumer law doesn't allow insurers to "gut" policies and that Allstate wrote policies with full knowledge of that law. He expects the issue to be settled by the Louisiana Supreme Court.

Check out the full story courtesy of the Insurance Journal here; also be sure to take a look at the thread of comments following the article. Feel free to leave your thoughts and impressions via comments. I'll keep an eye out for updates and post them here!

[POST AMENDED AND UPDATED 7.31.2006]

[8.2.2006] Check out an update of this story via the Insurance Journal, here.

Posted by Megan Mahan at 11:16 PM | Permalink | Comments (5)
 

I found brief op-ed piece by way of The Desert Sun newspaper (Palm Springs, Calif.) this morning regarding Proposition 103, which more or less proscribes the use of ZIP codes in private auto insurance underwriting guidelines—instead using a policyholder's driving record, the number of miles driven annually, and years of driving experience to determine rates.

Prop. 103 happened onto the scene in 1989 after Californians noticed a sizeable disparity in insurance rates based solely on ZIP code. According to the editorial, in a quick survey of one insurance company, yearly rates in Palm Springs were higher by $326 than in Palm Desert's 92255 delivery area. Conversely, residents in nearby La Quinta saw cheaper rates by over $200.

As a result of Prop. 103, AAA now plans to base its rates on the abovementioned criteria, giving ZIP codes in the back seat.

Insurance companies, not surprisingly, have opposed Prop. 103 from the beginning, saying that ZIP codes are an essential factor in assessing risk and determining cost. The Desert Sun admits that where a policyholder lives can have an affect on their risk, saying, "[...] Where one lives has some bearing on the potential for an accident and auto thefts. Communities with more inexperienced drivers and heavily traveled roads often do see high accident rates. Some communities suffer higher crime rates."

But does a driver's ZIP code really warrant increased car insurance rates?

The Sun contends that ZIP code is pretty irrelevant when compared to other factors.

By far what determines if one will file an insurance claim are other factors. More experienced drivers usually have low accident rates as they are better able to avoid and respond to a road hazard, both state and national transportation statistics show. In addition, those who drive more miles usually have high accident rates as they put themselves in harm's way more frequently.

Indeed, many people go years with out an accident despite living an an area where collisions are frequent. Requiring that good driver to pay a higher rate hardly is fair or equitable.

The editorial ends with a call to action: for other insurance companies to quit fighting Proposition 103 and follow AAA's lead.

I'm inclined to agree with the editorial, much as I've sided with consumers on underwriting issues in the past. It occurred to me this morning that if insurers can tell us that they look at claims on a "case-by-case basis", why can't consumers demand that insurers set rates on a case-by-case basis, rather than lumping drivers into broad categories like ZIP code, occupation and education level?

I'm sure someone has an opposing viewpoint. I'm all ears.

Posted by Megan Mahan at 04:53 PM | Permalink | Comments (3)
 

According to the Insurance Journal, Vermont's legislature has passed a bill making insurance fraud a specific crime, leaving only Alabama, Oregon and Virginia without insurance fraud laws.

If Vermont governor signs the measure, it would take effect on July 1 and criminalize:

• bogus claims by policyholders


• fraud by insurers (like the sale of fake insurance)


• scams by agents (such as stealing client premiums)


• scams by public adjusters (such as claim inflation)

Lying on insurance applications won't be covered by the measure, notes IJ, and prosecutors would have to cite other criminal law in order to convict a policyholder of falsifying application information.

So...I hate to sound like an incompetent jerk about this, but I was quite surprised to learn that insurance fraud isn't a "specific crime" in all U.S. states. What did Vermont do before this? "You sold fake insurance? Well, that's not cool, Bob. We're going to politely ask you to please stop selling fake insurance. We hope you consider our request."

Seems to me if there's such a thing as a National Insurance Crime Bureau to deal with insurance fraud, and if insurance fraud is robbing the country of $80 billion per year, insurance fraud ought to be considered a "specific crime" in every state. I'm not totally sure what a "specific" crime is either. A crime is a crime, right?

$80 billion could buy a lot of shoes be used for great things, is all I'm saying. Seems strange that Alabama, Oregon and Virginia are just hanging out without fraud laws. Sort of like driving cars without built-in seatbelts. Just doesn't seem right.

Posted by Megan Mahan at 10:00 PM | Permalink | Comments (0)
 

I'd venture to say we've all left our keys in our car's ignition at one time or another—whether purposefully or by accident. But I'll bet Arizona drivers will think twice about doing that now!

According to the Insurance Journal, the state has approved a bill allowing Arizona auto insurers to charge a triple deductible for auto claims in which vehicles are stolen because their owners left the keys in their cars.

Now wait a minute—isn't that going just a little bit overboard?

I agree with the sentiments of Arizona Sen. Barbara Leff, who voted against the bill, saying, "The whole purpose of insurance is to cover those human mistakes and human frailties."

But today's Insurance Journal story says the state disagreed because one out of five stolen Arizona vehicles had keys left inside.

I'll concede they have a point; but a triple deductible? Seems to me that will just encourage those drivers whose cars are stolen to go without insurance, rather than pay the high deductible. Why not suspend offenders' licenses for a period of time instead? Then maybe they'd check for those keys one last time before leaving their vehicles.

I'd like to hear what Arizona auto insurers out there have to say about this issue. Anyone wanna share your perspective?

Posted by Penny Hagerman at 11:26 PM | Permalink | Comments (3)
 

St. Louis-based insurer Stucky and Company have unveiled a new insurance program, designed for police officers and firefighters, the Insurance Journal reported today.

The Shield Insurance Program is a new homeowners and auto insurance program, which offers hefty discounts to police and firefighters—up to 40 percent, in fact.

The program also includes:

• a $10,000 firearms limit
• protection from credit card fraud and identity theft
• free roadside assistance
• a disappearing deductible
• a lifetime repair guarantee
• a $10,00 supplemental death benefit

"We believe that police and firefighters are deserving of special consideration. Not only do they put their lives on the line everyday, but their occupational training and experiences prepare them to deal with and prevent many of the same hazards they're insured against," said Dwight Stuckey, company CEO.

Continue reading "St. Louis Insurer Provides New Benefit for Police and Firefighters" »

Posted by Megan Mahan at 10:14 PM | Permalink | Comments (0)
 

Rhode Island Governor Don Carcieri wants to cut a state-sponsored anti-smoking program from his state's budget.

The catch?

He doesn't want to get rid of the program altogether; he just wants health insurance companies to pick up the tab.

The state's anti-smoking program, aimed mostly at reaching teens and convincing them not to smoke, has cut the percentage of young smokers in Rhode Island from 35 to 16 percent—a noteworthy accomplishment.

But now, Carcieri plans to reduce the state's spending on anti-smoking advertising by $225,000—and he hopes insurers will take up the cause, according to the story in the Insurance Journal.

Continue reading "Anti-Smoking Programs: Should Insurers Foot the Bill?" »

Posted by Penny Hagerman at 09:54 PM | Permalink | Comments (0)
 

With nearly $12 billion in losses and 1 million insurance claims, to say new Louisiana Insurance Commissioner Jim Donelon has a lot on his plate may be the understatement of the decade.

Katrina and Rita mess aside, the bar is set high for the third-generation New Orleans native, after previous La. commissioners left much to be desired out the position. (See our related posts: here and here.)

Recently, Commissioner Donelon sat down with Eleanor Barrett of BestWeek to talk about how the hurricanes affected him personally, as well as how the state is planning to satisfy both consumers and insurers.

Continue reading "New Louisiana Commissioner Sits Down to Nation's Largest Plate" »

Posted by Megan Mahan at 10:55 PM | Permalink | Comments (0)
 

Gov. Jeb Bush will offer no signs of relief for Floridian home and business owners, reports the Insurance News Network today.

Bush has been working together with various committees to find solutions for the sharp spike in Florida property-casualty insurance, following the state's bout with eight major hurricanes in two years—resulting in over $24 billion in losses.

"You can't sugarcoat this," Bush said. "The price of insurance is going to have to go up, plain and simple. When you have losses that far exceed the amount of premium dollars that you take in on a consistent basis, that's not a viable business model."

According to the INN, Gov. Bush has offered to be the "bad guy" on the insurance rate issue, and will try to circumvent growing concerns during his State of the State message on Tuesday.

I'm sure quite a few residents will take Bush up on the offer, perhaps in response to a new proposal that would let private insurers increase average premiums by up to 25 percent without regulatory approval.

Nonetheless, I don't think making a scapegoat out of the governor (or anyone else for that matter) will change the high-risk status of Florida's coast. But then I've already told you what I thought about that, haven't I? :)

[RELATED POST]: Is it the End of Days for Appointed Insurance Commissioners?

Have a great weekend, everyone.

Posted by Megan Mahan at 11:21 PM | Permalink | Comments (0)
 

If you're a North Carolina auto insurance provider, you might want to warn your customers not to let their auto insurance lapse at renewal time.

Why? Because they might just get their license plates revoked.

At least 5,300 drivers across the state have now had their tags confiscated by local law enforcement for driving without insurance, according to today's story in a national insurance publication known as Claims Guides.

This recent statewide measure, which took effect last December, was initiated in an effort to curb driving without auto insurance, and to lower auto insurance rates for drivers who do carry insurance.

Continue reading "Uninsured Drivers in North Carolina 'Losing' License Plates" »

Posted by Penny Hagerman at 11:01 PM | Permalink | Comments (0)
 

Earlier this month, we posted about the resignation of Louisiana Commissioner Robert Wooley who took over for former Commissioner, Jim Brown after he was sentenced to six months in prison for lying to the FBI.

Now, Brown speaks with the Insurance Journal about the ups and downs of his career in an interview published today. In the interview, Brown disputes his guilty charge following 57 counts of insurance fraud (which were later thrown out) and how the "major effort' by the federal government to "go after" then-governor Edwards contributed to his persecution.

Brown also talks about his guilty sentence, his time in prison and how it spawned his "labor of love", Justice Denied, a book chronicling his experiences. In addition to the legal drama, the former commissioner also comments on the chaos of Katrina-ravaged Louisiana.

It's an interesting interview. You can listen to it here, courtesy of the Insurance Journal.

[BONUS LINK]: Jim Brown hosts his own Web site where he posts to a blog, answers questions from readers, comments on insurance news and posts photos and thoughts about post-Katrina Louisiana (including the song for New Orleans by Andrew Gregory). Check it out—it's a goodie.

Posted by Megan Mahan at 10:20 PM | Permalink | Comments (0)
 

Senator Trent Lott of Mississippi has become "just another homeowner" in his quest to collect on a home insurance policy for hurricane-related damages following Hurricane Katrina last August, says CNN.com.

An angry Trent apparently filed suit against his insurer, State Farm, after his $375,000 home was destroyed, then proceeded to vent his frustration on the senate floor last December in an effort to bring the issue to the forefront.

Pounding his fist, Lott was reported to have said that "...insurance companies better do the right thing or there will be hell to pay...."

Lott apparently feels the frustration of other homeowners like him who neglected to purchase flood insurance in one of the most hurricane-prone areas of the Gulf Coast.

A rather expensive lesson to learn for a man who, without his public role, is "just another homeowner," wouldn't you say?

Posted by Penny Hagerman at 09:40 PM | Permalink | Comments (0)
 

Children between 8 and 12 years old are dying at a rate of more than one a day, the Insurance Journal said today, causing the Automotive Coalition for Traffic Safety (ACTS) to raise questions about how frequently kids in this age range are wearing seat belts.

In fact, the non-profit group released the findings of a recent survey of "tweens" in Dallas and Joplin, Mo., which found that one-third of children and half of the 12-year olds surveyed, sat in the front seat (all children are advised to ride in the back seat until age 13).

Furthermore, in Joplin, 63 percent of the children surveyed said they always wear their seat belts, while about 53 percent of Dallas children said they were always buckled up.

According to the Insurance Journal, safety experts are concerned with the survey's findings because the figures trail far below the national seat belt use rate of 82 percent, and further highlights the troubling average that one youngster is fatally wounded in an accident per day.

Continue reading "Riding at Risk?" »

Posted by Megan Mahan at 08:11 PM | Permalink | Comments (0)
 

While Florida's current insurance commissioner, Kevin McCarty, was appointed by (and answers to) the elected Cabinet, several lawmakers are proposing something to the contrary.

The Insurance Journal reported today that bipartisan efforts by some Florida lawmakers are supporting a constitutional change to return the job to an elected Cabinet post.

Proponents of the measure say that ballooning property insurance premiums following major hurricanes now have the public feeling that the insurance process is skewed against them.

Continue reading "Is it the End of Days for Appointed Florida Commissioners?" »

Posted by Megan Mahan at 10:02 PM | Permalink | Comments (3) | TrackBacks (1)
 

As I perused my favorite insurance sites for some noteworthy post material today, it occurred to me that here at the InsureMe Agent Blog, we haven't posted anything positive, per se, regarding the happenings in the insurance industry. Rather, in the last few days, we've posted about crooked insurance commissioners, deceitful hospitals, placenta-snatching insurers and what's looking to be a nasty hurricane season.

Where is the love, I asked myself as I read about insurance scams on Katrina victims and the recent conviction of Okla. Commissioner, Carroll Fisher.
So, in the spirit of Valentine's Day, I set out to find some nice, loving insurance news. And what do you know, I actually found some.

St. Paul Travelers insurance, a Minnesota-based insurance company, and its two private foundations (St. Paul Travelers Foundation & St. Paul Travelers Connecticut Foundation) have contributed more than $15 million through over 400 grants to organizations throughout the community geared toward development, education and the arts and culture. The grants, says Marlene Ibsen, president of the St. Paul Travelers Connecticut Foundation, are a great way to help build stronger communities and economic opportunities for citizens.

Accomplishments during Travelers' fourth quarter (2005) included:

• A $90,000 gift to "The Power of YOU" program in the twin cities, designed to increase enrollment of at-risk youth at three higher learning institutions
• A $40,000 support grant for the Kingsley Commons Project in Minnesota--for the first ever model of affordable housing and services for people with Muscular Sclerosis
• A project support grant of $25,000 through St. Joseph Ballet in California to help provide mentoring and arts education for disadvantaged kids
• A $15,000 grant to support affordable housing in low-income areas of downtown San Francisco, by way of The Chinatown Community Development Center
• A $20,000 grant to the Capital Region Education Council to help a Hartford, Conn. high school assist students with college applications and financial aid

[Check out the full list of Travelers grants and awards here.]

Source: Insurance Journal

Posted by Megan Mahan at 08:18 PM | Permalink | Comments (0)
 

As an update to an earlier post, former Oklahoma Insurance Commissioner Carroll Fisher has been found guilty of embezzlement and perjury charges in an Oklahoma courtroom, and remains in jail awaiting formal sentencing.

Though the jury recommended he spend three years in prison and pay a total of $20,000 in fines for the two offenses, the final decision is up to an Oklahoma County district judge, who will decide Fisher's fate February 17, according to a story today in the Insurance NewsNet.

Fisher apparently deposited contributions from his own election campaign into his personal bank account in order to bail himself out when his account became overdrawn. He also pulled a big "no-no" by failing to report the money on his state campaign reports, according to several insurance publications.

Fisher's exploits aren't yet over, either; he still faces charges of bribery and filing false tax returns.

The moral? Doing the right thing is always best; even for elected officials (believe it or not)!

Posted by Penny Hagerman at 11:23 PM | Permalink | Comments (0)
 

If the title of this post has you saying "What the...", I assure you, you're not alone. But wait, it gets weirder.

According to a February 13 article by the Insurance Journal, up to 700 women in Oregon, Washington and California were not told that an institute financed by the insurance industry kept their placentas after giving birth, in efforts to protect doctors and medical institutions from potential lawsuits.

The Oregonian reported the story in its Sunday edition that the Cascadia Placenta Registry stored the placentas in question from 1996 to 2003, to help combat the exponential growth in malpractice insurance rates that have prevented some doctors and hospitals to deliver babies. According to the Insurance Journal, settlements or verdicts can reach millions of dollars in cases where children injured during childbirth need care 24-hours a day—including fetuses who've suffered brain damage due to lack of oxygen.

The kicker? Cascadia appears to be the only organization of its kind criticized for failing to inform patients that their placentas were being collected. As a result, says the Insurance Journal, some learned about the placenta registry only after they'd filed lawsuits regarding the injury or death of their babies after birth.

Continue reading "Peculiar Postings: Up to 700 Placentas Collected by Insurance-Financed Institute Without Patients' Knowledge" »

Posted by Megan Mahan at 06:14 PM | Permalink | Comments (2)
 

The Louisiana Senate committee has decided that insurance companies won't be able to cite floodwater marks or homes shifted from their foundations as the only reason for denying claims, reports the Insurance Journal.

The bill was authored by Senator Julie Quinn in response to the many calls she's received from homeowners who didn't have flood policies, but maintain that water was driven into their homes by the fierce winds of Hurricanes Katrina and Rita—and should therefore be covered under traditional home insurance.

According to the Insurance Journal, Sen. Quinn said that insurance companies have been quick to assume that they don't owe homeowners anything based soley on watermarks or the physical movement of the structure.

Insurers that violate Quinn's bill would be required to pay attorney fees, court costs and a penalty to the homeowner—equal to three times the damages covered by the insurerd's policy. Insurance company officials, however, have cited technical problems with Quinn's bill, stating that are mediation programs and courts to handle these types of disputes. Nonetheless, it appears that officials remain optimistic that they can work with Quinn to correct any disparities in the bill.

While lawmakers said they'd like to see some of the bill's provsions "tweaked", the Insurance Journal reports that the Senate Insurance Committee approved the bill 4-1; the bill will move to the full Senate for debate.

The determination of Quinn's bill will affect thousands of hurricane victims, as well as the pockets of Louisiana State insurers.

[Check out the Insurance Journal's article here.]

Posted by Megan Mahan at 07:53 PM | Permalink | Comments (0)
 

Seat belt legislation aimed at saving lives and averting a "public health crisis" has now been adopted in Mississippi, and will take effect May 27.

Mississippi joins other states like South Carolina and Georgia, which adopted the primary enforcement law during the past several months.

"This new law will greatly impact the current public health crisis in Mississippi resulting from the rash of preventable deaths and injuries caused by vehicle crashes involving motorist who are unbuckled," said Wayne Moore, M.D., a medical director at the Tennessee Department of Health.

According to yesterday's story in the Insurance Journal, Moore applauded the new Mississippi law for that very reason.

Continue reading "Mississippi Joins State Ranks in Primary Seat Belt Enforcement" »

Posted by Penny Hagerman at 06:05 PM | Permalink | Comments (0)
 

After a year-long investigation into sales activities by Washington's top 11 brokerages and seven largest insurance companies, investigators revealed today that it found no criminal or unethical activities by brokers within the state. (See Commissioner Mike Kreidler's press release on the subject here.)

The announcement follows a year-old accusation by New York state attorney general Eliot Spitzer, who claimed that insurance brokers nationwide were engaged in unlawful conduct.

Although no wrongdoing was found, the investigation did reveal that many Washington brokers are confused and unclear about their obligations to clients in the area of compensation disclosure.

Penalties for nondisclosure range from fines of up to $1,000 per violation to suspension and/or revocation of licenses, according to today's article in the Insurance Journal.

Continue reading "Investigation of Washington Insurers Reveals No Major Violations" »

Posted by Penny Hagerman at 11:44 PM | Permalink | Comments (0)
 

Steven M. Goldman has been named as the Commissioner of Banking and Insurance in the State of New Jersey, reports the American Insurance Association (AIA). Goldman will head up the Department of Banking and Insurance in place of Acting Commissioner, Donald Bryan.

New Jersey Govenor, Jon Corzine appointed Goldman and other state officials toward the end of Janurary; Goldman was confirmed by the Senate on Februrary 3rd, reports the AIA.

In a related press release from the New Jersey Office of the Govenor, Gov. Corzine praised Goldman by saying that he shares his vision to get the New Jersey economy "back on track".

Goldman is senior member and 22-year veteran of a New Jersey law firm where he worked in corporate law. In last month's press release from the Office of the Govenor, Goldman stated that he was looking forward to combatting the challenges that came with the job.

"I'm eager to take on the challenges presented by the position," Goldman stated. "I look forward to working with the Governor to move his agenda and the state forward."

[Bonus Link: New Jersey Department of Banking and Insurance]

Posted by Megan Mahan at 08:38 PM | Permalink | Comments (0)
 

An Ohio state agency has been asked to examine a contract that allows Illinois-based Allstate Corp. to advertise in thousands of vehicle registration notices sent out to drivers.

According to the Associated Press, some believe the ads might be interpreted as a state endorsement of the company over its competitors.

The Insurance Journal reports that the investigation follows a letter of complaint by The Professional Insurance Agents Association of Ohio. The trade group believes it is highly inappropriate for a state agency that enforces insurance law to advertise for an insurance company.

Continue reading "Ethics Questioned as Major Insurance Company Advertises in Vehicle Registration Mailings" »

Posted by Penny Hagerman at 04:39 PM | Permalink | Comments (0)
 

More than a year after his official resignation from office, former Oklahoma insurance commissioner Carroll Fisher will go to trial February 6 on charges of embezzlement.

This court appearance by Fisher represents the first of five criminal cases against him.

The former commissioner resigned from office in September 2004, just days before his scheduled impeachment hearing in the state senate. Fisher had been accused by state government of corruption, neglect of duty and incompetency.

Fisher told the Associated Press that he stepped down because he didn't think he could get a fair trial in the senate, and resigned in order to fight the criminal charges full-time.

Continue reading "Former Oklahoma Insurance Commissioner on Trial for Embezzlement" »

Posted by Penny Hagerman at 10:01 PM | Permalink | Comments (0)
 

Robert Wooley released a statement today, announcing his plans to step down as Louisiana Insurance Commissioner. The Insurance NewsNet (INN) reports that Wooley will step down February 15th; his chief deputy, Jim Donelon will assume all duties until Louisiana voters elect a new commissioner.

Historically speaking, Louisiana insurance commissioners have brought more chaos to the department than order. The INN reports that Wooley took over as insurance commissioner in 2000 for Jim Brown, who was convicted of lying to federal officials and sentenced to six months in prison.