MIDWEST REGIONAL NEWS
The Central Indiana Chapter of the CPCU Society has created an online survey designed to elicit business feedback about the insurance industry. The chapter has teamed with The Rough Notes Company, Inc., to make the survey available via the www.RoughNotes.com Web site. The chapter designed the survey for business insurance customers to share their opinions on the insurance industry and the role of insurance. Interested businesspersons may visit the Rough Notes Web site and click on the survey link. Bruce Hicks, Central Indiana CPCU Society Chapter Research Chairperson, said, "Insurance plays a critical, positive role in our modern economy, but our industry must take more opportunities to find out what customers think about our performance. We hope that our survey can teach us about current perceptions and replace our assumptions."
The chapter hopes the survey can serve as a baseline for future evaluations. Members of the insurance-buying public are encouraged to take advantage of this opportunity to share important information with the insurance industry. Persons participating in the survey may also receive the results when they're available.
Indiana
Young agents conference planned
The 2002 Indiana Young Agents Committee (YAC) Conference will be May 16-17, at the University Inn & Conference Center in West Lafayette. For more information, contact Steve Duff at Independent Insurance Agents of Indiana at duff@bigi.org.
Association plans meeting
The PIA of Indiana will hold its annual convention May 9-11, at the Indianapolis Marriott East. For more information, go to www.indianapia.com
Michigan
Young agents plan meeting
The Michigan Association of Insurance Agents (MAIA) Young Agents Spring Conference is June 5-7, at the Mission Point Resort on Mackinac Island. For more information, go to MAIA's Web site (www.michagent.org) or contact Steve Chappell at (517) 323-9473.
Ohio
Paper filing eliminated
The Department of Insurance (ODI) is lessening financial statement filing requirements for insurance companies by no longer compelling them to make paper filings. This year, ODI will eliminate quarterly paper financial statement filings for domestic P&C companies. By 2003, paper filings for all P&C and life insurers will be eliminated.
Credit life and disability rates reduced
In a move they say will save consumers $28 million annually, the Ohio Department of Insurance has ordered a 10% credit life rate reduction and an 18.3% credit disability rate cut. The order is based upon data and commentary received from the credit insurance industry and consumers and an independent actuarial review. The rate reductions became effective April 1, 2002. While the department has been reviewing credit insurance rates since 1985, this is the first time a reduction has been ordered. Industry-wide rates are determined by the department to establish and maintain a 50% loss ratio for credit life insurance and a 60% loss ratio for credit disability insurance.
Minnesota
Credit scoring bill opposed
A bill that would ban the use of insurance scores by insurers has been carried over to the next legislative session, after deliberation in the Commerce, Jobs and Economic Development Committee. According to NAMIC, which lobbied against the bill, this sets the stage for passage of a compromise bill. The compromise bill would likely ban the sole use of insurance scores, but would permit their use with other, traditional underwriting facts.
State Farm raises rates
State Farm Mutual Automobile Insurance Company raised its overall rate level an average 8.9%, effective March 1, 2002. According to State Farm, the company's overall rates in the state are 1.7% lower than they were five years ago. Premiums for liability and collision coverages are increasing the most. The price of personal injury protection coverage is increasing to a lesser extent.
Wisconsin
Annual convention scheduled
The Independent Insurance Agents of Wisconsin (IIAW) will hold its annual convention May 20-21, at the Hilton Hotel and Midwest Express Center in Milwaukee. For more information, go to www.iiaw.com, or call IIAW at (800) 362-7441.
Allstate agencies provide Allstate Bank information
Consumers in Wisconsin will now be able to get information about opening Allstate Bank accounts from participating Allstate agencies. The bank's products and services include CDs, money market and savings accounts, and checking accounts. Consumers will be able to access the new banking products and services through Allstate agencies in Wisconsin, via the Internet and various other delivery methods. Allstate Bank was chartered in 1998 to provide electronic commerce services to Allstate policyholders. *