Minnesota insurance agents concerned over commissions and a health insurance exchange

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Insurance agents voice their concern regarding exchange system Minnesota is making progress on establishing its own health insurance exchange, but the state’s plans have sparked concerns amongst insurance agents. Independent insurance agents have come together to make their concerns heard by state officials. The majority of the state’s health insurance is sold by these independent agents, who are worried that a health insurance exchange will make deep cuts in their commissions. If these concerns are justified, an insurance exchange could present a serious financial problem for Minnesota agents. How insurance…

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The Hartford to expand auto insurance to more AARP member with the help of independent insurance agents

The Hartford, one of the largest insurance providers in the U.S., has announced plans to expand the accessibility of auto insurance to AARP members. In order to do this, the insurer will have to expand its base of producers. This will be done through a hiring surge, where the insurer will look to bring on new staff and agents capable of bringing auto insurance coverage to those looking for additional options. The company currently has 4,000 agency locations throughout the country and hopes to increase that number to 6,000 by…

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Consumer Agent Portal announces new online resource to connect independent agents with consumers

As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…

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HHS upholds medical loss ratio provision, changes some aspects of the overarching law

Despite daunting opposition, the Department of Health and Human Services has remained firm on the medical loss ratio provision of the Affordable Care Act. The medical loss ratio provision requires that insurers pay no less than 80% of premium money on improving medical care. The provision has gained rabid opposition from the nation’s health insurance companies, who have been fighting to have administrative expenses and independent insurance broker fees removed from the mandate. The HHS, however, has issued a final ruling on the matter, claiming that most of the nation’s…

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Italian insurance market looks healthy, attracts foreign investors and insurers

Despite the growing economic crisis in Italy, the nation’s auto insurance industry is showing promising signs of expansion. The industry is beginning to attract the attention of foreign insurers, consumers, and independent agents due largely to its strong presence on the Internet. Insurance sold through banks in Italy is also on the rise, imbuing the industry with tentative hope for future growth and solvency. According to the Institute for the Supervision of Insurance (ISVAP), one of Italy’s regulatory authorities, online sales of auto insurance rose by 7% in the first…

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Accident Insurance Co. seeks 100 new agents over 100 day period

Accident Insurance Co. (AIC), based in South Carolina, has announced that it is currently seeking up to 100 new independent agents within a span of 100 days.  Starting on July 12 and running until October 12, the insurer will be seeking to add a sizeable number to its independent agents within eleven states that are among the eighteen in which it currently writes.  The states in which AIC is seeking new partner agencies are: Mississippi, Kentucky, Alabama, Indiana, Oklahoma, Arizona, Illinois, Georgia, Arkansas, Virginia and Indiana.  Chief marketing officer Jon…

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