Study suggests recovery for independent insurance agents and brokers

A new study from the Independent Insurance Agents & Brokers of America (IIABA), the largest insurance agent and broker association in the U.S., brings some good news regarding the state of the nation’s independent agencies. The 2011 Best Practices Study outlines the organic growth that is currently moving throughout the industry. The study notes that 2010 was a year of promising growth and that the trend has continued throughout this year as well. The IIABA says that independent agencies are showing real signs of recovery for the first time since…

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How to prepare an insurance agency to be sold

The perceived value of an insurance agency is impacted by a number of different factors, but there are three among them that will have the greatest influence. These three critical factors are the same as those that would influence the perceived value of any type of investment, and are: • Market conditions • Pro forma earnings • Risk connected with earnings in the future Market conditions are vital to the sale of any form of investment, and timing can significantly influence the sale’s net gain. The parts of market conditions…

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Cover-All Technologies receives high praise for its My Insurance Center NexGen solution

Top comprehensive technology solutions provider for property and casualty insurers, Cover-All Technologies Inc., has announced the positive review it received in a report released by Celent, an independent analyst firm. The Celent report, called “Policy Administration System Vendors North American Commercial P/C Insurance 2011” examined the My Insurance Center (MIC) NexGen solution and referred to it as one of the most configurable and advanced systems that is currently offered to the industry. The ABCD Vendor View from Celent is a structure for evaluating solutions that offers vendors a perspective of…

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Insurance groups rally against New York rule that puts pressure on agents

Two insurance groups have filed an appeal with the New York Supreme court regarding a decision regarding the state’s new broker disclosure rule. The rule, New York Insurance Regulation 194, requires insurers to inform policyholders on how policies are paid out even if such information is not requested. Several other states have similar rules, much to the chagrin of the insurance industry that often withholds information it deems arbitrary. The two insurance groups are looking to have the rule revoked. The Independent Insurance Agents & Brokers of New York and…

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Kentucky obtains federal waiver on insurance provisions

Insurance companies in Kentucky have been granted a waiver from a provision of the health care law that requires insurers to spend at least 80% of the money they collect from premiums on improving medical care. The waiver does not remove mandate, however, and insurers will still need to spend 75% of their premiums toward medical care. According to federal law, if companies do not follow this mandate, they must refund the money to policyholders. The state’s Department of Insurance petitioned the federal government for a waiver in an effort…

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