Declarations

Pleased With Proposal

“We are encouraged by Treasury Secretary [Timothy] Geithner’s statements that this proposal will maintain the important role that state regulators play in supervising insurance companies. We agree with his assertion that financial institutions must not be allowed to ‘cherry pick’ among competing regulators in search of the lowest standards and constraints.”

—National Association of Insurance Commissioners (NAIC) President and New Hampshire Insurance Commissioner Roger Sevigny, pleased that the most recent financial services regulatory proposal from the Obama Administration retains a role for state insurance commissioners.

Less Compensation

“We thought that compensation would be a little more important especially given the independent agency channel. We thought that compensation might be a way that carriers could entice agents to send business their way.”

—Kara Steslicki, senior research manager for J.D. Power and Associates, who helped conduct a study on an agency’s satisfaction with its personal lines insurance companies. What the survey found is that what agents want most is a variety of policy offerings and continuous contact with their insurers.

Seeking Equal Employment

“The EEOC (Equal Employment Opportunity Commission) has not seen an increase of this magnitude in charges filed for many years. While we do not know if it signifies a trend, it is clear that employment discrimination remains a persistent problem.”

—The Commission’s Acting Chairman Stuart J. Ishimaru, commenting on a recent report that noted workplace discrimination charge filings with the federal agency nationwide soared to an unprecedented level of 95,402 during Fiscal Year (FY) 2008, which ended Sept. 30. This level is a 15 percent increase from the previous fiscal year. Charges based on age and retaliation saw the largest annual increases, while allegations based on race, sex and retaliation continued as the most frequently filed charges.

Eye on Advertising

“This research shows that ‘out of sight’ can mean ‘out of business.’ The current economic climate makes it more important than ever for financial institutions to bolster confidence among their clients, and this study clearly demonstrates the link between advertising and confidence levels.”

—Richard Khaleel, executive vice president of Nielsen IAG’s Financial practice, commenting on a study that found consumer confidence in the health of financial institutions, including insurance companies, is dramatically influenced by advertising and marketing efforts.