Declarations

National Producer Licensing Need

“Throughout the current financial crisis, the state insurance regulatory system continues to show how well it protects both individual consumers and businesses. Although the system has worked effectively to ensure insurer solvency and look after policyholders, the system does need improvement in the area of agent licensing. NARAB II would reform and improve the current state-based system of insurance regulation by providing one-stop, non-resident licensing reciprocity.”

—Brett Nilsson, Big “I” chairman, commenting on the National Association of Registered Agents and Brokers Reform Act of 2009, or NARAB II. The bill would establish a national organization, which producers could join that would be responsible for establishing one set of licensing, continuing education and other insurance producer qualification standards that would be applicable in all states in which they do business.

Calling It Quits

“Much work remains to be done at AIG, but much has already been accomplished. … It is difficult to be the recipient of [public and congressional] abuse when I am on the side of the taxpayer, brought in to help.”

—American International Group Inc. (AIG) Chairman and CEO Edward M. Liddy announcing he will step down once the board finds replacements for him. Liddy, who formerly ran Allstate, came out of retirement to take over AIG amid turmoil at the giant firm and one of the nation’s worst financial crises. Yet he told Reuters that has been frustrated that he has become the target of public and congressional ire over the AIG collapse, bailout and retention bonuses on occasions.

Talk to Me

“How can the administration spend so much time with the CEOs that have run their companies into the ground, but not spend so much as five minutes to talk about how the multiple-peril insurance legislation will protect American taxpayers from insurance companies that defraud the federal government to the tune of billions?”

—Rep. Gene Taylor, D.-Miss., criticizing the Obama Administration on its opposition to a multi-peril insurance bill that would permit homeowners the option of purchasing both wind and flood coverage in one National Flood Insurance Program policy. Taylor, who sponsored the Multiple Peril Insurance Act of 2009, said he tried for weeks to get a meeting with the Presidential staff.

Ready to Shake

“The West Tahoe Fault is capable of a magnitude-7 earthquake —similar to large earthquakes that have occurred on the nearby Genoa Fault —but with the added danger of nearly 1,600 feet of overlying water, which is capable of spawning a large tsunami wave.”