Declarations

Too High a Cost

“In terms of lives and of dollars, the cost of repealing Missouri’s helmet law simply would have been too high.”

—Missouri Gov. Jay Nixon, who vetoed legislation that would have relaxed a law that requires motorcyclists in Missouri to wear helmets at all times, said concerns over highway safety and health care costs were among the reasons for the veto. The legislation would have lifted Missouri’s helmet requirement for motorcycle riders 21 and older when they are not traveling on interstate highways. Supporters of the vetoed bill have pledged to continue their fight.

Temporary Fix

“This extension is just a temporary fix, but it is a significant and welcome development for millions of homeowners and small businesses who count on the National Flood Insurance Program for protection in the event of flooding. If the NFIP is allowed to expire, millions of consumers would be left vulnerable the next time a flood devastates a community.”

—Charles E. Symington Jr., Independent Insurance Agents and Brokers of America, senior vice president for government affairs, on the introduction of legislation in Congress to temporarily extend the NFIP until March 31, 2010. The NFIP is set to expire on Sept. 30, 2009.

Reinsurance Balance

“Though the replenishing of balance sheets remains slow, the industry has, for the most part, stemmed its capital losses. It is fair to say that the property/catastrophe reinsurance market remains finely balanced, with capacity across most lines remaining adequate to meet demand. Price increases have been steadily in the 10 percent to 15 percent range.”

—Lara Mowery, global head of Property Specialty Practice, Guy Carpenter, in a report noting that consistent with the general trend seen in the U.S. from January through June — and in line with prior renewals in 2009 — U.S. national program rates rose 15 percent year-over-year at the July 1, 2009, renewal.

Not Adversarial

“Right now I think the estate and AEG are very much in line and not adversarial and I’d like to keep it that way.”

—Randy Phillips, CEO of concert promoter AEG Live, said insurance will help cover any losses on the now-canceled Michael Jackson concert series if the pop star died accidentally — including of a drug overdose — but not if he died of natural causes. He said the company took out $17.5 million in insurance coverage on the concert tour through Lloyd’s of London and has no plans to sue Jackson’s estate to cover a possible $25 to $30 million shortfall from an insurance settlement.

Topics Legislation Missouri