Workable competition

Declarations

“We all like competition when it works but we’ve seen enough failures to know that without proper safeguards, businesses will seek to add to their bottom line at the expense of the public and the consumer.”

— Deirdre Cummings, legislative director for the consumer watchdog MassPIRG, who urged Massachusetts Insurance Commissioner Nonnie Burnes to incorporate more consumer protections and ban the use of credit scores in her proposed auto insurance deregulation plan.

Veto signal

“We believe that there is enough support in Congress to override a threatened Presidential veto. In addition, we are not convinced that the President will veto the bill that will emerge from a House-Senate conference, which will probably address at least some of the Administration’s stated concerns.”

— Patricia A. Borowski, senior vice president, the National Association of Professional Insurance Agents, after the U.S. House of Representatives passed an extension of the federal terrorism insurance program despite a veto signal from the White House.

Flood reform

“We have made significant improvements in the National Flood Insurance Program to ensure its continued viability to serve people, and to limit taxpayer exposure to the program and provide for actuarial soundness.”

— House Financial Services Chairman Rep. Barney Frank, D-Mass. after the U.S. House of Representatives passed flood insurance reform by a vote of 263 to 146. The legislation improves flood mapping, provides for multiple peril coverage, hikes limits, and phases out subsidized rates on commercial properties, vacation homes, and second homes built before 1974. It also makes available optional business interruption coverage and coverage for basement improvements and replacement cost of contents.

Windstorm option

“Passage of this legislation will ensure that in future disasters homeowners won’t have to hire lawyers, engineers, and public adjusters to prove what damage was caused by wind and what was caused by flooding.”

— Mississippi U.S. Rep. Gene Taylor, a co-sponsor of the bill passed by the House that would add windstorm coverage as an option under the federal flood insurance program.

Caveman show

“It feels like its origin is somewhat polluted, like it’s taking advantage of something that’s popular in the culture. But there’s places to go (with the series) and specific stories to tell, and we feel really proud about the cast.”

— Executive producer Will Speck of the TV show based on the Geico commercial character, Caveman, acknowledging he has faced skepticism about how the insurer’s commercials would translate to a series.

Topics USA Flood