Declarations

Legislate Commissions
“After hearing from various interested parties, if HHS does not fix this language before the rule is final, we hope that Congress will step in and revise the MLR formula through the legislative process.”
— Charles E. Symington Jr., senior vice president for government affairs for the Independent Insurance Agents & Brokers, after the Obama Administration announced that broker commissions would not be protected in the medical loss ratio that health insurers must adhere to beginning in 2011.

BP at the Beach
“I think we’ll get 99 percent of what’s out there. There may be some little BB-sized tar balls that get left, but over time nature will take care of that on its own and it will just sort of dissolve back into the surface.”
— BP spokesman Ray Melick on BP’s efforts to clean up beaches damaged by the oil disaster. Some environmentalists fear the heavy machinery BP is using will kill creatures that live or cause erosion problems. BP says the major work should be done by mid-February.

Tennessee Audit
“It’s always a noteworthy accomplishment to avoid audit findings in a Comptroller’s report. I am extremely proud of my entire department for ensuring that operations comply with state and federal standards of operation.”
— Tennessee Insurance Commissioner Leslie A. Newman after a government audit found that her agency has managed to reduce costs and operate efficiently during the economic downturn. In fact, the state Comptroller’s audit found no issues with how the TDCI is being run.

Mississippi Museum
“Fire safety codes changed throughout the country after this incident, and that has helped saved many lives.”
– Betty Sago who along with her husband Monroe worked for months on a museum to honor the 209 people who were killed in fire at the Rhythm Night Club in Natchez in 1940. The fire is ranked as the seventh deadliest fire in U.S. history.

Manageable Munis
“While recognizing that public finance in the United States is under strain, we nevertheless view P/C insurers’ muni bond exposure as manageable.”
— Moody’s s analyst Paul Bauer explaining that U.S. property/casualty insurers are not likely to sustain substantial losses on muni bonds, even though they make up a high 27 percent of P/C insurers’ invested assets.

Topics USA Property Casualty