An update describing local, state and national industry and government issues, focusing on the latest legislative topics affecting the insurance industry and independent insurance agents in West Virginia will be held during the Feb. 12-13 annual state legislative conference Insurance Day program held by the Professional Independent Insurance Agents of West Virginia in Charleston.
A forum and discussion on “Legislative Mandates and Regulations: What do these mean for you?” will kick off the first general session on Feb. 12 at 1:30 p.m.
“In the wake of the severe 2005 hurricane season and the damage and destruction that followed, legislators and regulators are taking a serious look at the insurance industry,” explained Gray Marion, PIAWV executive vice president. “They are also scrutinizing agents’ responsibilities to provide consumers with adequate information about flood insurance to allow them to make informed, appropriate decisions when purchasing flood coverage.
“As congress looks to strongly enforce and/or extend the National Flood Insurance Reform Act of 2004, discussions are taking place among the Insurance Commissioner, Homeland Security, FEMA and mortgagees to make mandatory requirements of insurance agents to provide flood coverage to customers,” Marion said. “Discussions regarding penalties and E&O claims that may result if agents do not provide this product for their customers are also taking place.”
Marion said additional talks are underway to make mandatory CE requirements for flood insurance coverage. West Virginia’s governor has indicated that flood preparedness efforts will be one of his administration ‘s top priorities, working with counties to enforce their flood plain laws so that the state will not continue to pay to rebuild the same structures again and again in areas known to be prone to repeat flooding.
“This seminar will show independent agents how to protect themselves, their clients and their property,” Marion explained. “Discussions will provide independent insurance agents with a detailed briefing on recent changes in the National Flood Insurance Program, the effect on West Virginia’s insurance agents and consumers, as well as insights into the performance of the program in the aftermath of Hurricane Katrina.”
Guest speakers will include Robert L. Perry, Virginia Department of Military Affairs & Public Safety Division of Homeland Security & Emergency Management; Richard J. Sobota, Computer Sciences Corporation regional manager; Tom Barton, West Virginia Insurance Commission, assistant to Commissioner; J. David Daniel, Daniel and Eustis Insurance, IIABA Executive Committee member.
Sunday evening there will be a “Mardi Gras Dinner Celebration and Hurricane Katrina Relief Fundraiser,” featuring a New Orleans-style bayou buffet, jazz music and riverboat-style games.
Insurance Commissioner Jane Cline will be the first of five speakers to discuss various aspects of the state’s insurance and business climate during a Feb. 13 general session at 9 a.m.
The economy and job outlook of West Virginia is improving, as is the state’s financial picture, according to West Virginia’s governor in his state of the state address. But what do your customers think? Our extraordinary ensemble of discussion leaders will utilize consumer research to discuss regulatory, insurance and general business topics that are of concern to West Virginia’s population. She will review the present state of the Insurance Commission and discuss the impact of adding hundreds of new employees for the Workers’ Compensation Commission.
After Commissioner Cline’s presentation, results of a recent survey of member businesses, done by the West Virginia Chamber of Commerce will be presented, along with a description of its goals during the 2006 session of the Legislature will be presented by Steve Roberts, president.
The results of a new statewide consumer survey on insurance issues following up on last year’s benchmark study will be highlighted by Mark Blankenship of RMS Strategies Inc. and Marion. Progress made in privatizing West Virginia’s workers’ compensation system will be discussed by Greg Burton, BrickStreet Mutual Insurance Company president.
Understanding additional insureds will be discussed during the event’s third general session Feb. 13 at 1:30 p.m. Fred Macy focus on coverage and indemnitee defense issues, widely misunderstood concepts by most insureds.
“Agents must be able to answer questions relating to these issues in such a manner the insureds understand the impact of additional insured endorsements,” Macy said. “To do this, agents must have a thorough understanding of the current public liability environment and how insureds and additional insureds want to dictate the use of the additional insured endorsements.
Fred Macy’s enthusiastic and entertaining course is designed to specifically review the issues surrounding these debates to meet that goal. This three-hour course provides a review of each additional insured policy provision, coverage grant, exclusion, limitation and incidental coverage in the ISO Commercial General Liability policy.
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