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May 31, 2010

Cover Story

European Insurers Hope For Smooth Sailing, But Prepared To Navigate Economic Storms

With the European economy being rocked by fears that the Greek debt crisis will spread to other countries, the euro falling in value and the strength of the U.S. recovery uncertain, the European insurance industry recognizes it is navigating stormy seas. ...

Opinion

BP Oil Spill A Stain On Risk Management

New Ethical Guidelines Set For Insurance Pros

News

AIG’s Long-Term Prospects Challenged As Industry Analysts Raise Red Flags

Analysts raised red flags about the long-term prospects for American International Group at a congressional hearing last week....

Financial Reform Bill Enters Home Stretch

With an historic financial services regulatory reform bill about to enter the home stretch on Capitol Hill, insurance industry groups will keep lobbying to craft an acceptable compromise in reconciling the House and Senate versions. ...

Surplus Lines Reforms Expected To Pass Unchanged

Officials with AAMGA expressed confidence that few changes would be made in the surplus lines elements of financial services regulatory reform as the House and Senate work out differences in their respective bills....

N.Y. Producer Groups Sue To Derail Compensation Disclosure Regulation

The New York Insurance Department expressed “disappointment” at the decision by two producer groups to file suit last week to stop implementation of a compensation disclosure regulation....

Tenn. Agents Facing E&O Lawsuits Over Flood Claims

Insurance agents in Tennessee might have to deal with the prospect of lawsuits over accusations that they failed to properly advise customers about flood insurance....

AUGIE Survey: Price Main Driver When Placing Personal Lines Risks

In a reversal from four years ago, agents and brokers cited price as the main driver when deciding where to place personal lines business in 2010, eclipsing “ease of doing business,” the latest AUGIE survey revealed....

Agency Award Entries Invited

Independent agencies only have one more month to prepare for the 2010 Commercial Insurance Agency of the Year Award program, run by National Underwriter and American Agent & Broker, with entries due by July 1....

Agents Boost Real-Time Use By 30 Percent

Use of real-time transaction software by independent agents jumped 30 percent over the past year, according to a survey sponsored by the Real Time/Download campaign....

Communication Failures Can Cripple Tone-Deaf Organizations, Agents Warned

A leader’s ability to communicate effectively involves more than just giving instructions clearly—it also means inspiring and earning commitment from others, in part by being open to bad news, a business professor warned managing agents meeting here....

AAMGA Renews Contract With Management Company

The current management team’s contract with the American Association of Managing General Agents has been renewed, keeping its present executive director and director of operations in place indefinitely....

Market Report

Euro Officials Object To Proposed Tax On Premiums Ceded Offshore

The European Commission voiced strong opposition to a proposal that would impose new taxes on insurance premiums ceded to foreign affiliates of domestic insurers....

Willis Seeks Clarity From New U.K. Gov’t

The new coalition government leading the U.K. needs to act decisively to spur an economic recovery and must clarify any new approaches to regulation to facilitate a healthy and growing British insurance industry....

Business Risk Survival 101: A Simple Matter Of Extra Insurance Protection

Businesses often overlook the need to buy extra or excess liability insurance limits, but these prudent coverage purchases are an essential safeguard, protecting against asset depletion from unforeseen risks. ...