Fire engineer calls for national insurance scheme

insurancebusinessmag | July 03, 2019

A veteran fire engineer has called for a national professional indemnity insurance scheme, saying coverage could soon become unfeasible unless action is taken.Ferm Engineering CEO Stephen Burton (pictured) said certifiers, fire engineers and other building industry professionals are being hit with premiums that are unsustainable in the long-term - and it could lead to a serious market implosion.

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.


Other News
INSURANCE TECHNOLOGY

U.S. Insurance Commissioners Endorse Internationally Recognized Climate Risk Disclosure Standard for Insurance Companies

naic.org | April 11, 2022

A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners' (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers. Commissioners Lara and Altmaier are co-chairs of the NAIC Climate Risk & Resiliency Task Force (Task Force), which was established in 2020 to coordinate all of the NAIC's domestic and international efforts on climate-related risk and resiliency issues. The Task Force developed the new TCFD-aligned survey over a 14-month public participation process led by Oregon Insurance Commissioner Andrew Stolfi and Rhode Island Superintendent Elizabeth Dwyer in coordination with Commissioners Lara and Altmaier, and marks the first update to the NAIC's Climate Risk Disclosure Survey approach since it was created in 2010. The Task Force determined that implementing a TCFD-aligned disclosure framework would enhance transparency about how insurance companies manage climate-related risks and opportunities and incorporate international best practices, among other benefits that the Task Force identified in the new standard. Insurance regulators from France, Switzerland, and the United Kingdom currently require TCFD-aligned reports. U.S. financial regulators such as the U.S. Securities and Exchange Commission are also taking steps toward requiring TCFD-aligned disclosures for other financial institutions. Our global climate crisis affects every state, requiring us to reach across partisan divides to find solutions that protect all people, By holding insurance companies to this global standard for climate disclosure, insurance regulators are showing the power of united leadership in our efforts to address climate change and reduce the negative impacts on insurance consumers." California Insurance Commissioner Ricardo Lara. The NAIC's action shows that our system of state-based insurance regulation remains strong and flexible in responding to changing conditions in our markets and our world, Thank you to my fellow regulators for your commitment to work together to protect consumers." Florida Insurance Commissioner David Altmaier. We have all been affected by climate-related events, including wildfires, floods, and increased extreme weather. The first NAIC climate risk survey, created more than 10 years ago, led the way at the time, and it's great to see the NAIC lead again by being the first U.S. financial system regulator to adopt TCFD-aligned disclosure requirements, I'm grateful for the robust participation in this process over the past year and the strong support to adopt internationally aligned climate risk disclosures, and I look forward to continuing our work by supporting insurers in shifting to this new reporting framework." Oregon Insurance Commissioner Andrew Stolfi. Aligning U.S. insurance companies' climate disclosures with the global norm is a major step forward to protect financial markets and consumers who rely on insurance for safety and security, The bipartisan leadership of Commissioner Lara of California and Commissioner Altmaier of Florida is in short supply around the globe. It is needed more than ever before as we address climate-related financial risks across investment portfolios and global supply chains." Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets

Read More

LIFE INSURANCE

Finally, a variable universal life insurance product built for fee-based investment advisors

Nationwide | March 07, 2022

Nationwide has launched a new variable universal life (VUL) insurance product built specifically for fee-based investment advisors that allows for management of funds within the product without a life license. Nationwide Advisory Variable Universal Life is a permanent life insurance policy with a customizable guarantee that keeps the cost of the protection separate from the rest of the investment. This is the first fee-based VUL fully integrated within the registered investment advisor's operating system and it can also be sold by dually registered and hybrid advisors. With no surrender charges Nationwide Advisory VUL keeps your clients' investment money completely liquid, It also has an investment component and allows you to integrate the policy's subaccounts into your assets under management and collect your customary asset management fee." Holly Snyder, president of Nationwide's life insurance business. The product features a diverse fund lineup comprised of over 30 of the most recognizable fund managers in the industry such as Vanguard, DFA, PIMCO, American Funds and Fidelity. Because the cost of protection is separate from the rest of the investment, it can give investment dollars the opportunity to grow more quickly and efficiently. There are fewer fees associated with this product compared with a traditional VUL, There are also no surrender charges upon full surrender of the contract, and no sales loads, which allows more money to be contributed and go to work for your client faster." Snyder. Nationwide Advisory VUL also provides clients the ability to authorize their investment advisor to take their advisory fee from the policy as an advisory loan or as a withdrawal. About Nationwide Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

Read More

INSURANCE TECHNOLOGY

Relation Insurance Services Acquires the Assets of The Wills Agency

Relation Insurance | May 12, 2022

Relation Insurance Services (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of South Carolina-based The Wills Agency (“Wills”). Terms of the transaction were not disclosed. Wills provides personal and commercial lines insurance solutions to clients throughout South Carolina and is headquartered in Batesburg, SC. James Wills will continue to lead Wills as a part of Relation. The Wills Agency is a great strategic fit for Relation, and we’re excited to welcome James and the entire team, The addition of Wills brings Relation additional strength in both personal and commercial lines products and adds to our existing footprint in South Carolina.” Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. About Relation Insurance Services Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 1,200 employees across more than 125 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.

Read More

LIFE INSURANCE

Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company

Mutual of America | April 27, 2022

Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company ("Landmark Life"). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. The acquisition of Landmark Life represents another positive step toward achieving Mutual of America's strategic growth plans in the guaranteed retirement income space." John R. Greed, Chairman, President and CEO of Mutual of America Financial Group. This transaction will enhance our financial and distribution capacities to provide guaranteed income solutions and other products to individuals outside the state of New York. Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group. The sale of Landmark Life represents a meaningful step toward our plans to focus on providing high-value, third-party administrative services to life insurers nationwide." Tom Munson, CEO of Landmark Life and Jarvis Family general partner. Merger & Acquisition Services, Inc., served as the financial advisor, and Eversheds Sutherland (US) LLP served as the legal advisor to Mutual of America for the acquisition. Propel Advisory Group, Inc., served as the financial advisor, and Winstead PC served as the legal advisor to The Jarvis Family Limited Partnership. About Mutual of America Financial Group Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services, together with outstanding personalized service, at a competitive price to help our customers build and preserve assets to meet their retirement and investment related needs for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. About Landmark Life Landmark Life, based in Brownwood, Texas, is a wholly owned subsidiary of The Jarvis Family Limited Partnership. Founded in 1964, Landmark Life underwrites life insurance and annuities in 36 states. Landmark Life solicits annuity and life business via an independent agency force.

Read More

Spotlight

Small businesses particularly need to have extensive insurance coverage more so than large businesses with limited liability. As a small business owner, you will need to provide coverage for your employees in the event of a job-related injury or worker’s compensation coverage should illness or injury strike. A plan may also be tailored to your employee health, benefits and pension needs.

Resources