Word on the Street

Jamie Deapo cuts to the bottom line on compensation disclosure and insurer survey

IIABNY's Capital Event, scheduled Feb. 8 and Feb. 9 in Albany, and the prospect of 200 independent agents gathered in one place got me to thinking about what might currently be on the minds on the minds of those agents. Click here and take a few minutes to listen to these bottom line issues that I believe will be the talk of the town at the State Capitol.

-- Jamie Deapo

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Jamie Deapo says fate of producer comp disclosure in NY was sealed at the start

My belief is that New York State insurance regulators will mandate producer compensation disclosure no matter how ill-advised. As the final form of this unnecessary regulation takes shape, it is imperative that the state Insurance Department listens to agents and brokers, as well as their representatives, to make sure the regulation doesn't impose such burdensome requirements that it hurts the public, insurance producers and the state's overall insurance industry. Click here to hear my take on this crucial issue.

-- Jamie Deapo

Vol. 4, No. 6

Recently, the most talked-about subject among New York's independent insurance agents and brokers have been the three public hearings the state Insurance Department and attorney general's office held in July to address the issue of producer compensation and disclosure. Although I didn't sit in personally on the hearings, which were held in Buffalo, Albany and New York City, I watched the live Webcasts posted by the Insurance Department. While representatives of the producer community performed admirably as they delivered their testimony, the line of questioning they faced was another story. Check out the impression I and others felt were left behind by the hearing panelists by clicking here.

-- Jamie Deapo

Vol. 4, No. 5

The end of the New York State Legislature's session has often been, at best, a mixed bag for the state's independent insurance agents and brokers. This year is different, fortunately. A package aimed at bringing relief to the homeowner's market, especially in coastal areas, passed both houses as did legislation that limits insurers’ ability to deny coverage based on late notice of claim and addresses the current crisis among group self-insured trusts. The news was so good I had to go in front of the camera to tell you about it. Click here and also learn what else needs to happen both at the State Capitol and across the state.

-- Jamie Deapo

Vol. 4, No. 4

One bedrock of our economy is the ability of businesses to compete against each other on a level playing field. Sadly, in New York state, there is a glaring exception to this fundamental rule of capitalism. The New York State Insurance Fund competes against private carriers for workers' compensation insurance business, but the quasi-state agency is regulated differently, is not subject to the same laws that apply to its competitors and seems intent on taking New York toward a monopolistic market. As even a Cave Man knows, consumers, whether they are individuals or commercial interests, sufffer when no one has to compete for their business. Fortunately, a solution has been proposed to rein in the State Insurance Fund. Click here and listen to my explanation of why this proposed legislation should pass through the New York State Senate and Assembly unimpeded with major support from independent insurance agents and brokers. Then, let me know what you think by posting a comment on this blog or e-mailing me directly.

Vol. 4, No. 3

Volunteer leadership has a fine role model in IIABNY's outgoing Chair of the Board, Stephen R. Zogby. Over the past 12 months, Steve has led the Independent Insurance Agents & Brokers of New York board of directors with a steady and thoughtful, if not flashy, leadership style. Just days before his one-year term as the association's top elected official ends, he sat down with me before a revealing camera lens to reflect on IIABNY's achievements and the major issues faced by the association's members since he took office in May 2007. As you'll see by clicking here, our nearly 16-minute long conversation also includes a look into the future of the Independent Agency system.

-- Jamie Deapo

Vol. 4, No. 2

Insurance is rarely boring as any agent or broker will attest. Something seems to always happen inside or outside the office to draw one's attention. It's not just the sudden resignation of a governor. Insurers can revive a nearly forgotten practice. Regulators can move homeowners in and out of flood plains. And, trade publications can return to old ownership. Take a listen to what I have to say about all this and more by clicking here. Then. let me know what you think by posting a comment on this blog or e-mailing me directly. We have plenty to talk about.

-- Jamie Deapo

Vol. 3, No. 9

The pace of developments in the insurance industry, like others in New York, usually cools in the heat of a hot summer sun. Not this time, though. The aftermath of workers' compensation reform, a continued slide in the homeowners insurance market serving the state's coastal areas and a new policy allowing undocumented immigrants to apply for a New York driver's license without a Social Security number made for an exceptional summer. Now, things really get serious. Hear my views on these and a few other issues by clicking here. Then, let me hear yours by posting a comment or e-mailing me directly.

-- Jamie Deapo

Vol. 3, No. 8

The Risk and Insurance Management Society created quite a stir recently when it released a statement on contingent commissions. It drew the attention, some might say scorn, of many agents and brokers. I know because some angry producers have told me so. I also understand why they're so upset. Click here and give me a listen to find out more why agents are offended by RIMS's position.

-- Jamie Deapo

Vol. 3, No. 7

Scientists say dinosaurs faced an unavoidable worldwide catastrophe that sealed their fate millions of years ago. Today, independent agents and brokers need not suffer the same fortunes as those four-legged behemoths. They can determine if they’re still viable businesses 10, 20 or 100 years from now. They have a choice to act even as hundreds of millions of dollars from an ever-growing list of competitors are hurled at them each year like gigantic fireballs falling from the sky. Take a listen to my latest entry by clicking here, and then let me know what you think agents and brokers can do to ensure their survival.