Declarations

Diverse Ownership

“Many new agencies are forming, typically with a more diverse and younger leadership, demonstrating the strength of the independent agency system and the potential for growth.”

—Robert Rusbuldt, president and CEO, for the Independent Insurance Agents & Brokers of America, in response to the 2010 Agency Universe Study published by Future One, a collaboration of the Big “I” and independent agency companies. The results show a slight increase in the number of new small and medium small agencies with minority principals and female principals.

Right to Choose

“This dispute is not simply about regulating the business of insurance — or crafting a scheme of universal health insurance coverage — It’s about an individual’s right to choose to participate.”‘

—U.S. District Judge Henry Hudson in a 42-page decision in which he declared unconstitutional a key part of President Barack Obama’s landmark health care law in the first major setback on an issue that will likely end up at the Supreme Court. Hudson, appointed to the bench by President George W. Bush in 2002, backed arguments by the state of Virginia that Congress exceeded its authority by requiring that individuals buy health insurance by 2014 or face a fine. (Reuters)

Cyber Risks

“A discussion of digital risks should be on the agenda of board meetings everywhere as cyber attacks become more frequent, more creative and more disruptive.”

—Lord Peter Levene, chairman of Lloyd’s, commenting on a new Lloyd’s report titled, “Managing digital risks: trends, issues and implications for business.” The report warns that, as businesses become more reliant on technology, they will face more complex and damaging digital attacks as sophisticated attackers quickly adapt their methods to steal from, disrupt and spy on businesses. Many companies are unintentionally exposed to digital risks, believing their existing insurance policies will cover them, but most traditional (property and commercial liability) policies focus on the tangible damage to physical property and do not cover the many new areas where digital risks lie.

Patient Safety

“It doesn’t take decades or tons of money to get from a culture that says ‘mistakes are inevitable’ to a belief that harm is entirely preventable.”

—Peter Pronovost, M.D., Ph.D., responding to a recent study by safety experts at Johns Hopkins that claims a prescribed set of hospital-wide patient-safety programs can lead to rapid improvements in the “culture of safety” even in a large, complex, academic medical center. Pronovost says that stablishing a sustained culture of safety in health care has been associated with better outcomes for patients.