POE FINANCIAL DEPOPULATES POLICIES IN FLA.:
Poe Financial Group member company, Atlantic Preferred Insurance Company, announced it had assumed 12,457 wind policies from Citizen's Property Insurance Corporation's High Risk Account under the State of Florida's depopulation program. Essentially, the depopulation program reduces the number of wind and hurricane policies in the state's pool by moving them into the private marketplace. Specifically, these are coastal properties that were previously insured by the State of Florida for hurricane and windstorm. With the assumption, Atlantic Preferred will immediately be responsible for wind claims.
W. VA. GOV. REPORTS DISASTER DECLARATION APPROVED:
Gov. Bob Wise recently announced that a federal Major Disaster Declaration for West Virginia has been granted by the President because of recent severe flooding in the state. The declaration allows residents in 24 counties to apply for Individual Assistance grants, which are designed to help residents recover some flood-related expenses. Counties include: Boone, Braxton, Cabell, Calhoun, Clay, Fayette, Gilmer, Jackson, Kanawha, Lewis, Lincoln, Logan, Mason, McDowell, Mercer, Mingo, Nicholas, Putnam, Raleigh, Roane, Wayne, Webster, Wirt and Wyoming. Wise said he also believed FEMA would grant Public Assistance to many West Virginia communities. Public Assistance is designed to help state, county and local governments pay for damages to public property and/or for disaster response overtime for employees.
N.C. GOV. DECLARES DISASTER:
North Carolina Gov. Mike Easley has declared a state of disaster and emergency for Bolton, Lake Waccamaw, Chadbourn, Tabor City, Fair Bluff and Whiteville due to a Jan. 26-27 ice storm. The towns qualify for a Type 1 Disaster Declaration and are eligible to receive state disaster aid in the form of grant assistance to make repairs on infrastructure and public facilities. Also eligible are the Brunswick Electric Membership Corp. in Columbus County and the Four County Electric Membership Corp. in Bladen and Columbus counties. Combined damages for the communities and two area electric co-operatives are estimated at $1,591,254. The state will pay 75 percent of those costs and the eligible entities will be responsible for the remaining 25 percent match. The Brunswick EMC reported estimated damages of $841,246, and Four County EMC had $405,467 in losses. Municipal estimated damage and recovery costs included the following: Whiteville, $136,038; Tabor City, $72,476; Chadbourn, $55,239; Bolton, $29,293; Lake Waccamaw, $26,150; Fair Bluff, $25,345.
INSURERS URGE STATES TO FOLLOW MISSISSIPPI'S LEAD:
The American Insurance Association (AIA) is urging other states with dysfunctional civil justice systems to follow Mississippi's lead by enacting comprehensive tort reform. "Today, Mississippi is a trailblazer in the national campaign to end lawsuit abuse and restore fairness and predictability to courts across the country," said Robert Vagley, AIA president. Insurance companies reportedly look carefully at a state's legal and regulatory environment when making decisions about where to open new offices, hire employees, and market their products. According to the AIA, those who are charged with improving the lives of Mississippi workers and consumers—starting at the top with Gov. Haley Barbour, Lt. Gov. Amy Tuck, and state House and Senate leaders—understand, and have acted on, that reality. "Mississippi's enactment of strong civil justice reform should be a wake-up call to other states where litigation excess has caused an exodus of companies and jobs," continued Vagley. "If Mississippi can take action, there is absolutely no reason that jurisdictions from California to Illinois to West Virginia shouldn't follow suit. Sadly, litigation and judicial reforms that stem the rising tide of lawsuit abuse is long overdue in many states. Without such reform, employers will continue to see a large sign that reads 'business not welcome' on the state's front door. Gov. Barbour knows that states need to pay as much attention to the quality of their liability environment as they do to their state's education system and transportation infrastructure. Civil justice reform is a leading indicator for future economic development and jobs. Now that tort reform is a reality, there is no doubt that insurers and other businesses of all kinds will take a second look at Mississippi."
VA. PREPAID LEGAL AGENTS MUST REGISTER WITH OCA:
In response to a law change that went into effect July 1, 2004, agents selling prepaid legal service plan contracts in Virginia must register with the Office of the Consumer Affairs (OCA) at the Virginia Department of Agriculture and Consumer Services. This registration will take the place of the license authority issued by the Bureau of Insurance, and all authority to market these plans under an insurance license will terminate on Sept. 30, 2004. In order to continue to market these plans after Sept. 30, the individual sellers must register with OCA between July 1 and Sept. 30. The Bureau of Insurance will not issue any new licenses after June 30, 2004. Those wishing to market these plans after July 1 must register with OCA. Licensees are advised to visit the OCA Web site for additional information: www.vdacs.state.va.us/consumers.
InVEST AWARDS IN SCHOLARSHIPS:
InVEST, an education program for the insurance industry that develops a large pool of qualified recruits, has awarded $30,000 in scholarships to a select group of 10 high school and community college InVEST graduates. Scholarships are awarded annually to motivated students who have demonstrated that InVEST has provided them with a school-to-career education and inspired them to pursue higher education with an emphasis on insurance. InVEST's annual scholarships are funded through proceeds realized from the program's annual silent auction held each year in conjunction with the Independent Insurance Agents and Brokers of America's annual Big "I" Convention. This year, additional support was received by Chubb Group of Insurance Companies who donated $5,000 towards the scholarship fund in honor of Big "I" member Louise "BeBe" Canter's presidency. Among the recipients of the two $5,000 scholarships was Lauren Murohy of St. Petersburg Catholic High School, St. Petersburg, Fla. Recipients of the eight $2,500 scholarships included Joseph Mikheal, Eric Bridge, Andrew Rose, and Maria Galindo of Dr. Phillips High School, Orlando, Fla.; and Katherine Waechter and Marianne Escoto of St. Petersburg (Fla.) Catholic High School. Scholarship prospects submitted essays describing the influence and benefits of InVEST on their educational plans. The quality of the essay—combined with the applicant's grade point average, extracurricular activities, and college entrance exam scores—were factors in selecting the winners.
