January 11, 2009

Drunk Driving Crackdown

“It’s a wakeup call”

—Rhode Island State Sen. Leonidas Raptakis (D-Coventry), commenting on a report that ranked the Ocean State among the three worst in the nation when it comes to policies that curb drunk driving. Raptakis plans to introduce several new pieces of legislation to crack down on drunk driving.

The Value of Trust

“Insurance is based on trust – trust that you’re getting the right product at the right price, trust that the money you give an agent or broker will go to pay your premiums, trust that if anything happens, you will be covered. We will continue to aggressively pursue those who violate that trust and make sure consumers receive the full protection of the insurance law.”

—New York Insurance Superintendent Eric Dinallo, commenting on a report that his agency revoked 75 agents’ licenses in the first half of 2008, and issued fines of more than $530,000.

Luring Business

“We have seen higher submissions and higher win rates.”

—Mike Foley, chief executive of Zurich North America Commercial, maintaining that Zurich’s strong financial position is helping it lure business away from competitors that have taken a beating from investment losses. Foley declined to name rivals that may be losing business.

Wrong Route

“We are disappointed the FTC chose this route, despite the industry’s good faith efforts to work cooperatively to find a sensible, secure, and cost effective alternative to provide the data the FTC says it needs to conduct its study. The use of a ‘compulsory process’ does not allay our serious concerns about the handling and protection of massive amounts of consumer data.”

—David Snyder, American Insurance Association vice president and assistant general counsel, commenting on the Federal Trade Commission’s decision to order insurance companies to provide consumers’ personal information in connection with a study of credit-based insurance scores and homeowners insurance.

Madoff Effect

“The litigious environment that prevails means that it’s inevitable that financial institutions who invested clients’ assets in Madoff’s funds will face actions from disgruntled clients seeking to recover lost monies.”

—Paul Towler, head of the financial and professional practice at Lloyd’s broker Jardine Lloyd Thompson Limited (JLT), on the effect on the financial institutions’ insurance market from Bernard Madoff’s Ponzi scheme.

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