Declarations

Tennessee Venture

“This is a big opportunity. It’s important for the state to get this and to do this so that we remain competitive. Those funds I’m sure will be weighted fairly evenly throughout the state just for balance and for political purposes. ”

—Gwin Scott, president of Emerge Memphis, a business incubator, on a new Tennessee venture capital fund for startups with high growth potential, such as those involved in biotechnology and other innovations. The money will come from insurance companies that invest in the fund and then receive tax credits against their premium tax liabilities. According to The Daily News of Memphis, the program could generate as much as $120 million.

‘Fly-In’ Message

“When you have the president of the United States and the Democratic leadership supporting a government-run health insurance plan, it’s going to take a lot of work and lot of education for the decision makers to understand that government actions have consequences in the real world marketplace.”

—Robert Rusbuldt, Independent Insurance Agents & Brokers of America president and CEO, after members of his organization joined other insurance professionals in a “fly-in” to Capitol Hill to lobby on health care reform for a day last month. The agents sought to discourage lawmakers from including a public option in any health reform measure.

Coastal Zones

“At the end of the day, what we want is a viable insurance market. We’re not looking to limit our marketplace. We’re looking to figure out how we can grow.”

—Travelers Companies Inc. president Brian MacLean presenting his company’s plan to shift the authority for regulating rates for hurricane wind coverage from state regulators to an independent federal commission. He said federal oversight of homeowner rates in four U.S. coastal zones, including 18 states from Maine to Texas, could create a more stable market for insurers and homeowners than state-by-state regulation. The company’s proposal would require congressional approval, but MacLean said it wouldn’t require any taxpayer subsidies.

Public Fireworks

“It is vital to public safety that we have minimum training standards in place developed by experts in my office. We also need minimum oversight by my office both to ensure that there is appropriate insurance coverage and in order to prevent dangerous, non-permitted persons from operating these public displays.”

—North Carolina Insurance Commissioner Wayne Goodwin, who is also the state fire marshal, endorsing a bill to improve his state’s safety rules governing fireworks.