The American Insurance Association and the Alliance of American Insurers strongly supported the Ohio Senate's decision to pass SB 260, a bill that would protect consumers during the sale of a structured settlement. The bill passed the Senate on a vote of 32-1.
A structured settlement is a widely used voluntary agreement that provides long-term financial protection for injury victims and their families. Under a structured settlement, an injured person receives funds disbursed over time, usually in the form of an annuity. It also protects against the loss or dissipation of lump-sum recoveries. Settlement purchasing firms "buy" the remaining payments due under the settlement in exchange for a small lump-sum payment. These actions undermine the benefits of a structured settlement.
Patricia Holden, AIA assistant VP of the Midwest region, says that AIA applauds the Senate for recognizing the need to consider safeguards so that consumers are protected. "If enacted, the bill would ensure that victims are fully aware of their choices and consequences if approached by a settlement purchaser," she says.
Kirk Hansen, director of claims for the Alliance, says, "By ensuring full disclosure prior to any transfer of a structured settlement, the bill would protect Ohio citizens from factoring companies that promise 'cash now' and deliver pennies on the dollar without fully informing consumers of the cost and consequences of the transaction."
Currently, 13 other states are considering structured settlement bills.
Michigan
Grand Rapids agency achieves highest honor
For the sixth year in a row,
Van Wyk Risk and Financial Management has achieved Diamond Club status with Michigan-based Frankenmuth Mutual Insurance Company. Van Wyk is the only company out of over 420 independent agencies in the Midwest to receive this honor annually.
Independent insurance agencies achieve Diamond Club qualification based on continued growth and profitability. This year's Diamond Club meeting will be held over a five-day period in June at the Ritz-Carlton Hotel in San Francisco, California.
Minnesota
Gallagher acquires Minneapolis agencies
Arthur J. Gallagher & Co. recently announced the acquisition of four domestic insurance agencies. Two of the companies--R.L. Youngdahl & Associates and the Towle Agency, Inc.--are located in Minneapolis.
R.L. Youngdahl & Associates, which was established in 1974, has grown and diversified its property/casualty and commercial benefits into one of the largest private insurance agency operations in the Minneapolis area. The agency offers a full line of commercial property/casualty insurance products.
The Towle Agency dates back to 1909. The agency provides professional brokerage and consulting services to the commercial real estate sector. Towle Agency serves large institutional investors as well as property managers on both the local and national level.
Each of these entities will work closely with its respective Gallagher regional management teams to provide the smooth integration of their firms and employees into the Gallagher group of companies.
Michael J. Cloherty, CEO of Gallagher's Brokerage Services Division, said that each of the acquired companies brings its own unique culture and history to Gallagher. "We welcome each of them to our Gallagher family of professionals."
Wisconsin
CIC Institute offers agency management class
Certified Insurance Counselors Institute is offering agency management classes June 27-30. The classes are worth five Wisconsin CE credits. The sessions will be held at the Paper Valley Hotel in Appleton.
Topics that will be addressed are the agency as an organization, human resource management, time management, marketing and sales management, legal and ethical responsibilities of agents and agency operations. Guest speakers and group discussions will also be featured.
Class begins at noon on Tuesday, June 27, and will commence at 5:15 p.m. On Wednesday, class is from 8 a.m. to 5 p.m., and 8 a.m. to 4 p.m. on Thursday. An optional two-hour exam will be available on Friday at 8 a.m.
The fee is $325 and covers all instruction, study materials, exam and refreshment breaks. Rooms and meals are not included.
For more information, contact PIA of Wisconsin at (608) 274-8188. *
©COPYRIGHT: The Rough Notes Magazine, 2000