WEST REGIONAL NEWS
The Oregon Insurance Division has adopted regulations governing insurance companies' use of credit-based insurance scores in writing personal automobile and homeowners policies. The regulations take effect June 1.
"We are pleased that the division took action to avert potential inconsistencies," says Sam Sorich, vice president and western regional manager of the National Association of Independent Insurers (NAII). "The restrictions contain a number of disclosure and underwriting provisions. Overall, the new rules establish fair requirements relating to insurers' use of credit information for underwriting and rating."
Some of the most significant requirements in the regulations are:
* An insurer must notify a consumer who has requested insurance coverage that the insurer will check the consumer's credit history.
* During the application process, the insurer must notify the consumer that the consumer may request a written statement that describes the insurer's use of credit information.
* An insurer that uses a consumer's credit history in connection with the renewal of the consumer's policy must notify the consumer of the use when the insurer makes a renewal offer. The insurer must also inform the consumer that the consumer has a right annually to request that the insurer use current credit information in the renewal process.
* When an insurer takes an adverse action based on credit information--such as a non-renewal or rate adjustment--the insurer must provide the consumer with a notice that summarizes the most significant reasons for the adverse action.
* An insurer may not cancel or refuse to renew a policy on the basis of credit history or an insurance score; however, certain exceptions are provided.
Washington
Arthur J. Gallagher & Co. acquires agencies
In February, Arthur J. Gallagher & Co. announced the acquisitions of two Seattle-based agencies: McRory & Company, and Harman & McRory Company. McRory & Company, founded in 1973, and Harman & McRory Company, organized in 1990, are full-service retail insurance agencies which specialize in risk management and commercial property/casualty insurance services for their clients in the Northwest. Edwin McRory, David Harman and their associates will combine with Gallagher's current Seattle operations which are under the direction of Clark Johnson, Gallagher's northwest regional manager.
Associations hold meetings
Independent Brokers and Agents of the West (IBA West), (California and several other western states)--Blue Ribbon Conference May 4-8 at the Mauna Lani Resort on the Big Island of Hawaii; Young Brokers and Agents Conference June 5-7 at the Bahia Hotel, Mission Bay in San Diego. For more information, go to www.ibawest.com.
Independent Insurance Agents Association of Montana--Agency Management Institute, April 23-26 at Ruby's Inn in Missoula; Annual Convention, June 4-7 in Missoula. For more information, call the association at (406) 442-9555.
Nevada Independent Insurance Agents--June 15-17 at the Treasure Island Resort in Las Vegas. For more information, call the association at (775) 882-1366.
Utah Association of Independent Insurance Agents--May 18-21 in Sun Valley, Idaho. For more information, call the association at (801) 269-1200.
Professional Insurance Agents of Oregon/Idaho--June 1-4 at Sunriver Resort in Sunriver, Oregon. For more information, call PIA NW at (360) 571-7100.
Independent Insurance Agents and Brokers of Idaho--August 16-20 at Sun Valley Resort. For more information, call the association at (208) 342-9326.
Professional Insurance Agents of Washington/Alaska--June 8-10 at Campbell's Resort on Lake Chelan, Washington. For more information, call PIA NW at (360) 571-7100.
Association of Wyoming Insurance Agents--June 18-20 at the Clarion Inn in Gillette. For more information, go to www.awia.com.
Independent Insurance Agents and Brokers of Arizona--August 21-22 atthe Radisson Resort & Spa Scottsdale. For more information, call the association at (602) 956-3356.
California
Brown & Brown acquires agency
Brown & Brown Insurance has acquired Santa Barbara-based J.C. Whilt & Company Insurance Services (dba as Whilt, Fatch & Perry Insurance). A multi-line commercial insurance agency, J.C. Whilt serves the property and casualty, employee benefits and personal insurance needs of central California's residents and businesses. Jim Whilt and Bob Fatch, along with their staff, have joined Brown & Brown's existing Santa Barbara operation, MFC&V Insurance Services. *