WESTERN REGIONAL NEWS
In February, the South Dakota House Transportation Committee killed a House bill that would have increased the cost of auto liability insurance by as much as 20%.
"South Dakota is number 46 among the 51 states in auto insurance policy cost, at an average of $619 per year," reports Laura Kotelman, regional manager and counsel for the Property Casualty Insurers Association of America (PCI), which opposed the bill. "Based on estimates from several of our member companies, mandatory liability insurance minimums would have increased premiums between 11% and 24%, depending on the insurer."
H.B. 1121 would have doubled the minimum amounts of vehicle liability insurance that people must carry to $50,000 in liability insurance for individual injuries and death, $100,000 for multiple claims from one accident, and $50,000 for damage to others' property. The current limit is $25,000/$50,000/$25,000.
According to Kotelman: "South Dakota currently has an uninsured driver population of only 6%, one of the lowest in the country. Increasing minimums for South Dakota drivers could have proved to be too expensive for some, who might have opted to go without insurance because of the cost. Limiting such requirements will help most people in the state do the socially responsible thing and maintain appropriate amounts of auto liability insurance."
Earlier in the session, H.B. 1120, a bill to require proof of insurance at the time a car is registered, also died in the House Transportation Committee.
Area news
According to figures released late last year by the NAIC, two western states rank in the 10 states with highest average expenditures for private passenger auto insurance. With an average of $851.15, Nevada ranks seventh; Alaska is the tenth highest, with an average of $826.10. Several western states rank in the lowest 10 average expenditures for private passenger auto insurance, including: North Dakota (average of $497.79), South Dakota (average of $510.42), Idaho (average of $523.38), Wyoming (average of $527.63), and Montana (average of $572.06).
Annual conventions planned
Professional Insurance Agents (PIA) of Washington and Alaska--May 22-25, Dolce Skamania Lodge in Stevenson, Washington. For more information, call PIA-NW at (888) 246-4466.
Professional Insurance Agents (PIA) of Oregon and Idaho--June 6-9, Westin Salishan Lodge and Golf Resort in Gleneden Beach, Oregon. For more information, call PIA-NW at (888) 246-4466.
Independent Insurance Agents & Brokers of Oregon (IIABO)--August 29-31, in Sunriver, Oregon. For more information, call the IIABO at (503 ) 274-4000.
Independent Insurance Agents & Brokers of Idaho (IIABI)--August 14-18, Coeur d'Alene Resort. For more information, call IIABI at (866) 805-4978.
Insurance Brokers and Agents of the West (IBA West), which includes California and other western states--Blue Ribbon Conference: May 2-6, Mauna Lani Hotel, Hawaii; Young Brokers & Agents Conference: June 3-5, Hyatt Regency in Monterey, California. For more information, go to www.ibawest.com.
North Dakota PIA/IIA--May 2-5, Ramkota Inn in Bismarck, North Dakota. For more information, call the North Dakota PIA at (701) 223-5025.
South Dakota Association of Insurance Agents--River Days Conference: May 13-14, Fort Pierre Dunes Golf Complex/Ramkota Hotel and Convention Center in Pierre, South Dakota; Walleye Tournament: Aug. 5-6. Contact the association at (605) 224-6234 for more information.
Association of Wyoming Insurance Agents (AWIA)--June 16-18, Holiday Inn in Sheridan, Wyoming. For more information, call AWIA at (307) 283-2052.
Nevada Independent Insurance Agents (NIIA)--June 6-8, Harrah's Lake Tahoe. For more information, call NIIA at (775) 882-1366.
Nevada
Credit scoring law enacted
A new credit scoring law (Senate Bill 319) takes effect July 1, 2004. According to the Property Casualty Insurers Association of America (PCI), the new law follows the NCOIL model.
California
Agencies acquired
Late last year, Fullerton-based Armstrong/Robitaille Insurance Services, a wholly owned subsidiary of UBOC Insurance, Inc., announced plans to acquire Glendale-based Knight Insurance Agency. UBOC Insurance is a wholly owned subsidiary of Union Bank of California, N.A.
In February, Brown & Brown, Inc., announced the asset acquisition of J. Gregory Brown & Co., which has offices in Newport Beach and Los Angeles.
State ranks high in WC cost per employee
According to the National Foundation for Unemployment & Workers' Compensation, California has the nation's second highest workers comp cost per covered employee ($652). With an average cost of $1,073, West Virginia ranks highest in the nation, compared to a national average of $350 per covered employee. *