New Insurance Code Requirements
This year kicked off with a number of activities and events that will be left for the history books. The most significant event, unquestionably, was the new insurance code requirements on the Diligent Search form SL-2 AB 2608 and the signed Disclosure Statement D-I SB 1145.
Our understanding and ability to comply was greatly aided by Dennis Ward of the D.O.I. (Department of Insurance) and his presentation at our Annual Meeting in January. The follow-up educational seminars by the SLA in early February, with Art Freeman and Jim Woods, were very well attended and helped us all understand how to work with the new forms and regulations.
Another educational seminar on the new Unfair Claims Settlement Practices law was held in late February. The attendance at the seminar was strong and at the same time satisfied a new requirement of the insurance code.
The various committees for 1993 were put in place early this year. While some of the committees are more active than others, all are equally important to the success of your association. My personal thanks to the chairperson of each committee and to the men and women serving as committee members.
Considerable time and energy continues to be directed toward pending legislation. Jerry Sullivan's Legislative Committee has been heavily involved in this area and his column is of importance to us all.
William Arthur Ward
Keep It Moving By Making It Better
Was it a year ago? It seems like it was only yesterday that Bob Keul passed the gavel to me as chairman for the ensuing year. Now, it is Jim Widgren's turn at the helm in these tumultuous seas upon which we have been navigating.
I cannot say enough about those who so unselfishly served you this past year. All worked closely with the State Legislature and the Department of Insurance for the common goal of preserving the means of having available commercial insurance for the protection of the consumer.
Both the Department and the Legislature were focusing on consumer protection while your association was focusing on making sure there would be secure avenues and facilities through and into which the consumer could transfer risk. That was our common cause.
However, those unfamiliar with the transactional part of the non-admitted insurance business had the tendency to over regulate, and in some cases legislate away the ability to arrange insurance for the benefit of the consumer. Our intelligence, energies and time were spent explaining and educating people concerning how and why the consumer was being injured. Additionally, we focused on proposed regulation and legislative bills. We assisted respective authors in maintaining their original intent and yet making the mechanical aspects work rationally. We believe because of our efforts, the consumer is much better off than had the SLA thrown up our hands in despair. In 1993, your current administration, chaired by the very able Jim Widgren, has the charge of working through the rough spots and further improving the design of insurance related legislation.
Let's not be spectators, but get behind Jim and his administration by actively supporting their efforts with whatever you can bring to the table!