IIAA Applauds House Passage of Worker Retirement Advice Act
A bill that would empower independent agents and brokers to provide counsel to participants in employer-provided investment plans holds significant potential benefits for millions of American workers, says IIAA CEO Bob Rusbuldt. The Retirement Security Advice Act (H.R. 2269) was approved by the House 280-142 vote. IIAA supports the measure because it opens the door for independent agents and brokers who manage retirement plans to provide advice to workers participating in a plan without having to become a registered investment advisor (RIA), notes Rusbuldt. "For the first time, workers who have been left on their own to make choices in thier employer-provided retirement plan will be able to call on the professional counsel of an independent agent or broker to walk them through the best investment options that will help them reach their goal," says Rusbuldt. Under current law, the Employmenty Retirement Income Security Act (ERISA) prohibits retirement plan particpants from recieving investment advice from the financial institution managing the plan's investment options or acting in other fiduciary or service provider capacities.
 

15th Annual Legislative Conference is Coming January 15-16, 2002!
Campaign season and Election year are near! The purpose of the Legislative Conference is to provide an atmosphere for company representatives and agents to network among state lawmakers. Your presence can affect the direction of the state's legislative agenda and campaign outcomes. Make plans now to attend this year's Legislative Reception to be held at the Hank Williams Museum! Located at 118 Commerce Street, it is across the street from the Montgomery Convention Center and within walking distance of the Embassy Suites Hotel. You won't want to miss this evening of good food and good fellowship with our invited Legislative guests. We expect a record turnout for this reception to be held in this unique museum dedicated to the world renown musician. Take advantage of a great price break on the registration fee and bring several from your office. You can find a registration form here or in the October issue of The Alabama Independent that can be printed and faxed back to Nancy Crowe at 205-326-3086. 

Don't forget to make hotel reservations, if you need a room. Hotel cut off date is December 15, 2001. With the Governor's race, the Lt. Governor's race and re-elections taking place in the State House and Senate, independent agents possibly face changes to the laws and regulations regarding our pro-business focus. AIIA and your Legislative Committee are once again bringing the political arena to you. With numerous speakers and a legislative reception, we set aside times for you to speak to legislators about your interests and have a good time at the same time! The conference is your chance to speak up and be heard by state political leaders and candidates.

Play AgentSecure's CONTEST
Agents can win by taking part in the AgentSecure "Triple Play" contest, which runs through the end of the year. After submitting applications on three separate accounts, an AgentSecure member-agent's name is entered in a $1,000 drawing each time he or she submits another application. The same goes for policies sold. The largest total sale on a single account (minimum combined premium of $10,000) is an automatic $1,000 winner. An agent who wins in one catagory remains eligible to win in the other two, making the potential jackpot $3,000. For more information, visit www.agentsecure.com.

We still need your help!
We are still trying to update our database in order to better serve your needs. Many of you have sent in your agency profile but many more have not. We urgently need these profiles. Please take a little time to complete them and send them back to us by December 18. You can fax them to Alison Ray at 205-326-3086.

AgentSecure Rings Out the New Year with More Products, More Markets
AgentSecure, the Web-enabled market-access solution endorsed by AIIA, has expanded the range of small commercial policies for which it can provide quoting, rating and binding. The product inventory now includes D&O, E&O and Bonds, to go with an original offering that consisted of BOP, Workers' Compensation, Commercial Auto, Employment Practices Liability. Life and specialty Workers' Comp products are in the pipeline for early 2002. AgentSecure is designed to help smaller and rural agents retain or regain thier access to small commercial markets, in the face of steep increases in the premium volume requirements associated with standard commercial contracts from leading carriers. It shields agents from volume requirements, yet pays commissions that are comensuate with industry standards.

AIIA's Westport Policy and How it Effects You
A small difference in wording between two non-regulated insurance policies can make a big difference in the coverage provided a policyholder. This is especially true with professional liability policies written on a claims-made basis. Some policy forms are pure claims-made policies, such as the AIIA endorsed Westport policy, while others are claims-made-and-reported policies. The first type is a blessing for the policyholder, while the second type can be a trap. In both types of policies, coverage is triggered when the claim is made; such as when the insured recieves a demand from a claimant based on a wrongful act commited by the insured. In a pure claims-made policy, the claim must be made against the insured during the term of the policy and must be reported "as soon as possible" or :as soon as practical." In a claims-made-and-reported policy, on the other hand, the claim must be reported during the policy period. This more stringent reporting provision gives rise to a serious coverage issue if a claim is made against the insured late in the policy period. Before you have a claim, you might want to see which type your policy is. Then, you might want to consider the Westport policy.

CNA Financial Announces Restructuring Charge
CNA Financial Corporation announced that it will record fourth quarter charges related principally to restructuring its Property/Casualty and Life Operations, discontinuation of variable life and annuity business, consolidation of real estate locations and related corporate staff departments reductions. CNA's new organization comprises three major businesses - Property/Casualty; Life/Group; and Reinsurance Operations. During the first half of 2002, CNA plans to consolidate from 169 to 68 locations in 63 cities. CNA will maintain its presence in its current markets serving agents and brokers. The number of all staff positions company wide is scheduled to be reduced by approximately 1,850 positions to about 16,500. The largest number of reductions is planned to occur in the Chicago headquarters.

Few Drivers Use Internet to Shop for Auto Insurance, But Trend Will Change
While few Americans have shopped for auto insurance on the Internet, many indicate that they will in the future, according to a recent survey by the Insurance Research Council (IRC). Only one-in-ten survey respondents reported that they had used the Internet for auto insurance information, but 24 percent said that they would in the future. This growth is expected to come largely from a select segment of the population - specifically consumers under the age of 35 who earn more than $75,000 a year. "The growth of the Internet coupled with the convenience it provides are beginning to intrigue auto insurance consumers," said Elizabeth A. Sprinkel, senior vice president of IRC. "It appears, however, that younger and more affluent shoppers are the ones most likely to shop online."

Employment Opportunities
Insurance Account Representative position available. Duties will include: assist with agent marketing efforts; provide quality service to clients; conduct needs based sales interviews in the agent's office; prepare forms, policies and endorsements. Will need to have a desire to be licensed in Property/Casualty and Life/Health. For more information, contact Jimmy Gillispie at 205-823-6441.

Individual interested in purchasing a profitable property-casualty agency in Central Alabama with revenue of at lease $500,000; focused primarily on personal lines and small commercial, with several secure carrier relationships and support staff. Would prefer the retiring principal to remain with the agency for a transition period. For further information, contact Ron Scott.

Needed - Risk Management Administrator. $10 and up. Finley Blvd. Area. Must have 3 years experience in claims administration. For more information, call Michelle at 945-6789.