Declarations

Antitrust laws

“Federal oversight would provide confidence that the industry is not engaging in the most egregious forms of anticompetitive conduct – price fixing, agreements not to pay, and market allocations … insurers may object to being subject to the same antitrust laws as everyone else, but if they are operating in an honest and appropriate way, they should have nothing to fear.”

Comments made by Senator Patrick Leahy (D-Vt.), chairman of the Judiciary Committee, who joined with Senate Democratic and Republican leaders this week to introduce a bipartisan bill that would strip the insurance industry of its limited antitrust exemption. Leahy introduced the Insurance Industry Competition Act, along with the judiciary panel’s ranking member, Senator Arlen Specter (R-Pa.), Senate Majority Leader Harry Reid, (D-Nev.), and Senate Republican Whip Trent Lott, (R-Miss.). The proposal has drawn the opposition of insurance company and agent trade groups. The industry maintains that the immunity, among other things, allows insurers of all sizes to benefit from collected loss data which makes insurance pricing more accurate and lowers costs.

Iowa doubles growth

“Iowa’s insurance sector experienced greater expansion than the national insurance sector during the previous 15 years … in 2005, employment in Iowa’s insurance industry was nearly twice its level in 1990.’

Employment in the Iowa’s insurance industry doubled during a 15-year period ending in 2005, with workers in the industry making far more than other non-farm employees, a new study found. The study, by Iowa State University economist David Swenson, found that 88,336 Iowans are employed directly or indirectly by the insurance industry, and are paid a total salary of more than $3.9 billion.

Malaria campaign

“Malaria kills more than one million people each year, and so many of these deaths are preventable with the simple use of a $10 bed net that stops mosquitoes from transmitting the disease.”

Ill.-based Insight Insurance Services Inc. co-owner Duffett Romano comments on their decision to participate in the Nothing But Nets campaign after reading a column by Sports Illustrated’s Rick Reilly. Last April Reilly wrote a column describing the ravages of the disease and challenging his readers to donate at least $10 for the purchase and distribution of an anti-malaria bed net. Seven months later, Reilly wrote a “nothing but thanks” column after more than 17,000 contributions had been received, totaling $1.2 million, which enabled the purchase and delivery of 150,000 nets. Insight is inviting its agents and brokers to participate in the campaign.