Declarations

100 Agents

“We’ve got a lot coming out in 2012.”

—Jon Beckham, chief marketing officer at South Carolina-based Accident Insurance Co., who said the company is looking to add 100 agents in the 100 days through Oct. 12. AIC hopes to find new agents in Alabama, Arkansas, Arizona, Georgia, Indiana, Illinois, Kentucky, Mississippi, Missouri, Oklahoma and Virginia.

Misclassified

“The case has significant implications because these group of employees that worked at insurance brokerage companies were misclassified, and there are a lot of companies that have people just like this doing similar work that are also being misclassified. We believe this has a very important result in this industry.”

—Attorney Louis Marlin after a Los Angeles Superior Court judge approved a $10.5 million class action settlement involving Aon Insurance Services. The plaintiffs alleged that California Account Specialists had been misclassified by the defendant as exempt administrative employees and as a result weren’t paid the additional amount when they worked overtime. Thus, they fought to recover unpaid overtime compensation. There were 534 members in the class action.

White Collar

“There’s a reason white-collar attorneys make so much. It’s because insurance pays them.”

—University of Pennsylvania Law School Professor Tom Baker in a story on directors and officers (D&O) coverage for News Corp. executives facing a hacking scandal.

Surplus Change

“Some 90-95 percent of surplus lines risks probably are single state risks and are not going to change under NRRA.”

—Richard Bouhan, executive director of the National Association of Surplus Lines Offices, calming agent and broker concerns over the implementation of the new federal surplus lines law.