insurance

Industry News

2008-05-06T03:59:00.000-07:00

District CAPCO Develops Micro Loan Program

Wilshire DC Partners, one of the three Certified Capital Companies (CAPCOs) in the District of Columbia, has developed a micro loan program for small businesses that do not qualify for CAPCO financing. The program will provide loans from $5,000 to $25,000, and will have an interest rate of prime plus 3 to 5 percent. Wilshire has proposed establishing a reserve fund with a $25,000 investment by the CAPCO, $25,000 by the District government and 5 percent of the loan amount by each borrower. Talks are ongoing between DISB and Wilshire on the feasibility of this plan. Neither of the other two CAPCOs has established a micro loan program.

DISB Monitors Payday Lenders

Since the Council of the District of Columbia passed legislation subjecting payday lending to the District’s 24 percent interest cap, DISB has been monitoring payday lenders’ compliance with the new law. All six firms previously authorized to engage in payday lending have indicated they would cease activity in the District rather than make loans capped at 24 percent. Four of the firms will continue to engage in traditional check cashing and the other two intend to cease all operations. DISB will begin to ensure compliance with the new statutory requirement through the use of examinations and reporting requirements.

NAIC Launches Small Business Website En Español

The National Association of Insurance Commissioners (NAIC), of which DISB is a member, recently launched a comprehensive Spanish-language public education program to assist small businesses with information about business risks and insurance options. Under the banner of Insure U, the campaign includes an online education site, public service announcements and community outreach by state insurance departments. According to a 2006 report by the US Census Bureau, Latino businesses grew by 31 percent between 1997 and 2002, three times the national average for all businesses.

According to DISB Commissioner Thomas E. Hampton, small businesses are a major engine of our economy, employing thousands and generating immense economic activity. Latino small business owners need to understand the array of business risks they face, as well as how to protect themselves with the right insurance coverage. Insure U for Small Business en Español will assist those business owners to make smarter insurance decisions.

The Insure U for Small Business curriculum, available in Spanish, includes six categories of vital information to small businesses: workers’ compensation; group health and disability; business property and liability; commercial auto; group life and key person life; and home-based business insurance. After reviewing the curriculum’s helpful information, small business owners can test their knowledge using an online quiz. Upon successful completion, they can download an Insure U for Small Business en Español diploma. DISB introduced Insure U for Small Business to the District’s small businesses in July 2007; and the Insure U public education program to the public in March 2006.

For more information about Insure U, consumers can visit DISB’s website at disb.dc.gov. The Insure U for Small Business en Español curriculum is available at InsureUonline.org.

Budget Hearings for DISB

The Council’s Committee on Public Services and Consumer Affairs Chair Councilmember Mary Cheh will hold an agency performance oversight hearing on the Fiscal Year 2007-2008 budget for DISB on February 28, 4:30 pm to 6:30 pm. The Fiscal Year 2009 budget for DISB will be held April 24, 4:30 pm to 6:30 pm. Any person wishing to testify may contact Aukima Benjamin at (202) 724-4902 or email abenjamin@dccouncil.us.

Commissioner Hampton addresses the delegation from the United Kingdom..

Foreign Grad Students Visit DISB

A delegation of six graduate students and two staff members from the London Metropolitan University’s graduate program in Financial Regulation and Compliance Management visited DISB January 24 for a briefing on insurance regulation in the United States and how the states collaborate and work together.

The visit, sponsored by the National Association of Insurance Commissioners (NAIC) and hosted by DISB Commissioner Thomas E. Hampton, gave students the opportunity to develop their knowledge of the US financial-service industry, to advance a comparative study of the US state-based insurance regulation and the United Kingdom’s single regulator system, and to become familiar with the work of the NAIC and DISB at the international level. While in Washington, DC, the group visited the National Association of Securities Dealers Inc., the Securities Exchange Commission, the Federal Reserve and the Commodity Futures Trading Commission. The students are senior financial-service professionals working in “The City,” London’s famed financial center.

DISB Joins Broad Coalition to Sponsor 10th Annual National Consumer Protection Week

DISB has joined a group of federal, state and local government agencies and national consumer advocacy organizations to launch the 10th annual National Consumer Protection Week (NCPW), March 2-8, 2008. NCPW highlights consumer-education efforts in the fight against fraud in communities across the nation. NCPW 2008’s organizers are encouraging people from coast to coast to focus on the financial facts of life. It’s a sound investment: financially savvy consumers are likely to make smarter decisions about managing their money, using credit wisely and building a solid financial foundation. Education is the first line of defense for consumers to manage their money wisely and protect themselves against frauds or rip-offs, according to Commissioner Thomas E. Hampton.

As a NCPW partner organization, DISB will use this week to launch its 12-page booklets on Insure U on its website. Insure U is a national consumer education program created by the National Association of Insurance Commissioners, which teaches consumers how to get smart about insurance using their various stages in life.

The Elite 8 International 2008: Excellence in Insurance IT Leadership

2008-03-29T02:02:00.000-07:00

Who are some of the insurance industry’s most outstanding technology executives in Europe, Asia, South America and Canada?
By Tauwdjiah

March 06, 2008

No effective insurance CIO today -- whether part of a huge, geographically diverse organization or a small, local niche carrier -- can ignore the impact of globalization on the business. Technology is shrinking the financial services world, and this smaller world presents new risks, opportunities and dilemmas for technology executives.

Developments such as $100-a-barrel oil, the strength of the euro compared with the dollar and the expanding credit crisis increasingly influence insurers' technology strategies, regardless of where they are based -- ranging from global money centers and major cities to emerging markets and rural areas. And while regional, local and line-of-business differences always are critical factors in different carriers' distribution, customer service and compliance activities, technology increasingly is enabling companies that are smart about how they use technology to gain competitive advantage.

Who are some of the insurance technology executives around the globe who are rising to this challenge and helping their organizations compete more effectively in both local and global arenas, and what role do they envision for technology in the ongoing globalization of the industry? How is technology being deployed in non-U.S. markets in Europe, Asia, South America and Canada? In an effort to provide some answers, Insurance & Technology introduces the "Elite 8 International 2008," a special report inspired by our annual Elite 8 special issue, which we have produced for nearly 10 years. You may not know all of the executives (or organizations) presented here, but one way or another, you are competing with them.

car insurance quotes

2008-03-20T15:19:00.000-07:00

The search for online car insurance quotes has actually become more rampant these days. This is because the need for protection related to the usage of cars has become stronger as well. Auto insurance can provide just that. When you have your own automobile, you do need protection against whatever losses you might incur, especially during times when car accidents or burglaries occur. You very well might think that you do not need to get insurance because you are a very responsible driver.car insurance quotes Yes, you may be responsible. But not all drivers out on the road are as responsible as you can be. Other than that, there are actually laws that have been implemented, requiring owners to get car insurance plans. Thus, you do have to consider getting the insurance for your auto.car insurance quotes
But hold your horses just yet. Do not go for the first quote that you can come across. Just like any other product, you will still have to shop around when you are looking for online car insurance quotes. Comparison is a must here. Each auto insurance quote you can find online just might bring various features, so you really have to conduct an efficient comparison for your perusal. Go through each feature offered by all insurance offers you come across. Make sure that the quotes you are getting are all accurate and at real-time as well. What's more, you have to make sure that quality is still prioritized over quantity. You may want to get the cheapest quote that you can get. Still, you should not sacrifice quality here. Thus, make sure to get maximum coverage at a price that is the lowest that you can find.car insurance quotes
Also, you have to remember that most insurance companies, if not all, actually perform credit checks on their applicants. This is done way before the application rendered has been approved and signed. There are some companies who do skip this step. However, these companies still require you to supply your own credit rating on their websites.car insurance quotes So, there is still that need to run credit checks when in the process of finding online car insurance quotes.

There is actually a very good reason as to why insurance companies run credit checks. Experience definitely plays a role here. People who have bad credit history are usually the same ones who have trouble making payments on time. There are even some people who end up abandoning their policies in the long run. This is something insurance companies want to avoid. Thus, the need to run credit checks is inevitable. These are just some of the things you will have to deal with when searching for online car insurance quotes car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes, car insurance quotes

AUTO INSURANCE QUOTES

2008-03-20T15:12:00.000-07:00

Saving Money On Your Car Insurance Quote by Jon Arnold
It is truly surprising to note the number of consumers who appear to be very savvy shoppers who are always aware of bargain, yet when it comes to saving money on their car insurance, they don't have a clue. What is even worse is that even though they will comparison shop something like a big screen TV down to the detail of where the transistors were made, they couldn't tell you how much their deductibles are, nor even exact what coverages they are carrying on their car insurance policy.

Getting the Best Online Car Insurance Quotes by Davion Wong
The search for online car insurance quotes has actually become more rampant these days. This is because the need for protection related to the usage of cars has become stronger as well. Auto insurance can provide just that. When you have your own automobile, you do need protection against whatever losses you might incur, especially during times when car accidents or burglaries occur. You very well might think that you do not need to get insurance because you are a very responsible driver. Yes, you may be responsible. But not all drivers out on the road are as responsible as you can be. Other than that, there are actually laws that have been implemented, requiring owners to get car insurance plans. Thus, you do have to consider getting the insurance for your auto.