Big 'I' outlines legislative agenda for new Congress.The Independent Insurance Agents & Brokers of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. trade group said it will continue to push for "targeted federal legislation" to reform insurance regulation when the new Congress convenes, as well as for a measure that would let insurers get a tax break on intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . The Big "I" said it will also work against "knee-jerk knee-jerk adj. Slang 1. Easily predictable; automatic: "quick, easy laughs and knee-jerk responses" New York. 2. policy responses" that would ban incentive compensation. As in years past, the agents and brokers group, which counts about 300,000 members, said it wants to see the state-based regulatory landscape reformed with "federal tools"--rather than through federal regulation--and that it also supports reforms to the federal crop and flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. programs, as well as an extension of the federal backstop for terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very . This year, the group also supports two bills--called S. 3974 and H.R. 4960 when they were introduced last year--that would amend the tax code in a manner beneficial for insurance agencies. The bills would create what the Big "I" calls "a more accurate depreciation schedule" for intangibles such as customer lists. The tax measures would also allow those buying a business to write off up to $5 million of purchased intangibles over a five-year period, with rateable rateable Adjective 1. able to be rated or evaluated 2. liable to payment of rates Adj. 1. rateable - liable to payment of locally assessed property taxes; "the ratable value of property" ratable depreciation over 10 years. In a statement, Big "I" senior vice president for government affairs and federal relations Charles E. Symington said the measures would help small agencies grow and be able to hire more employees, as well as pass their agencies on to family members when they retire. The Big "I" also wants states to issue and renew producer licenses on a reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. basis, and said it supports "targeted" federal legislation to streamline the licensing process and to implement uniformity. The group also said it would push for data-security legislation, but any national standards governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the use of people's private information should not be "burdensome." It also said any national standards enacted should be enforced through state insurance regulators. The agents and brokers group said, despite the 2004 Marsh & McLennan Cos. controversy, no state has yet banned the payment of incentive compensation. Still, the group said it is worried state attorneys general are "usurping the authority of state regulators and legislators" through legal settlements with insurers that use incentive compensation. Debra Perkins, the group's executive vice president and general counsel, said in a statement some attorneys general have been "strong-arming" insurers into making settlements. "Insurers need to determine how to compensate producers for sales and service excellence," Perkins said. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion