Think about it. Somewhere along Madison Avenue there is an advertising person who has been told that independent agents and brokers are going to have to disclose —at the point of purchase —the amount of money that they earn from the process of insuring a car, a motorcycle, a moped or a bicycle. That advertising company created the use of a little lizard-like green thing for selling insurance. There is great joy in the marketing department there. Imagine the dialogue that they are creating in an Australian accent, perhaps it goes something like this: “O.K. mate, how much are you making from insuring my car?” and the agent responds “15%” and he says “I can save that much if I called the company represented by the little green thing.”
In a way it’s kind of funny, since the value has been taken out of the equation at the very time it’s being quantified. the implication at the point of purchase is that there is a savings or a margin that can be tapped. It is disappointing to see that the drafts continue on this Producer Compensation Disclosure regulation and that negotiated compromises are small and insignificant. Somewhere in the lobbying process someone is going to declare a victory or a win or some such thing, when in fact the commission system and the agency force itself is truly losing something. Some weeks ago we talked about the use of a truth out of context as a vehicle for an implicit falsehood. That sounds like a lot of words, but if you go back to the column, it’s really true. There are many examples that have been sent over to me since. We really hope that this reg — when it comes out for public comment shortly—will find the comments to be unfavorable and the matter stopped cold in its tracks…As we go to press, the plans are underway for the Insurance Federation of New York’s annual luncheon which anticipates 400 to 500 leaders gathered at Cipriani on Wall Street to hear David Sampson of PCI and to honor Bill Fishlinger of WRM America. It’s on November 4th……..We received the happy news that Thomas E. Workman, LICONY President, will receive “The Man of the Year Award” from industry associations. Tom is a solid man whom we have known since the first days of his succeeding Peter Flanagan at the head of LICONY. Tom is a careful, caring man whose service to the business is only exceeded by his service to the community through Boy Scouting and other related activities. Really deserved! ... In this issue Peter Molinaro looks at Reg. 68 changes that have been long sought by the industry and reasons, in his own rather surgical way, that the industry should be careful. His sober look at the Bill will be a guide for anyone considering changes to Reg. 68 presently or in the future. May I take a moment to point out just what a great asset Peter’s work is to this publication, as he considers issues not only for their overall importance, but considers them in the history of the department’s activity in which he played a key role for many years. Thanks Peter. Nice work… Sad news from Florida: Patrick Foley, long a legend in the business among the top brass at AIG during its growth, passed away recently. We spoke to his son John and expressed the condolences of this publication and that of the many people who called for details of the wake and Mass. Pat will not soon be forgotten. A memorial has been set for him on the 4th of November at the Downtown Club, by invitation. We present Pat’s obit elsewhere in this publication… I have mentioned in a recent column that Betty Heiman has created a most interesting system for dealing with what she calls the “i-suite”. That is the independent individuals who are uninsured by choice. She has created an option for these people worth learning about. Check out Transparent Health Network. …We had the pleasure recently of lunch with Bob Powell, whose Concord Capital has pulled together with Inscap and other enterprises, for the capitalization and operation of insurance investments. Bob is one of the strongest players in the field of premium finance and related business having headed up MetLife, Jefferson Pilot and other companies, either on the divisional or total level. We wish him and friends at Concord Capital our best
…We have received an overwhelming number of responses to the ad in this publication for the insurance company for sale. Since the Insurance Advocate has been accruing these inquiries, we will be releasing the data to all respondents by November 16. If you are interested in this company for sale, please respond quickly. (See the ad in this issue page 29). The State of Israel Bonds’ Insurance Division honored Pennsylvania Insurance Commissioner Joel Ario and veteran insurance lawyer and arbitrator Donald T. DeCarlo during its annual luncheon at the St. Regis in Manhattan. The event topped $13 million in bond sales. Ario and DeCarlo received the Neil D. Levin Memorial Award, named for the former New York State insurance superintendent who died in the 9-11 terrorist attack on the World Trade Center. Recently appointed New York State Insurance Superintendent James J. Wrynn made the presentation to Ario. DeCarlo received his award from Barry D. Zyskind, president and CEO of AmTrust Financial Services. Israeli political advisor Dr. Raanan Gissin, spokesman for former Prime Minister Ariel Sharon, delivered the keynote address. Other speakers included Ambassador Asaf Shariv, Israel’s Consul General in New York, and event chairmen Martin Minkowitz of Stroock & Stroock & Lavan, Nathan M. Perlmutter of Forest Hills Financial Group, and Richard Allen of American Corporate Benefits. More than 250 attended.
