Legislative Day-on-the-Hill delivers again!
NAIFA-Florida members converged on the Capitol, in Tallahassee, in March, for the 2010 NAIFA-Florida Legislative Day-on-the-Hill where agents and advisors from local associations all over Florida delivered our message to members of the Florida Legislature.
The day kicked off with a great luncheon at the Leon County Civic Center where we heard House Insurance Committee Chairman Pat Patterson, who also is an insurance agent, discuss issues facing his committee. Following an issues briefing from chief lobbyist Tim Meenan it was off to the "Hill" for dozens of meetings with State Representatives and Senators all over the Capitol Complex. We had three primary issues to discuss with lawmakers, although numerous other topics were discussed:
1. Support Increasing Life Guaranty Fund Limits To Protect Cash Values - NAIFA- Florida initiated this legislation to increase the guaranty limits of the Florida Life & Health Insurance Guaranty Association (FLHIGA) from $100,000 to $250,000 in annuity cash values. Recently, the Federal Deposit Insurance Company (FDIC) raised the limits that it would pay for bank deposits held by insolvent institutions from $100,000 to $250,000. With our legislation, investors would have the same protection with an annuity as they would in an FDIC-insured bank. Senate Banking and Insurance Committee Chairman Garrett Richter and Rep. John Legg are sponsoring our bills
2. Support Property Insurance Rate Flexibility - NAIFA-Florida supports rate flexibility for property insurers and stopping commission reductions in the rate filing process. Private insurers need market-based rate relief to achieve actuarial soundness. Hopefully, this would encourage more competition while also reducing the number of policies in Citizens which has acknowledged its rates are inadequate.
3. Health Reform - NAIFA- Florida wants the Legislature to allow companies in Florida to write policies that give a menu of health mandates displayed as a checklist. If a company has the choice to select which mandates to include in its policies, premiums could be reduced by up to 50%. We need to do something to reduce health costs and this could help us toward that goal.
To get a more comprehensive look at the Federal Healthcare Reform Bill recently signed by President Obama please read Terri Seefeldt's excellent article in this issue of the Journal. Terri tells us why rates are really NOT going to decline under the reforms!
As is our custom, the Day-on-the-Hill was capped off with a reception on the spectacular 22nd floor of the Capitol with some of the best views in Florida. Attendees were able to mingle with dozens of lawmakers and regulators in a more relaxed setting, and the food and drink were fabulous.
Political advocacy is one of NAIFA's prime callings and it doesn't get better than our Day-on-the-Hill. Plan to join us next year.
Thank You!