NU Online News Service, Jan. 14, 2:48 p.m. EST
NEW YORK—The ex officio of The Risk and Insurance Management Society praised the New York State Insurance Department for tackling the issue of producer compensation disclosure when no other department would.
Terry Fleming, director, Division of Risk Management, Montgomery County, Md., made his comments at a reception welcoming new RIMS President Scott B. Clark, risk and benefits officer for the School Board of Miami-Dade County, Fla., for the 2011 term, effective Jan. 1. Attending the event was New York department Superintendent James J. Wrynn.
"We're part of the process, the dialogue and implementation of the new regulation in New York dealing with broker compensation," Mr. Fleming said
"Supt. Wrynn is here," he said. "He knows RIMS wanted a much stronger regulation, but in my experience I found that when you leave the negotiating table and you feel like you left something on the table, or you didn't get everything you wanted, it's usually a sign of a pretty good compromise."
Mr. Fleming noted that New York "stepped up to the plate on this and really came through. I'd like to thank the department for allowing RIMS to be part of that process."
He also pointed out that New York tackled the issue of broker compensation "when no state did before and no state has done it since."
In his address, Mr. Fleming outlined four items that were his focus in 2010:
â–ª Legislation and regulation
â–ª Moving forward with ERM
â–ª Moving ahead with RIMS international strategy
â–ª Student outreach
On student outreach, he said, "many of our activities in student outreach are related to RIMS financial position."
He continued, "I'm pleased to say that RIMS is very strong financially. Consequently, we were able to commit to a donation to the Spencer Educational Foundation of $450,000—our largest donation ever." The foundation is affiliated with RIMS.
Mr. Fleming said RIMS also is donating $50,000 to the William H. McGannon Foundation, a similar group in Canada.
He spoke about the rebranding of RIMS, with the addition of a new tagline, announced this week.
"Last month RIMS' board approved a rebranding of RIMS, now The Risk Management Society, and I think certainly we're moving into the 21st century," Mr. Fleming said.
RIMS also replaced its symbol, previously a unicorn, with three stripes representing its "key areas of service to its members: resources, networking and education," RIMS said in a statement.
"More conceptually, the stripes also represent upward movement, symbolic of growth and action. They join together as they grow, demonstrating the integration of risk management within an enterprise and the effectiveness of collaboration," the statement added.
Mr. Fleming concluded, "This debate on our logo and our brand has been going on at RIMS ever since I can remember. So I'm pleased we were able to make that commitment and move forward."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
