PC360 brings our readers the top quotes from major industry players for the week of May 14. Industry leaders comment on the House's 30-day NFIP extension, force-placed insurance, and more.
John Prible, vice president, Federal Government Affairs for the Independent Insurance Agents & Brokers of America, commenting on the House's passage of a 30-day National Flood Insurance Program extension designed to avoid a lapse in the program and allow time for the Senate to act on a long-term extension with reforms:
“We are encouraged by the increased focus and attention on the long-term reform and hope that the House and Senate will come to agreement on a short-term extension in order move the ball forward on the long-term effort.”
ACORD President and CEO Gregory A. Maciag discussing the challenge of focusing on the future and not fixating on the present:
“We trade off the future for the present all the time. Sometimes it is done on purpose for financial reasons, but most often it happens unintentionally simply because the future offers less clarity than the present does.
“We are looking ahead not just to the next year, but to the end of this decade. Our vision for 2020 is already taking shape.”
New York Superintendent of Financial Services Benjamin M. Lawsky, at a hearing on force-placed insurance, commenting on consumers finding out from an attorney that they were allegedly being unnecessarily forced to purchase insurance they could have secured on their own for less:
“If they were not lucky enough to find a lawyer, this would have been a disaster.”
New York State Senate Insurance Chairman James Seward (pictured left) and Senate Investigations and Government Operations Chairman Carl Marcellino (pictured right) commenting on the possibility of Senate hearings regarding the splitting of bond insurer MBIA into two companies after banks raised questions about the move during a court hearing in Manhattan:
“In light of recent news accounts of the ongoing litigation involving MBIA Insurance Corp., the Senate Insurance and
Investigations & Government Operations Committees are considering conducting an inquiry and holding hearings related to the company's 2009 restructuring that was approved by the former New York State Insurance Department.”
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