The legislative minefield

Article Abstract:

The insurance industry is faced with three legislative issues which will impact on future business and finance. Insurer solvency regulation will face increasing control by Congress and it is feared that too much federal control could destabilize the industry. Reform of the McCarran-Ferguson Act will lead to increased competition from banks for underwriting business. Finally, legislation approving the amortization of customer renewal lists will relieve some of the financial burden facing insurance agents.

Legislative bodies, Economic policy, United States. Congress, Dingell, John D.

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Exclusive agents join the battle

Article Abstract:

Ray Rogers, pres of the National Association of State Farm Agents, believes that allowing banks to sell insurance is an unwise policy and is particularly detrimental to captive insurance agents. Captive agents, who sell policies for only one insurer, are unable to offer their expertise or their businesses to banks, Rogers says. Captive agents plan to begin lobbying federal lawmakers in 1997 through the Coalition of Exclusive Agent Associations.

Commercial Banks, Commercial Banking, Insurance, Insurance Carriers and Related Activities, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Insurance Agencies and Brokerages, Insurance Regulation, Captive Insurance Agents, Political aspects, Insurance law, Bank insurance business

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Annuity policies for attorneys' fees result in income recognition

Article Abstract:

An annuity policy paid to an attorney is considered to be taxable compensation according to the latest ruling from the Internal Revenue Service (IRS). In several cases, the IRS agreed that an insurer paying a plaintiff's attorney with an annuity may transfer the obligation to a third insurer. Such a transfer is then considered taxable when the transfer is completed and is mostly vested.

Legal services, Attorneys, Lawyers, Compensation and benefits, Income, Annuities

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