The best BGAs stay current on investment trends, new products and technology. (Photo: iStock)
All too often, advisors short-change themselves and their clients by failing to take advantage of the capabilities of a life insurance brokerage general agency.
Related: Your 5 best arguments for life insurance
Here are seven ways to get more from a BGA:
No. 1: BGAs have the pulse on the market regarding products, company trends, underwriting niches, time service and deadlines for changes that can impact advisor clients and prospects.
No. 2: BGAs can match up advisors with the right company and product the first time, avoiding delays created by submitting another application later in the process.
No. 3: BGAs know about the technology changes in the new business platform that can save an advisor time and energy, as well as shorten the process for the applicant.
No. 4: BGAs will know if there are potential licensing landmines or deadline issues when submitting business to a carrier for the first time. When applying for an annuity or long-term care plan, there may be training and certification hurdles to overcome before taking an application.
No. 5: If there are product deadlines that could have an adverse effect on an applicant, a BGA can assist advisors in taking advantage of looming product changes, interest rate reductions, or re-pricing based on the low interest rate environment.
No. 6: There may be a better solution for a prospect or client that an advisor may not know about that a BGA can offer, which will increase the chances of placing the coverage.
No. 7: BGAs can offer more advanced illustration support for those cases when an applicant is concerned about the rate of return, the cost of waiting, or what type of income the plan can generate for retirement. These supplemental reports can seal the deal with a business owner, partner or CFO, helping owners feel comfortable knowing they are making a sound financial decision for the family or business.
To be sure, BGA’s vary in their capabilities and services. If you don’t find what you need with one, there are others that may be a better fit.
See also:
Could complying with the DOL rule give insurers a competitive advantage?
Here’s why digital life insurance sales are growing
If an emergency department is open 24 hours a day, why would patients be charged extra for coming in “after hours”?
Good question, say experts who help patients decipher and dispute their medical bills. “After-hours surcharges,” as they’re sometimes called, should be included in the regular fees charged by emergency physicians for an emergency department visit, they argue. But instead patients sometimes find an additional charge, generally between $30 and $200, tacked onto their bill for visiting overnight.
Although not commonplace, the use of such surcharges may be on the rise. “We’ve definitely been seeing these surcharges a lot more this year than in the past,” said Candice Butcher, vice president of Medical Billing Advocates of America in Roanoke, Va., which provides medical billing resolution services to individuals and companies.
Insuring Your Health
KHN contributing columnist Michelle Andrews writes the series Insuring Your Health, which explores health care coverage and costs.
To contact Michelle with a question or comment, click here.
This KHN story can be republished for free (details).
She pointed to a recent example last September in which an uninsured man visited a hospital overnight in Texas to have an abscess on his finger drained. The emergency physician’s bill totaled $1,697: $910 for evaluation and management services, $749 for draining the abscess and $38 for receiving services between 10 p.m. and 8 a.m.
In this case, as in others, the after-hours surcharge was a tiny fraction of the total bill. But it rankles people.
“People ask, ‘Why are they charging me this extra fee for a facility that’s open 24 hours a day?’” said Butcher.
Insurers may refuse to pay the extra charge, and if they do rule the charge ineligible for payment, typically patients don’t have to pick it up.
“Aetna does not reimburse for an ‘after-hours charge’ if it is associated with an emergency room visit code or in an urgent care center as these facilities are usually open after routine office hours,” said Ethan Slavin, a spokesman for Aetna.
The rationale for an after-hours surcharge is to cover the extra costs associated with operating and staffing a facility outside normal working hours, including generally higher salaries for overnight work, said Richard Gundling, a senior vice president at the Healthcare Financial Management Association, an industry group for executives. It’s used to varying degrees by emergency physicians, he said.
It’s legitimate to charge patients extra for visiting the emergency department during overnight hours, said Dr. Rebecca Parker, president of the American College of Emergency Physicians. “You’re paying people to be on staff during nighttime hours, and there are potentially extra costs there,” she said. Still, she said, emergency physicians rarely use it.
Please visit khn.org/columnists to send comments or ideas for future topics for the Insuring Your Health column.
Cost and Quality, Health Industry, Insurance, Insuring Your Health, Syndicate
United India Insurance Company Limited (UIIC) has released notification for the recruitment of 750 Assistant vacancies
United India Insurance Co. Ltd. is a leading Public sector General insurance company wholly owned by Government
of India with a gross premium of more than Rs.10,000 Crores. A rapidly growing company with more than 1600
offices, highest network in the non life insurance industry throughout the country.
Company proposes to recruit young and dynamic candidates for its Offices all over India. Applications are invited
from eligible Indian citizens for the post of ASSISTANT.
Please note the important dates:
Online Registration commences from 07/07/2015
Last Date for Registration of Online applications 20/07/2015
Dates for Payment of Application Fee 07/07/2015 to 20/07/2015
th
Date of Online Exam (tentative)* 30 August, 2015
th
Download of Call letter for Online Examination 20 August, 2015
Educational Qualification:(As on 30.06.2015)
Graduate from a recognized University OR
th
Pass in HSC / equivalent (12 pass) examination with 60% marks (50% for Ex-servicemen, SC/ST &PwD) and
knowledge of Regional Language i.e. Language of the State of Recruitment is essential.
4. Age (as on 30.6.2015)
i. Minimum Age : 18 years and Maximum Age : 28 years (as on 30.06.2015).Candidates born not earlier
st th
than 1 July, 1987 and not later than 30 June, 1997 (both days inclusive) are only eligible to apply.
HOW TO APPLY:
DETAILED GUIDELINES/PROCEDURES FOR
A. APPLICATION REGISTRATION
B. PAYMENT OF FEES
C. PHOTOGRAPH & SIGNATURE SCAN AND UPLOAD
Candidates can apply online only from 07.07.2015 to 20.07.2015 and no other mode of application will be
accepted.
IMPORTANT POINTS TO BE NOTED BEFORE REGISTRATION
Before applying online, candidates should-
i. Scan their photograph and signature ensuring that both the photograph and signature adhere to the required
specifications as given under Guideline for photograph & signature scan and upload.
ii. Have a valid personal email ID and mobile no., which should be kept active till the completion of this
Recruitment Process. Company may send call letters for the Examination etc. through the registered e-mail ID. In case a candidate does not have a valid personal e-mail ID, he/she should create his/her new e-mail ID
and mobile no. before applying on-line and must maintain that email account and mobile number.
“The President-Elect campaigned on a pledge to repeal the North American Free Trade Agreement; this could have implications on the insurance industry in Canada in terms of insurers’ ability to bring in American adjusters to assist in special circumstances, like we saw following the Fort McMurray wildfire.” – Andrew McGrath, media relations manager, Insurance Bureau of Canada
“RIMS is ready to monitor new regulations that could impact insurance markets, as well as organizations’ ability to effectively manage risk. We look forward to ongoing engagement with government representatives to ensure the best interests of our members are served.” – Julie C. Pemberton, RIMS president
TAXES
Trump has pledged to scrap estate and gift tax, which means Canadians with U.S. real estate or operating businesses could benefit from a new capital gains tax planning avenue and easier estate planning. “You’d see a lot more Canadians using flow-through structures rather than corporations.” – Abe Leitner, director of tax planning at Goulston and Storrs, New York City.
CROSS-BORDER RELATIONS
After a call to congratulate Trump on winning, Prime Minister Justin Trudeau told reporters in Sydney, N.S.: “… it was a strong beginning to what is going to be a constructive relationship.”
TRADE
Trump plans to axe the Trans-Pacific Partnership (TPP), which would lower trade barriers, allowing Canada to import goods at lower prices, facilitating “higher productivity, higher GDP and higher incomes.” – Trevor Tombe, assistant professor, Department of Economics, University of Calgary.
Trump has threatened to renegotiate or withdraw from the North American Free Trade Agreement (NAFTA), but could face resistance from legislators in states that have reaped the benefits. “You tear that up, my mother used to say, ‘you’re cutting off your nose to spite your face’.” – Brian Mulroney, former prime minister and architect of NAFTA.
IMMIGRATION
An anti-immigration president will likely mean tougher border crossings for Canadians, suggested Heather Segal of Segal Immigration Law. Canada may even see an influx of American citizens seeking a new home – on election night, Canada’s Immigration and Citizen website reportedly “crashed” and searches in the U.S. for one-way flights to Canada more than doubled, said Cheapflights.com.
ENERGY
Trump’s win could breathe new life into plans to build the 1,900-kilometre Keystone XL pipeline from Alberta to Nebraska, as Trump has said he would approve it. However, Trump favours oil and gas drilling on federal lands, which could stifle appetite for Canada’s oil and gas production.
CLIMATE CHANGE
Trump has called global warming a “hoax,” pledging to cancel the landmark Paris Agreement. In response to Trump’s opposition to Canada’s carbon-tax plan, Trudeau insisted “there is tremendous economic disadvantage” to not taking strong action in the fight against climate change.
A.M. Best rates Fairfax Financial Holdings’ unsecured notes
Firm gets a bbb, with a stable outlook.
Staff on December 15, 2016
A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb” to Fairfax Financial Holdings Limited’s recently announced CAD 450 million in aggregate principal amount of senior unsecured notes due 2026. The senior unsecured notes will be obligations of Fairfax and pay an annual fixed interest rate of 4.70%.
The outlook assigned to the credit rating is stable.
Following the senior notes issue, financial leverage and coverage measures at Fairfax are supportive of the assigned ratings. Fairfax intends to use the net proceeds of the offering to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries and for general corporate purposes. This may include the redemption or repurchase of certain of Fairfax’s previously issued senior unsecured notes.
NAFA must now consider whether or not to take their case to the U.S. Supreme Court. (Photo: iStock)
A federal appeals court on Thursday refused to block Obama administration regulations that were adopted to minimize conflicts of interest in the retirement-investment industry, a significant setback for financial planners, insurance agents and other advisers who said the rule will disrupt the marketplace.
Related: Senate panel clears retirement savings bill
The National Association for Fixed Annuities in November urged the Washington court to freeze for at least ten months the April 10, 2017 start date of the new rule, which requires financial professionals who give retirement advice to put the best interest of their customers before commissions or fees. The U.S. Labor Department in April adopted the new regulations, a project more than six years in the making. Rules governing retirement investment advice had remained unchanged for decades.
Related: NAFA to appeal DOL fiduciary rule decision
NAFA earlier told the U.S. Court of Appeals for the D.C. Circuit that its members “will be forced to accelerate irreversible, costly, and industry-altering actions in the weeks ahead to restructure their entire distribution system, which has been in place for decades.” The group on Friday said the Labor Department engaged in “far-reaching rulemaking, well outside its area of expertise.”
In the order Thursday, D.C. Circuit judges Karen LeCraft Henderson, David Tatel and Sri Srinivasan said the annuities association “has not satisfied the stringent requirements for an injunction pending appeal.”
The annuities group was represented by the law firm Bryan Cave. The association could ask the full appeals court to reconsider, or take the dispute to the U.S. Supreme Court.
The fiduciary rule requires firms and advisers “to make prudent investment recommendations without regard to their own interests, or the interests of those other than the customer.” Investment advisers must charge what regulators call “reasonable compensation” and firms cannot make any misrepresentations about recommended investments. The regulations expanded the scope of “fiduciary” responsibilities in the retirement investment market.
“Together, the rule and exemptions impose basic standards of professional conduct that are intended to address an annual loss of billions of dollars to ordinary retirement investors as a result of conflicted advice,” the Labor Department said in rolling out the regulations.
The Justice Department on Dec. 6 urged the D.C. Circuit to “not take the extraordinary step of enjoining lawful regulations issued after six years of public comment and consideration, whose continued operation is essential to the nation’s retirement security.”
The department described as “speculative” the contention that the new regulations will cause “irreparable” harm to members of the annuities group.
“Any economic injuries plaintiff’s members might sustain are outweighed by the harm to retirement investors whose savings are threatened by conflicted advice,” Michael Shih, a Justice Department lawyer, wrote in court papers.
Other fiduciary suits pending
Lawsuits challenging the fiduciary rule are pending in Texas, Kansas and Minnesota federal district courts. The U.S. Chamber of Commerce is a plaintiff in consolidated cases in Texas. A judge in Dallas heard argument on Nov. 17.
A Kansas judge last month refused to enjoin the new rule, rejecting a challenge from the insurer Market Synergy Group Inc. The ruling was the second win for the Labor Department in defending the regulations.
U.S. District Judge Randolph Moss on Nov. 4, presiding in the NAFA case, was the first judge to reject a challenge to the new rules. Moss both denied a preliminary injunction request and also ruled on the merits of the regulations. He later refused to stay his decision pending the outcome of the annuities group’s appeal in the D.C. Circuit.
“The new rules were adopted to protect retirement investors from conflicted advice and potential losses to their retirement savings,” Moss wrote. “Enjoining the rule would delay this protection. It would also interfere with the implementation of three regulations that were lawfully adopted after nearly six years of study, public comment, and consideration.”
The Trump effect
Looming on the horizon: How will Donald Trump’s Labor Department respond to the fiduciary rule? Trump on Dec. 8 said he would nominate fast-food chief executive Andrew Puzder as the Labor Department secretary. Puzder’s thinking on the fiduciary rule isn’t known, but he has widely advocated for a deregulatory labor agenda.
Barbara Roper, director of investor protection for the Consumer Federation of America, said Puzder is “an unknown quantity as far as the fiduciary rule is concerned, though his general antagonism toward regulation is of concern. We can only hope that he’ll live up to the president-elect’s pledge to make Washington work for average Americans.”
The fiduciary rule, Roper said, pits the interests of workers and retirees against financial firms that are fighting to preserve their ability to profit. “So, if that pledge was more than just empty campaign rhetoric, the rule should be safe,” she said.
The U.S. Chamber of Commerce said Monday it is “already working” with Trump administration transition officials to “undo” the Department of Labor’s fiduciary rule.
Advisers, lawyers and lobbyists said the Trump administration could move to repeal and replace the rule, or expand some of its exemptions. Trump would not be able to undo the rule with a stroke of a pen.
Industry officials, speaking at a conference in Florida on Dec. 6, predicted implementation of the rule could be delayed but not altogether derailed.
Skip Schweiss, head of advisory advocacy at TD Ameritrade Institutional, said he doubted the rule will outright die. “To undo the rule would require a new rulemaking,” he said. “While I do think a delay is likely, I don’t see a flat-out repeal. Maybe delay by a modified rule [via] a deal in Washington.”
Contact Melanie Waddell at mwaddell@alm.com and Mike Scarcella at mscarcella@alm.com.
See also:
Analyst: Brace yourself for a BIG, post-DOL rule revenue dip
3 peeks inside the Trump DOL pick’s benefit plans
Check us out on Facebook and Like us!
Originally published on National Law Journal. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Ice busting ship preps for trip amid push to replace fleet
Demand for icebreaking ships is expected to grow as climate change melts sea ice.
Audrey McAvoy, The Associated Press on December 15, 2016
The only U.S. ship capable of breaking through Antarctica’s thick ice is getting scrubbed down, fixed up and loaded with goods in balmy Hawaii this week as it prepares to head to the frigid south.
The voyage by Coast Guard Cutter Polar Star comes as the U.S. looks to replace and expand its aging fleet of polar icebreakers so it can maintain a presence in the most remote corners of the world. The demand for icebreaking ships is expected to grow as climate change melts sea ice and lures more traffic to northern Arctic waters.
“The spectre in the future is more marine use in the Arctic, more shipping, more offshore development, more tourism,” said Lawson Brigham, a professor of geography and Arctic policy at the University of Alaska Fairbanks.
The Coast Guard needs to be able to enforce U.S. laws as well as search for and rescue people in the Arctic like it does in other waters, Brigham said. Though sea ice is melting faster than before, the Arctic Ocean is fully or partially covered by ice for about three-quarters of the year.
The Seattle-based ship has stopped in Pearl Harbor to stock up on food and fuel. It was scheduled to leave Monday to carve a channel through 30 miles of ice in Antarctica so ships can resupply a U.S. research centre, but it was delayed by last-minute repairs.
The Polar Star specializes in the Antarctic mission because it can handle the thicker ice, leaving the jobs in the Arctic to a medium icebreaker called the Cutter Healy.
The 40-year-old Polar Star was built to last only three decades of grinding through thick sheets of ice. It forces its way through by riding up on ice and crushing it. When it can’t break through, it backs up and rams the ice.
Brigham, a retired Coast Guard captain who commanded a heavy icebreaker in the Arctic and Antarctic in the 1990s, said policymakers have debated boosting the icebreaker fleet for decades. Climate change adds a new element to the discussion.
More cargo ships already have been taking Arctic routes as the planet warms. Last summer, a luxury cruise liner sailed to Nome, Alaska, then farther north to become the largest ship to ever traverse the Northwest Passage. Melting ice also will attract those seeking to extract oil, metals and other natural resources.
Insuring Your Health
