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September, 2011 Newsletter from Absolute Insurance
Obama Repeals tax reporting requirement portion of Health Care Act
In April President Obama signed into law the repeal of the burdensome 1099 tax-reporting requirement that was included in the Patient Protection and Affordable Care Act. If this part of the law hadn’t been repealed all businesses would have been required to report information to the IRS on any payments for goods or services of $600 or more annually to other businesses.
Agents Unionize to Fight Allstate Insurance Company
About 10% of all Allstate Insurance Company agents have formed a collective bargaining unit and have filed with the Labor Relations Board to certify a union. Allstate Insurance Company has been reorganizing, requiring higher production quotas and reducing commissions to many of their long-time agents. The agents hope that a union will convince the management of Allstate to re-think the proposed changes.
Hurricane Irene Adds to Catastrophic Payouts by Insurers
Hurricane Irene will add approximately $3 billion to payouts by insurance companies for the year 2011. After the payouts for Irene the insurance industry will have paid out a total of $13 billion for catastrophes in 2011. This is some $3 billion higher than an average year… and the year is not over yet.
Most personal insurance companies have already increased rates on homes and autos from 5 to 10% for the year, so these insurers will maintain profitability. With the commercial insurers though, premium have not yet increased. Look for rates to increase on commercial property in 2012.
As always, if you have any questions, please give me a call. If you think we do a good job for you, please recommend us to your friends and business associates within your sphere of influence.
Thanks,
Steve LeMond www.AbsoluteInsuranceNV.com
President/Owner SteveL@ai-nv.com
702-699-5569 Fax 702-699-5650
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