Don’t panic over insurance legislation

We’ve all heard the stories on the news and seen the headlines in the newspaper – items such as “Bill in Legislature Would Require Insurers to Reduce Your Rates by 20%!”

These headlines grab attention and can cause panic, but chances are legislative proposals like these will never become law.

A review of legislative activity during the 2015-2016 cycle as reported by LegiScan revealed the probability of a given proposal being enacted is about 32.2 percent on average in the 29 states where Motorists and BrickStreet operate.

Sometimes bills are introduced to “make a statement” or garner support and interest. We encourage all agents to stay up to date on local and federal legislative initiatives that affect the insurance industry, your agency or your policyholders. You can make your voice heard through local organizations such as the National Association of Professional Insurance Agents (PIA), Independent Insurance Agents and Brokers of America (BIG I) or similar organizations so they can work to lobby on your behalf for the legislative initiatives that most impact you and your policyholders.

Next time you hear or see a headline aimed solely at getting your attention, research to see whether the bill has been enacted or just been introduced. If it is something you support, get involved and share your opinions with your district sales manager so that we all can work toward strengthening our industry. We can show our support through company testimonies and letters showing support for local lobbying organizations.