Captive.com – Compromise Urged on RRG Coverage Expansion Legislation
January 31, 2020
Captive.com – Jan. 31, 2020
The chairman of a House of Representatives subcommittee is urging opponents and supporters of legislation that would allow certain risk retention groups (RRGs) to expand coverages they can offer to their policyholders to work together to come up with a compromise measure.
“I would love both sides to leave this hearing and come up with a working document,” said Rep. William Lacy Clay (D–MO), chairman of the Housing, Community Development, and Insurance subcommittee. Hopefully, lawmakers can find a middle ground, Rep. Clay added.
Rep. Clay’s comments came at a January 30, 2020, hearing by his subcommittee on legislation, H.R. 4523, introduced last year by subcommittee member Rep. Alan Green (D–TX) that would allow RRGs to offer property coverages.
Certain conditions, though, would have to be met for property coverage to be offered. For example, an RRG would have to be operating for at least 10 years and maintain capital and surplus of at least $10 million.
In addition, only nonprofit members of the RRG could obtain property coverage. The measure also would bar RRGs from offering property coverage in a state in which regulators made publicly available the names of at least three admitted commercial insurers that offer property coverage to nonprofit organizations.
AM BEST AFFIRMS FINANCIAL STRENGTH RATING OF A (EXCELLENT) OF NONPROFITS INSURANCE ALLIANCE FOR ANOTHER CONSECUTIVE YEAR
Leading Insurer Exclusively Serving Nonprofits Continues to be Recognized for Financial Strength, Innovative Market Strategy, and Excellent Management
January 22, 2020
SANTA CRUZ, CA, Jan. 22, 2020 (GLOBE NEWSWIRE) — For another consecutive year, AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of the insurance entities of Nonprofits Insurance Alliance (NIA) group. The ratings reflect NIA’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, favorable business profile, and appropriate enterprise risk management.
NIA’s group brand includes Nonprofits Insurance Alliance of California (NIAC), based in Santa Cruz, CA; Alliance of Nonprofits for Insurance, Risk Retention Group (ANI), domiciled in Vermont; and National Alliance of Nonprofits for Insurance (NANI), also domiciled in Vermont. All organizations are administrated by Alliance Member Services and serve nonprofit organizations with specialized insurance coverages and exceptional risk management and loss control resources. All insurers in the group are 501(c)(3) nonprofits.
How one woman redefined insurance as she was being told it wasn’t possible
January 13, 2020
For women in corporate America in the 1980s, it was all about trying to fit into a workforce that comprised mostly of men. For women in insurance, the effort was even more pronounced. A conservative, male-dominant industry, insurance was missing executive-level female professionals, let alone female entrepreneurs.
None of that stopped Pamela Davis from starting her own insurance company. Davis is the founder and CEO of Nonprofits Insurance Alliance (NIA), a brand encompassing three insurers that provide 501(c)(3) organizations with a stable source of insurance that is specific to the nonprofit sector.
Nonprofits Insurance Alliance (NIA), an insurer focused on the 501(c)(3) nonprofit sector, unveiled its 20,000th member. 4CS of Passaic County based in Paterson, N.J., provides financial assistance with childcare to low-income families and helps struggling parents and caretakers obtain accessible, affordable, and quality childcare. 4CS joins nonprofits across 32 states and the District of Columbia as NIA members.
NONPROFITS INSURANCE ALLIANCE (NIA) WELCOMES 20,000TH MEMBER
Nation’s Leading Insurer Exclusively Serving Nonprofit Organizations Marks 30th Anniversary with Major Customer Milestone
December 9, 2019
Santa Cruz, California, Dec. 09, 2019 (GLOBE NEWSWIRE) — Nonprofits Insurance Alliance (NIA), the leading insurer exclusively focused on strengthening the 501(c)(3) nonprofit sector, today announced its 20,000th member. 4CS of Passaic County based in Paterson, NJ provides financial assistance with childcare to low-income families and helps struggling parents and caretakers obtain accessible, affordable, and quality childcare. 4CS joins a diverse community of nonprofit organizations across 32 states and the District of Columbia that relies on NIA for insurance products and risk management services to keep their operations, board of directors, staff, and volunteers protected.