A change will do you good…

  • Blue wave or red tide, the November 6 midterm elections are certain to shake-up the power structure on Capitol Hill and in state capitals. Should Democrats take control of the U.S. House of Representatives, we will see new chairs across all committees – including the critical Ways and Means Committee. Even if the GOP maintains control of the House, the retirement of key Republican leaders will result in sweeping changes to Committee memberships.  And governors’ races in key fraternal states like Illinois, Ohio, Wisconsin, and Pennsylvania could change the regulatory landscape in those states and at NAIC.  Check out this article by The Washington Post’s Scott Clement for a look at the impact next week’s elections could have on the nation and your society.
  • Our friends at the National Association of Insurance and Financial Advisors (NAIFA) have created a “Midterm Madness” game that encourages their members to test their political prognostication abilities and see what’s at stake in the November elections. It’s fun and easy to play, and the NAIFA folks have invited Alliance members to participate. I don’t know what the prizes are, but I’m hoping the winner gets a gig on MSNBC or Fox News…
  • A.M. Best has published its annual market segment report on the fraternal sector. You can read the news release on the report HEREI’ve read the full report and believe it to be fair and objective. It describes the challenges societies face – keeping up with technological advances, remaining relevant to younger consumers, dealing with demographic shifts to urban areas – in realistic but not alarmist terms. There is nothing in the report that we haven’t discussed at every Alliance meeting for the past 20 years. We all are well aware of the obstacles we have to overcome. The societies that will be discussed in future Best’s market segment reports are those that do something to address them.
  • I attended the Pennsylvania Fraternal Alliance Annual Meeting last week. The highlight of the program for me was the regulatory report delivered by Deputy Insurance Commissioner Joe DiMemmo. Pennsylvania-domiciled fraternals have made a concerted effort to build a positive relationship with state regulators, and Mr. DiMemmo gave a detailed report on the issues that are of greatest concern to the Insurance Department and to fraternals. You can get a good idea of those topics by reviewing his PPT deck. But the real message here is to other State Fraternal Alliances: These types of regulatory presentations should be a mandatory component of your annual meetings, too. Building relationships with regulators is one of the most important ways SFAs can enhance their value to member societies and to the entire fraternal community. Want some ideas on how you can incorporate these presentations into your next meeting?  Contact me at jannotti@fraternalalliance.org.

 

 

 

 

 

 

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