Venice, FL – The President of First Guard Insurance Company, Edmund B. Campbell, III, broke ranks with other insurers and encouraged the Democrat controlled congress to repeal the McCarran Ferguson Act. “I have no argument with the system of state regulation,” stated Mr. Campbell. “However, the provision of McCarran Ferguson that provides anti-trust exemption and allows service firms like ISO to accumulate and publish collective loss, expense and rating data clearly discourages creativity and competition in our industry.”
Mr. Campbell has offered to testify before both the House and Senate Judiciary Committee’s in favor of repeal. Many leading Democrats including Representatives John Conyers of Michigan and Robert Wexler of Florida have expressed a desire to hold hearings on this issue. Even Republicans such as former Senate Judiciary Chairman Arlene Specter have articulated a need to review the anti-trust exemptions permitted by McCarran Ferguson.
Congress originally passed the Act in 1945 to establish state regulation over insurance. The Act includes a provision that exempts the industry from federal anti-trust laws and allows insurers to share loss and expense data to help with policy pricing and form development.
“Well run insurance companies understand their cost structures and exposure to risk,” said Campbell. “First Guard Insurance Company does not need or rely upon data collected from our competitors. We operate with a different model. If Congress repeals McCarran Ferguson it will force this industry to pay more attention to its excessive overhead costs and to become more entrepreneurial in the assessment of risk. Consumers in the end will benefit.”
About First Guard Insurance Company
First Guard Insurance Company, rated "A" by AM Best, is a direct writer of physical damage insurance for independent truckers.
SOURCE: First Guard Insurance Company
CONTACT: Courtney Wilson, Director of Corporate Communications
941-485-6210 e-mail: Courtney@1stguard.comwww.1stguard.com
Monday, January 15, 2007
Insurer Asks New Congress to Repeal McCarran Ferguson Act
1st Guard Launches Buy It Now…Online!
Venice, Florida – January 2, 2007 – 1st Guard Corporation, a truck insurance specialist, has launched Buy It Now, a tool that allows leased owner operators to securely purchase physical damage insurance on their truck or trailer over the Internet. 1st Guard® is the first and only truck insurer to provide physical damage coverage with just a few clicks of a mouse. “A few years ago, we were the first truck insurer to offer instant quotes on-line and today, we are the first to offer truck insurance coverage on-line,” stated Ed Campbell, Chairman of 1st Guard Corporation.
Buy It Now provides an alternative resource for owner operators looking for physical damage insurance. Owner operators are constantly on the road and it is difficult for them to make calls during normal business hours. Buy It Now provides them [owner operators] the opportunity to secure coverage any time of day or night. “The Internet is a valuable tool for businesses today and that includes truck insurance,” added Campbell. The Buy It Now tool is completely safe for the end-user.
In December 2006, 1st Guard® discretely unveiled Buy It Now on their website (http://www.1stguard.com/) on trial basis. During this period of time, 1st Guard® was able to secure several physical damage policies for owner operators who used the Buy It Now tool. Currently, the only product available on-line for purchase is physical damage (comprehensive/collision) coverage.
“We have always been on the cutting edge of technology, and a leader in the truck insurance industry. Buy It Now is an example of the direction we are headed,” commented Dan Ribar, Systems Engineer for 1st Guard Corporation. “We are excited to further develop this tool to offer more unique products and services to our customers,” added Ribar.
About 1st Guard Corporation
1st Guard Corporation is a leading truck insurance firm providing physical damage and nontrucking liability insurance to leased owner operators and small fleet owners. First Guard Insurance Company, rated "A" by AM Best, is a direct-writer for truck physical damage insurance and an affiliate of 1st Guard Corporation based out of Venice, Florida.
