SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Fun with money

Monday, Apr 14, 2014

* Crain’s

Andrew Boron, director of the Illinois Department of Insurance, is pushing legislation that would provide $5 million to a new state corporation chaired by Mr. Boron to recruit out-of-state insurers. The money would be siphoned from the fees insurers and insurance brokers pay to fund the state’s regulation of them.

He wants to replicate the success the department had in wooing EquiTrust Life Insurance Co. from suburban Des Moines, Iowa, which is a national hub for life insurers. […]

The $5 million to lure insurers from other states accounts for about 10 percent of the $52 million the Insurance Department receives annually from insurers and brokers.

So, the plan is to take insurance company fee money and use that cash to lure competing insurance companies to Illinois?

I suppose I can see the logic in this, but has anyone thought of just lowering the insurance fees by 10 percent?

- Posted by Rich Miller        


21 Comments
  1. - Chicago Cynic - Monday, Apr 14, 14 @ 11:00 am:

    Rich, Rich, Rich, please don’t bring common sense into this.


  2. - so... - Monday, Apr 14, 14 @ 11:02 am:

    Can’t grow the state payroll if you just lower the insurance fees.


  3. - RonOglesby - Monday, Apr 14, 14 @ 11:07 am:

    —–
    I suppose I can see the logic in this, but has anyone thought of just lowering the insurance fees by 10 percent?
    —–

    HAHAHAHAHA… Rich, you kill me!


  4. - Liberty First - Monday, Apr 14, 14 @ 11:09 am:

    Bureaucrats can’t seem to tell the difference between the role of govt as the regulator of business to assure a free market and interference in a free market.


  5. - wordslinger - Monday, Apr 14, 14 @ 11:09 am:

    Little empire-building going on.

    Please, not another state-giveaway fund to “lure” business.


  6. - RonOglesby - Monday, Apr 14, 14 @ 11:15 am:

    When I saw the Fun With Money headline I thought rich would have a note on the ISP and all those new (year old) trooper cars sitting without electronics.

    But this one was just as good.


  7. - OneMan - Monday, Apr 14, 14 @ 11:21 am:

    Another example of how your ‘regulation fee’ as it were gets used for other stuff..

    Years ago they took some of the money that nurses pay for their licenses (full disclosure, my wife had three different nursing related licenses she paid fees for) and were going to use it for nursing scholarships to try and reduce the ‘nursing shortage’

    Well besides the whole idea of using a fee paid by a workforce to create more job competition with that workforce stuck me as a bit odd, it also didn’t seem to be a good use of the fees in general.

    In this case, anyone want speculate how long until there some sort of insurance company scandal and how the regulator will say they were underfunded and that’s why didn’t catch it.


  8. - Pete - Monday, Apr 14, 14 @ 11:21 am:

    Lowering the fees would be giving away all the power that Boron is working so hard to get.


  9. - Arizona Bob - Monday, Apr 14, 14 @ 11:26 am:

    All they need to do is give a press release to industry publications that we’re encouraging insurers to come here.

    Question: How exactly would they be spending that $5 million? Spend $50K on a administrative assistant, $200K for a “director” and spend the rest on a politically connected Board of Directors, agents and lobbyists?


  10. - April Fool - Monday, Apr 14, 14 @ 11:26 am:

    The Department of Insurance is just a shill for the insurance industry. There is very little meaningful regulation that goes on there. There’s a reason why many former securities reps (including barred ones)decide to make a living in insurance.


  11. - April Fool - Monday, Apr 14, 14 @ 11:38 am:

    ” In this case, anyone want speculate how long until there some sort of insurance company scandal and how the regulator will say they were underfunded and that’s why didn’t catch it.”

    The Department of Insurance is definitely not underfunded. Between their two regulatory funds they have almost 100 mil in the bank - all subject to appropriation of course. I believe most of their funding comes from fees of insurers and producers rather than general revenue funds.


  12. - circularfiringsquad - Monday, Apr 14, 14 @ 12:02 pm:

    IL does not set rates…that is the “plan” from All State, State Farm, Horace Mann, etc. etc.

    Give the young man his money. The bigs won’t let any one in


  13. - A guy... - Monday, Apr 14, 14 @ 12:04 pm:

    ====”Andrew Boron, director of the Illinois Department of Insurance, is pushing legislation that would provide $5 million to a new state corporation chaired by Mr. Boron….”====

    Is there a single reason to read beyond this point to know bad policy is coming down the pike?


  14. - Jack - Monday, Apr 14, 14 @ 12:18 pm:

    This is wrong on so many levels. Using a fee for doing business in Illinois to attract competitors is just wrong. Those funds should be used to increase oversight of the insurance industry as intended or the fee reduced.


  15. - 4 percent - Monday, Apr 14, 14 @ 2:19 pm:

    Illinois almost lost their national certification a few years back and was only saved because Mautino stepped in. DoI was not spending on examiners and we would have lost reciprocity.


  16. - Robert the Bruce - Monday, Apr 14, 14 @ 2:37 pm:

    ==Please, not another state-giveaway fund to “lure” business.==
    Yeah, and that’s just step one.

    Step two is to give tax breaks to the insurance companies we already have - you know, the companies with CEOs who just bought multimillion dollar homes here and send their kids to private school here.


  17. - The Captain - Monday, Apr 14, 14 @ 2:45 pm:

    Rich if this is your idea of fun with money I’m here to tell you that you’re doing it wrong.


  18. - wordslinger - Monday, Apr 14, 14 @ 2:58 pm:

    Robert the Bruce, I’m with you.

    The corporations get tax breaks; the politicians get to issue multi-million-dollar press releases for “creating jobs.” Insidious relationship, worth nothing to taxpayers.

    It’s a scam all over.

    We could all learn a little something from ADM and the ludicrous Caterpillar “scare” about moving out.

    U-Haul? Too early.

    By the way, how’s JJ, the crocodile deal poster boy for moving out of Illinois? Last I heard, he was an Illinois Romney delegate to the GOP convention.

    That hq still in Champaign? Thought it was a done deal that it was gone.


  19. - Anon-MCMLVII - Monday, Apr 14, 14 @ 3:29 pm:

    April Fool: Aren’t you a lower-taxes, less government person? And you’re calling for *more* regulation from the agency? If my premise is wrong, I apologize.


  20. - South of 64 - Monday, Apr 14, 14 @ 6:40 pm:

    Andrew Boron, enough said. Agree with A Guy.


  21. - South of 64 - Monday, Apr 14, 14 @ 6:47 pm:

    Isn’t State Farm moving a tremendous number of jobs to Dallas, Phoenix and Atlanta already? Check the numbers.
    A brilliant idea to increase their fees even more.


Sorry, comments for this post are now closed.


* Reader comments closed for the weekend
* Rauner vetoes several social service bills
* Ok, that's enough
* I truly hate this US Senate race
* Rauner signs life insurance bill
* Question of the day
* State bond sale goes well, but still paid a higher price
* *** UPDATED x1 *** Picking on the little guys
* We've been a sorry state for a long time
* Munger and Mendoza face off in hostile debate
* I'm still befuddled by this move
* *** UPDATED x5 - Motion approved - Noven to withdraw - $421 million budget hit - One appointee appears to be ineligible - The plot thickens as three new board members appointed *** Controversy expected at TRS hearing today
* React to remap reform ruling
* Divided court kicks remap reform off ballot
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* Eighth beta for Apple software out for devs, seventh iOS 10 beta for public
* China’s Galaxy Note 7, the same as everyone else’s — 4GB RAM, 64GB storage
* Google Wallet debuts automatic transfers so you can skip “cashing out”
* Android 7.0 factory images are live for most Nexus devices
* Sony Xperia X Compact and Xperia XR specs revealed
* Mobile ad startup AppLovin in talks for $1.5 billion acquisition
* Apple’s own Snapchat could signify a huge services milestone

* Sale nearly makes history in hard-luck defeat
* Scouting, development shaping Hansen's dominance
* White Sox fall despite Sale's 14-K gem
* Sox acquire Turner from Toronto for Navarro
* Quintana seeks career-high 11th win against Mariners
* White Sox fall despite Sale's 14-K gem
* White Sox fall despite Sale's 14-K gem

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* Second Chance for Some Felons - Alton Daily News..
* Illinois governor loses $400 million vote on te.....
* Illinois governor vetoes $15/hour wage for care.....
* Rauner: "Voters should demand accountability" -.....
* Du Quoin State Fair kicks off - WPSD Local 6..


* EXCHANGE: Scout spends summer cataloging Senators' trophies
* EXCHANGE: Back-to-school shopping is more than crayons
* Chicago students to get free admission to city's top museums
* Prison releases Illinois woman convicted in daughter's death
* Air Force says retired 4-star general under investigation
* The colonel's secret recipe revealed? Not so fast, says KFC
* Illinois' pension payment expected to increase by $400M
* New law makes insurance companies find, pay beneficiaries
* Springfield woman sentenced for DUI in fatal crash
* Waukegan schools to replace some pipes, water fountains

* Despite budget warnings from Rauner, TRS board votes to lower investment estimates
* Progress on U.S. 67 sputters due to lack of funds
* New law makes insurance companies find, pay beneficiaries
* Decatur woman can petition to become nurse under new law
* Illinois redistricting referendum won't appear on ballot
* Comptroller hopefuls argue independence from Madigan, Rauner
* Springfield-area jobless rate remains lowest in Illinois
* Illinois 'Obamacare' health insurance rates up significantly
* Rauner's office warns teachers' pension change could be 'devastating'

* Rauner is missing a chance to push back on gun crime
* Hedge fund becomes biggest Tronc shareholder
* Hedge fund becomes big Tronc shareholder
* Former CS Publisher John Carroll dies
* Oct. 16 for a teacher strike?


* Dear Abby: Parents won’t let girl, 15, date her best friend
* Georgia Nicols horoscopes for Aug. 27, 2016
* Cubs notes: Missing Kershaw, making sure not to miss Scully
* Sale’s gem not enough as Sox lose
* Opinion: The unaccountable Hillary Clinton
* In ‘Bakersfield Mist,” the elusive art of judging art
* ESPN hosts needed discussion on athletes and responsibility
* Man critically wounded in Galewood shooting
* Sox ship Navarro to Blue Jays
* New legislation requires insurers to locate, pay beneficiaries


* Pushing back retirement age to 70 would be harder on low-income workers
* Too bad Cubs can't go right to late October
* Dwyane Wade's cousin shot dead while pushing her baby in stroller on South Side
* The UAE spends big on Israeli spyware to listen in on a dissident
* Japan's military begins training for new overseas missions
* Trump campaign CEO under new scrutiny over anti-Semitic remarks, domestic violence case
* Lemont connects on a pair of passing touchdowns to slip past Richards
* Cubs, Dodgers tied at 1 in 3rd
* Cubs manager Joe Maddon supports Tim Tebow's baseball bid
* Rauner vetoes $15/hour wage for caregivers of developmentally disabled


The widget AQL4JYGHIY powered by Feed Informer does not exist.


* Despite budget warnings from Rauner, TRS board votes to lower investment estimates
* Progress on U.S. 67 sputters due to lack of funds
* New law makes insurance companies find, pay beneficiaries
* Charles Krauthammer: The bribery standard
* Lloyd Richardson: Tuskegee Red Tails were a force to be reckoned with
* Guest Column: Bradley ad on wrong side of policy, politics
* Decatur woman can petition to become nurse under new law
* Illinois redistricting referendum won't appear on ballot
* Comptroller hopefuls argue independence from Madigan, Rauner
* Springfield-area jobless rate remains lowest in Illinois


* Registration opens for riverfront tours
* Organization honors mentors, educators
* RI opens filing season
* Concert series begins Sept. 1
* Military “brat” regional event on 9/11
* College opens registration for continuing ed classes
* Ford County rivalry game postponed
* Balance key for Maroons in rout
* Chargers stumble in opener
* High school football scoreboard, Aug. 26-27, 2016


* Friday night takeaways
* Aurora Central Catholic handles Aurora Christian
* Waubonsie Valley strikes first, beats Lake Park
* Batavia picks up W at Belleville West
* In a battle of aces, 'The King' tops Sale, White Sox

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Des Plaines Gets $11.4 Million To Purchase......

* Senator Kirk Says He Doesn't Regret Commen......
* US Senate candidate Duckworth visits Shelb......
* I truly hate this US Senate race - The Cap......

* Even nonpartisan attempt at redistricting reform was partisan effort
* “The Driver’s Side” – News From The Motorist’s Perspective
* Person Shot At Wilson/Hazel Friday Evening (Updated 3x)
* Person Shot and Killed At Wilson/Hazel Friday Evening (Updated 4x)
* Person Shot At Wilson/Hazel Friday Evening
* Judge Orders Release Of Additional Clinton Emails
* Illinois Corrections Department, AFSCME Pointing Fingers On Inmate Assault Of Pontiac Prison Workers
* PEACEBOOK Performs In Clarendon Park Friday and Saturday
* Transgender Performer Sues Over Chicago's Ban On Female Nudity In Bars
* Illinois Governor Vetoes Wage Hike For Workers Who Serve The Disabled


* Statement on Redistricting Referendum
* Rauner Administration Takes Action to Help Illinoisans Find Lost Life Insurance Money
* Illinois Residents Encouraged to Register for ‘The Great ShakeOut’ Earthquake Drill - 'Drop, Cover and Hold On’ Drill Set for October 20
* Governor Takes Bill Action
* Illinois Seeking Flexibility to Improve Delivery of Behavioral Health Care




      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller