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Hauser Insurance explains management of fiduciary liability risks

Goof fiduciary oversight is essential for limiting associated liability. Sponsors whose investments affect the employees’ retirement funds in the firms they invest in need this. Hauser Insurance explained some of the strategies to help in achieving this among them being, delegating some fiduciary functions to a plan administrator, and adhering to an Investment Policy Statement(IPS).

Hauser Insurance focused on the rise in class-action lawsuits relating to the Employee Retirement Income Security Act (ERISA). The law has been in play since 1974 and it defines terms for private companies‘ health and retirement plans. It is meant to protect employees by ensuring they receive a proper retirement and health plan.

The lawsuits were mainly due to supposed breach of fiduciary duty. Some were because sponsors charged too much fees for the plans. Hauser Insurance explained how such a lawsuit has a long and an expensive litigation process. Companies which decide to solve the issues in court end up paying millions for the fiduciary.

Hauser Insurance points out a company may be transparent in managing investment portfolios but it is not a guarantee they are safe from a lawsuit. Limiting and preventing fiduciary risks requires multiple strategies for protection.

Part of these protection strategies involve delegating some fiduciary functions to another party. The third party can be a plan manager or administrator. Their function is to manage the plan’s investment and assume any resultant liability. Having an investment or plan manager is a proper move to demonstrate to the court the investor’s commitment to staying compliant in case of litigation.

Additionally, the plan investor should have a written Investment Policy Statement which is encouraged by the US Department of Labor. The defined structure highlights when a fiduciary oversight can occur. It analyses the procedures for investment and includes details about the performance of a third party manager.

Heath Ritenour’s Opinion on the Future of the Insurance Industry amidst COVID-19 Pandemic

Heath Ritenour is a successful entrepreneur in the insurance industry. He is the Chief Executive Officer and Chairman of Insurance Office of America, an insurance company founded by his parents when he was still in elementary school. Although Heath Ritenour resisted joining the family business for some time, he later joined and embraced it in 1996. The company has grown and was ranked as the 11th biggest private insurance company in the United States. Heath Ritenour is passionate about giving back to society, and he is the President of the Insurance Office of America Foundation. As a cancer survivor, he finds pleasure in helping people undergoing cancer treatment.

The COVID-19 pandemic affected the way many businesses operate, not exempting the insurance industry. As the United States adapts to the new normal, Health Ritenour argues that there will be some changes that consumers should expect. He also notes that the industry has to adjust to be in a better position to operate amidst the pandemic. As most consumers search for insurance companies, Heath Ritenour suggests that most companies will reevaluate their operations to offer quality customer service. He adds that the pandemic has resulted in consumers who prefer quality services regardless of the price.

Heath Ritenour believes that most insurance agents will adopt a remote working strategy. Therefore, consumers should expect more virtual meetings and communication through email and texts. Further, he proposes that the insurance industry embrace digital technology, such as establishing online applications that will allow users to file complaints and review the status of existing claims. Heath Ritenour also sees the insurance companies reviewing their products portfolio and customizing their existing products to suit the needs of their consumers. He argues that the insurance industry will come up with more innovative products and adopt new technology.

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Ensure Your Car Has Everything, Study The Routes Before You Start Driving This Summer, Michigan Insurance Specialist Peter Vitale

Those around Michigan know that summer months are here to stay, at least for a few more days. Driving during these months is not easy especially on america roads that in most cases are renovated or constructed during warmer months.Vitale, an experienced driver and a longtime road user gives expert tips to fellow road users on how they can still maintain road safety as they drive during summer. Contrary to the opinion that roads are more dangerous during winter, Peter Vitale tells his friends that it is even worse driving in Michigan roads and in most American roads during warmer days.

According to Mr. Vitale, during the hot season, several activities take place, some of which hinder traffic, leading to accidents. For that reason, Peter Vitale tells his friends to be extra careful when driving in roads just as they should during other colder months of the year. “Warmer months record higher road accidents compared to colder months,” warns Michigan insurance expert Peter Vitale. While many people think that warmer months are safer, Peter says they are the most dangerous. During warmer days, Peter Vitale says, “Michigan experiences lots of rainfall. The downpour makes it almost impossible for motorists to see the road. Besides, it is during warmer months of the year that authorities re-carpet and construct road. Those two things alone can be major causes of road accidents in Michigan.”

In what many call expert advice, Peter Vitale tells drivers to be sure the car they want to use is in good condition. Studying and knowing the kind of road to follow is also important to avoid road accidents. In addition, Peter admonishes his colleagues to stay vigil on the gas meter as well as study the weather before they start a trip. Finally, the auto-insurance expert advises friends to know when it is the right time to press the brakes.