SBAM’s behind-the-scenes work leads to important insurance rates regulatory victory
September 26, 2016
It’s not often that you can convince a regulatory agency to change its mind, but this past week some behind-the-scenes work by SBAM accomplished just that.
Due to an interpretation of federal rules, the Michigan Department of Insurance and Financial Services had embargoed the release of 2017 small group insurance rates until November. Combining their years of experience with government relations, small business and insurance knowledge, SBAM’s Tony Stamas, Vice President of Government Relations and Scott Lyon, Senior Vice President jumped into action and made the case that because so many small businesses have a plan year that begins Jan. 1, the November embargo put entrepreneurs, and their insurance agents, in a real time crunch for considering insurance renewals or alternative quotes from other carriers.
The Department accepted SBAM’s reasoning and relented on the embargo, moving it up a month to around Oct. 4 – leaving some valuable breathing room for small businesses to consider changes in their coverage.
Chalk up a win for SBAM and small business!