Sharon A. Chace

Good News! On Monday, July 12, the United States Court of Appeals for the District of Columbia completely vacated 151A.

So, what does this mean? It means that the court effectively settled 151A. As far as the judicial branch is concerned, there is not sufficient evidence to suggest that indexed annuities should be regulated as securities. The court also reissued the entire ruling with the new language.

Here is language from the court’s order: “Having determined that the SEC’s Section  2(b) analysis is lacking, we grant the petitions insofar as they assert the SEC failed properly to consider the effect of the rule upon efficiency, competition, and capital formation…We therefore order that Rule 151A be vacated.”

Is the securities status of indexed annuities settled for good? According to Sheryl Moore, Advantage Group Associates, Inc., “No. Remember, the Securities and Exchange Commission first questioned the securities status of indexed annuities in 1997. They did so again in June of 2008 with their proposed rule 151A. If we want to ensure that indexed annuities will be regulated as fixed insurance products indefinitely, we need to continue our current legislative strategy.”

NAFA is indicating that if the Harkin Amendment passes (which it looks like it will), the law will legislate out the existence of 151A (meaning that the SEC will not have the power to pass regulations deeming FIAs as securities). [SAC]

Jerry L. Thomas
1925–2010

The brokerage industry has lost another icon — Jerry L. Thomas, founder and chairman of J.L. Thomas & Co., Inc., Cleveland, OH, passed away July 5.

In 1950, after graduating from the University of Pennsylvania Wharton School of Finance with a degree in economics, Thomas began his insurance career with Prudential, joining his father Willis B. Thomas, a Prudential agent for 40 years, in Pittsburgh, PA. Jerry received his CLU in 1953, presented by Dr. Solomon Huebner, founder of The American College and Thomas’ economics and insurance professor at Wharton.

Thomas moved to Cleveland in 1962 to manage the Acacia Mutual Life office, then joined State Mutual in 1964, where he was a very successful brokerage manager and assistant general agent. He and a partner started a brokerage agency from scratch in 1970. He bought his partner out and renamed the agency J.L. Thomas & Co., Inc., in 1979.

Many brokerage agencies are family firms, but few if any can claim to have three sons working together for more than 30 years. Michael, David and Craig, who run the agency today, claim that accomplishment as a testament to the fact that their father always treated them equally—evidenced by even the absence of titles on their business cards. The brothers attribute their success to values their father passed down to them— honesty, integrity, experience, work ethic and knowledge—combined with the fact that their father believed in life insurance in his heart. A staunch believer in the independent brokerage distribution system, his entrepreneurial mantra was “Free to Succeed or Fail.” A son-in-law, James Kelly, also contributes at the agency, as does grandson Jerry Thomas, who joined the firm in January.

In addition to the CLU, Thomas’ industry accomplishments include being a member emeritus of the Society of Financial Service Professionals, having been a member for more than 50 years; past president and board member of the Cleveland CLU chapter; 50 year member of NAIFA and its predecessor NALU; charter member of NAILBA; and past president of SUB Centers. The agency is a charter member of the NAILBA Charitable Foundation and a partner in LifeMark Partners.

At Jerry’s direction, J.L. Thomas & Co. contributed to many local charities and community sponsorships; one was the J.L. Thomas baseball team, which was sponsored from little league into the players’ college years.

Described by his sons as truly a great father and husband, Jerry was preceded in death in July 2009 by Larna, his beloved wife of 58 years. He is survived by his daughter Jane Ann Kelly and husband James; Michael and wife Michele; Craig and wife Stella; and David and wife Paula.

An accomplished trumpet player, he passed his love of music on to several of his eight grandchildren. He enjoyed spending winters golfing in Naples, FL, and his summers bass and muskie fishing at the family’s cottage on Crane Lake in Ontario. Bought through tenacious bidding at a Canadian government land auction, it became his favorite place in the world for more than 40 years—in large part because all members of the family have shared the best times of their lives together there.

Thomas proudly served his country in World War II in France and Germany with the 89th Infantry Division of the United States Army, yet never spoke much about it despite receiving seven decorations and citations, including two bronze service stars.

We say goodbye to another of the brokerage industry’s great men and a member of “Our Greatest Generation.” Rest in peace. [SPH]

Jim Kelly, 1936-2010

Jim Kelly, principal of MCC Life Brokerage, Inc., Tampa, FL, passed away June 1, 2010.

Born in Covington, VA, Jim moved from Memphis, TN, to Tampa in 1991. That was also the year he founded MCC Life Brokerage, Inc.

An avid sportsman and outdoorsman, Jim always had a big smile and great stories to tell. He loved spending time with family and friends and living life to the fullest. He is survived by his wife, Macklin, who is a principal of MCC Life Brokerage; three sons; one daughter; 14 grandchildren; and one great grandchild.

Individual life insurance sales showed an increase in the first three months of 2010 when compared to a year ago, according to LIMRA’s U.S. Individual Life Insurance Sales survey.

LIMRA Senior Analyst Ashley Durham said, “While the increase is encouraging, it is important to remember that in the first quarter of 2009, new individual life annualized premium dropped 26 percent—the sharpest decline since 1943. To put it into perspective, sales in the first three months of 2010 are back to the level measured during the third quarter of 2003.”

The following chart from LIMRA breaks down individual product growth rates.

                         First Quarter 2010
                      Product Growth Rates
              (Percent of Change 2009-2010)

        Life          Annualized        Face          Number
    Product        Premium       Amount      of Policies
    UL                     17%              25%              21%
    Variable UL     10                 -21               -15
    Term                  -4                   -7                 -5
    WL                    15                  10                   1
    Average           10                   -1                   0
 

So it is up to those of you “on the front lines” to continue this upward sales trend. To assist you in achieving that goal, go to page 10, where this month’s focus begins and you will find some first-rate sales applications for life insurance.

The long term care insurance marketplace showed a decline in sales during the last year, according to the authors of Broker World’s 2010 Individual Long Term Care Survey.

Twenty percent fewer policies and 21 percent less annualized premium was sold in 2009, compared to 2008.

With the exception of 2007, sales of individual LTCI have been in a slump for several years. However, on a more positive note, the authors say, “The Pension Protection Act of 2006 ushered in some potentially key changes as of January 1, 2010…which may also spur the funding of inforce and new LTCI policies with payouts from existing or new immediate and deferred annuities.”

Good news: The 2010 Individual Long Term Care Survey will be available to subscribers who have set up their online accounts. See the details in the right column of this page.

Speaking of online, this month’s exclusive online articles will continue the life insurance theme with “A Life Insurance Love Letter,” by Jack Dewald, 2010 board chairman for the LIFE Foundation, and an advanced underwriting article from frequent author John Budihas, The Hartford. In addition, an exceptional marketing article by Barbara Kay, Advantage Coaching & Training, will also be available.
 

Broker World is a great summer reading opportunity—don’t miss it.  [SAC]

Health Care Reform is a topic on which everyone has an opinion these days. There is an overpowering amount of information available—much of it wrong. Many uninsured consumers are anticipating “free” health care while others believe that ultimately they will not be able to get the health care they need. Until the new legislation is “up and functioning,” this confusion is bound to continue. How many of you have almost given up selling health insurance products?

In planning this issue, we hoped to give one important message to you: There are many opportunities still available in the health market, so don’t give up on it too soon.

Alan Katz, a well-known broker, pundit of the health care industry, and owner of “The Alan Katz Health Care Reform Blog,” couldn’t agree more. In his April 8, 2010 blog, “Preparing for Health Care Reform,” he had this to say:

“…brokers need to be thinking about the kind of agency that will survive and flourish in the years ahead. In my mind, this means spending the next few months refining one’s agency so it is both nimble and flexible. This will allow brokers to adapt to a changing environment as new provisions of the law take effect, avoid the inevitable pitfalls created by new government bureaucracies or existing health insurance carriers, and seize opportunities created by those same bureaucracies and carriers.

“Notice I didn’t say ‘quickly avoid’ or ‘immediately seize.’ I’m not convinced victory will go to the swift this time around. Instead, I believe during this time of transition the advantage will go to the prepared, the informed and the thoughtful. Speed is required when change comes quickly. But when it comes to health care reform, regulations will likely be in place six months or more before the legislative elements they refer to go into effect. This relieves brokers from the need to predict the future. Instead, prepared agencies will have at least some time to think about the developments as they emerge and figure out the right response. Given a choice between ‘quick’ and ‘right’ I’m going with the latter every time.

“All of this means now is not the time to panic. Instead, now is the time to take stock of your business practices and determine which ones foster readiness—and which don’t…plug into the vast support network out there, starting with NAHU, who are ready, willing and able to help you understand not just the letter of the new health care reform law, but how it is being brought to life.”

Health care legislation is here, and you must be prepared every day to guide your clients through the confusing maze of coverage options and compliance requirements. Katz’s blog can be found at alankatz.wordpress.com. The National Association of Health Underwriters website is www.nahu.com. The Department of Health and Human Services has a target date of July 1 to get its consumer web portal up and running (required under the Patient Protection and Affordable Care Act). The web portal is intended to improve consumer knowledge regarding health insurance options by providing information in a clear and standardized format. This is another site you should start researching as soon as it becomes available (www.hhs.gov).

It is our hope that the articles which follow in this issue will also provide you with ideas to help you prevail through this time of change.

A campaign to educate the public about the need for long term care insurance is being announced this month. Its purpose is to place a national focus on the importance of long term care insurance. “3 in 4 Need More” is the slogan that will be used for the campaign. This refers to the fact that 80 percent of all Americans will live beyond age 65, and roughly three out of every four of them will need long term care at some point, according to the U.S. Department of Health and Human Services.

Those who are spearheading this campaign include a 12-member advisory board and 3-member executive committee that include association leaders, educators, general agents and trade press representatives. It is their hope that specialists, carriers, vendors, media, policyholders, financial institutions, politicians, employers and associations will join in this effort to broaden awareness and educate consumers.

The goal is for the long term care industry to have an “all in” focused campaign similar to what many non-insurance industries have created. A good example is the “Got Milk” campaign.

This campaign will have many resources available to use in promoting the need for long term care. One that is already completed is “The Seven Essentials for Long Term Care Planning,” a booklet that discusses the urgency of long term care planning in a factual, non-threatening manner.

The “3 in 4 Need More” campaign was launched in 2009 by the Long Term Care Insurance Guild, a social network focusing on the long term care industry and those served by it.

To find out more about the campaign, go to www.3in4needmore.com. To find out more about the LTC Insurance Guild, go to ltcguild.ning.com.

One final reminder: The entire content of BROKER WORLD appears online at www.brokerworldmag.com. In addition, every month there are exclusive online articles.

This month, the final part of the 2010 Fixed Annuity Study is online as well as two articles that will further cover this month’s health insurance focus.

All you have to do is set up your account. If you haven’t done so, here’s how you do it: Once you are on the Broker World website, go to the far right and you will see the area to log on. If you have not set up your account, click on “set up account.”

Using the mailing label from your most recent issue, enter the eight digits, tab down to the next box and enter the four-digit alpha-numeric code. You will then be asked to enter your email address and a password of your choice.

If you have already set up your account but don’t remember your password, we can reset it for you or you can click on the “forgot password” link (on the home page, in the dark blue login box) and your password will be emailed to you. If you want to reset your password, you need to call 800-762-3387.

In fact, call that number if you have any questions. We really want this online version of Broker World to be a useful tool for you. [SAC]

In Memoriam
Alfred Rosen
May 2, 1928 — April 15, 2010

It is with sadness that Underwriters Brokerage Service announced the passing of founder Al Rosen on Thursday, April 15, 2010, after a long illness.

Rosen was one of the strong early proponents of independent insurance brokerage, founding Katzen Rosen Associates (Underwriters Brokerage Service) with his partner Bob Katzen in 1970. He was active in the local life underwriters association in those early days and was a leader in the formation of the national study group, LIFE, Inc., which ultimately morphed into Lifemark Partners, today’s pre-eminent national insurance marketing organization. He was also one of the original seven brokerage general agents who initially met to lay the groundwork for establishing NAILBA.

Rosen was a gifted salesman and marketer and, although he retired nearly 20 years ago, his efforts, integrity and business philosophy still permeate Underwriters Brokerage to this day. Given the early foundation of success that he developed, the agency continues to thrive under the current leadership of his sons, Mark and Steve, and his partner, Bob Katzen.

Rosen truly leaves behind a tremendous legacy in business and with family and friends.

According to a recent study done by AXA Equitable, the “golden years just got a little shorter for Americans.” Recent market volatility has forced many to adjust retirement plans and expectations:
 • More than four in ten polled (42 percent) plan to delay retirement, on average, by six years. Their planned retirement age is now 68, ballooning from a previously planned age of 62;
 • Almost three in ten Americans (27 percent) plan to go back to work after retiring;
 • Approximately two in ten retirees (17 percent) have already gone back to work, up from 9 percent of those polled in February 2009.

The study, Retirement in America: A Survey of Concerns and Expectations, is part of AXA Equitable’s ongoing commitment to understanding the financial concerns of consumers and how market volatility has impacted their retirement planning. The study, which polled 1,000 Americans between the ages of 25 and 70, was conducted in December 2009. Respondents included financial decision-makers with household income of at least $75,000 or investable assets between $250,000 and $999,999.

Retirement planning will certainly continue to be a top priority for boomer consumers until the economy recovers, and your financial planning skills are the answer to this pressing need. With that said, in this month’s issue, which focuses on the senior market, you will find some great resources on important topics such as long term care insurance, new Roth IRA rules, health care costs for seniors, etc. The exclusive online editorial will continue the discussion about linked products. Also, don’t miss the insights about health care reform in this month’s Monthly Commentary section.

Have you set up your personal Online account yet? If you haven’t, you’re missing out on a wealth of possibilities.
Each month you will have access to exclusive online editorial, in addition to what appears in the print version of the magazine. You will also have the capability of creating your own reference briefcase where you can store articles and advertisements of interest that you can refer back to at a later date.
Go to www.brokerworldmag.com/account and follow the sign-up instructions. If you’re having problems, don’t hesitate to call 800-762-3387 and we will “talk you through” the sign-up process. This is an opportunity you do not want to miss!

Broker World is pleased to announce that Hope Howard has officially joined our staff as Marketing Coordinator. Quite possibly you have already met Hope at an industry event, in the company of our illustrious Publisher—yes, she happens to be Stephen Howard’s partner and wife.

Prior to moving to Kansas City from Moorhead City, NC, in 2007, Hope was operations manager for the National Association of Insurance Marketers (NAIM), a marketing group for life and health insurance brokerage general agents. Her financial services experience also includes being a property & casualty representative for Farm Bureau Insurance, as well as working in the mortgage finance business.

Hope’s new role at Broker World will include extensive work with marketing programs for advertising, circulation and our online initiatives.

The Insured Retirement Institute (IRI) will once again sponsor National Retirement Planning Week this month—from April 12-15. The Center for Retirement Research at Boston College, the American Council of Life Insurers (ACLI), and Americans for a Secure Retirement (ASR) are among those joining forces to spotlight the week-long outreach effort to both consumer and financial professional audiences.

“A crisis in retirement readiness exists today, as Americans—still reeling from the effects of the recession—dramatically underestimate the income needed to support their envisioned retirement lifestyles,” said IRI CEO and President Cathy Weatherford. “The retirement readiness crisis is due to shattered investor confidence, diminished savings, longer life spans and the declining role of Social Security and pensions. IRI hopes to help jump-start the retirement planning process by highlighting areas of key consideration during this week, while providing tips and tools that can help streamline the process. IRI will then continue to advance the dialogue in the weeks and months ahead, offering resources to both consumers and financial professionals alike, in order to help them stay focused on long term financial goals.”

Educational materials will be available in conjunction and IRI will be sponsoring a nationally distributed 60-second radio spot as well as op-eds in community newspapers nationwide in addition to its online presence. Daily themes planned for National Retirement Planning Week include:
    Monday, April 12—The New Retirement Reality
    Tuesday, April 13—Top 10 Tips for Saving
    Wednesday, April 14—Maximizing Your Social Security Benefits
 Thursday, April 15—Retirement Savings Mechanisms with Tax Preferred Status

The Insured Retirement Institute (formerly NAVA) is a not-for-profit organization and a source of all things pertaining to annuities, insured retirement strategies and retirement planning. For more information, visit www.IRIonline.org.

This month’s focus section is full of benefit planning options and marketing ideas—“golden handcuff” plans, providing for a multi-generational work force, as well as updates on health, dental and other voluntary products. Plus, there is exclusive online content on business equalization planning by one of your favorite authors, John Budihas, Hartford Life.

The Monthly Update this month is on women and insurance, and just as the article says, “Our industry’s barometer of success” should be measured by how successful producers are in closing the coverage gap for women. To round out the special focus article in the print issue you won’t want to miss the online content about ideas for selling to the female market from a panel of leading producers.

While we are on the topic of online content, we encourage you to set up your online account. Even if you prefer to read the print version, your online version has some special features you don’t want to miss. [SAC]

On February 10, 2010, the New York State Insurance Department published Regulation 194—Producer Compensation Transparency—in the New York State Register. This regulation is scheduled to take effect January 1, 2011.

New Yorkers contemplating buying insurance will be able to find out how much agents and brokers are being paid and by whom, according to New York State Insurance Superintendent James J. Wrynn.

According to a news release issued by the New York State Insurance Department: “The proposed regulation would require that when a consumer applies for an insurance policy, the agent or broker must explain to the consumer:
 “1. The agent or broker’s role in the transaction;
 “2. Whether the agent or broker will receive compensation from the insurer based on the sale;
 “3. That the compensation insurers pay to agents or brokers may vary depending on the volume of business done with that insurer or its profitability; and
 “4. That the purchaser may obtain more information about the compensation the agent or broker expects to receive from the sale by requesting that information from an agent or broker.”

Regulation 194 defines compensation as “anything of value, including money, credits, loans, interest on premium, forgiveness of principal or interest, trips, prizes, or gifts, whether paid as commission or otherwise.” It continues, “Compensation does not mean tangible goods with the insurer name, logo or other advertisement and having an aggregate value of less than $100 per year per insurer.”

In addition, if the consumer asks for more information, an agent or broker must provide “a more detailed written disclosure of the compensation expected to be received as well as a description of any alternatives presented by the agent or broker and the compensation associated with those alternatives.”

If this is happening in New York, how many other state insurance commissioners are considering parallel actions?

Broker World would like to hear what you have to say about this situation. Please leave your comments at the end of this article.

The 60 Plus Association has announced a new advertising campaign featuring seniors who urge Congress to “Start Over and Get Health Care Right.” The advertising campaign will target 18 Democratic members of the U.S. House of Representatives.

The 60 Plus Association is a 17-year-old nonpartisan organization working for permanent estate tax repeal, saving Social Security, affordable prescription drugs, lowering energy costs and other issues featuring a less government, less taxes approach. 60 Plus calls on support from nearly 5.5 million citizen activists. 60 Plus publishes a magazine, Senior Voice, and a scorecard, bestowing awards on lawmakers of both parties who vote “pro-senior.” 60 Plus has been called “an increasingly influential senior citizen’s group” and, since 1992, “the conservative alternative to the AARP.”

This latest 60 Plus Association advertising campaign is a mix of district specific television, cable and radio ads, as well as phone calls to the list of representatives below. In total, 60 Plus is spending $500,000 on this advertising campaign. The North Dakota version of the television ad can be viewed on YouTube at www.youtube.com/60PlusAssociation#p/a/u/0/3Pw_Y13XWSE.)

Radio targets include Arcuri (D, NY-24), Carney (D, PA-10), Donnelly (D, IN-02), Driehaus (D, OH-01), Ellsworth (D, IN-08), Etheridge (D, NC-02), Mitchell (D, AZ-05), Perriello (D, VA-05), Shea-Porter (D, NH-01), Titus (D, NV-03), and Wilson (D, OH-06).

Television targets are Dahlkemper (D, PA-03), Hill (IN-08), Kilroy (D, OH-15), and Pomeroy (D, ND-AL).

Television and radio targets are Giffords (D, AZ-08), Kagen (D, WI-08), and Kirkpatrick (D, AZ-01).

For more information about the association go to www.60plus.org.

Paul J. Roman, owner and president of Brokerage Marketing Services Corporation, Inc., Perkiomenville, PA, died suddenly and unexpectedly on Sunday, January 31. He was 68. Roman, who was president of the National Brokerage Agencies, Inc., in 2004-2005, started his career with the Insurance Company of North America (INA) and was one of U.S. Life’s first group general agents. He founded Brokerage Marketing Services Corporation in the early 1970s and specialized in group and association insurance products.

Sam Corey, The Brokerage Resource, Inc., Durham, NC, said, “Paul and I had a close personal and business relationship for more than 35 years. Born and raised in the suburban Philadelphia area, Paul was an avid hunter and fisherman, and his time and contributions to the conservation of wildlife have been recognized throughout the many various organizations in which he was active. I’ll miss my ‘faithful gunbearer’.” [SAC]

It is hard to believe that the Securities and Exchange Commission approved the controversial Rule 151A more than a year ago—yet the securities status of indexed annuities is still unclear. This month’s issue focuses on annuities, and the lead article talks about indexed annuities, 151A, and the possibilities that we should all be considering. Is this “turf war” all but over, or does the insurance industry still have a chance to rescue its indexed annuity “province” from the realm of the SEC? Perhaps in the February 2011 issue we will know (but don’t count on it).

Annuities are an integral part of nearly every producer’s portfolio of products. According to LIMRA, annuities sales have exceeded $200 billion every year since 2002.

Dan Beatrice, senior analyst, retirement research, LIMRA, had this to say in an article he wrote (“Is There Growth For Annuities,” LIMRA MarketFacts Quarterly, Fall 2009): “Despite years of lackluster interest among consumers and the media, sales of individual annuities have provided a tremendous success story. While growth has occurred both for accumulation products and for payout products, deferred annuities have accounted for 95 percent of sales.

Beatrice states that there are underlying factors that have influenced this growth: aging population, loss of defined benefit plans, underfunded Social Security system. He adds that sales success is also due in part to expanded sales through banks, broker/dealers and wirehouse relationships, as well as product developments. Yet sales have decreased in three of the eight years since 2000, and LIMRA projects that the 2009 results will be down.

At the time this column was written, the third quarter results for 2009 were not available, but LIMRA’s estimates are shown below.

            Annuity Industry Sales Estimates*
                        (Dollars in Billions)

                                           Third Quarter    Percent
    Annuity Type                 2009    2008    Change
    Variable
    Separate Accounts     $22.2    $26.8    -17%
    Fixed Accounts                9.5       11.0    -14%
     Total Variable            31.7       37.8    -16%
    Fixed
    Book Value                    10.3       13.3    -23%
    Equity Indexed                 7.3         6.9       6%
    Market Value Adjusted   2.6         4.3    -46%
    Fixed Deferred              19.9       24.5    -19%
    Fixed Immediate             1.7         2.1    -19%
    Structured Settlements 1.3          1.6    -18%
     Total Fixed                 23.0       28.2    -19%
      Total                     $54.7     $66.0    -17%

*Based upon data from 62 companies, representing 97 percent of total sales.

While we’re on the subject of annuities, did you know that there is an Annuity Museum? Yes, Hersh Stern, well-known annuity analyst and scripophilist is conservator of “the world’s largest collection of historical documents and memorabilia about annuities.”

Scripophilists are hobbyists who focus on collecting historical financial documents. This practice is a branch of numismatics. Annuity scripophily holds invaluable importance for those interested in learning how the financial instruments of yesteryear have impacted the world of finance today. For those interested, the Annuity Museum goes back to the origins of annuities and exhibits their role in the development of financial markets and retirement planning—and it can be viewed entirely online.

Hersh Stern says, “Annuity artifacts have appeared in numerous forms, from advertisements to carefully wrought, scripted letters and—like stocks and bonds—such documentation holds significant aesthetic appeal. However, the financial role annuities have played through history is a much  more varied one, and the collection of annuity documents touches upon diverse cultures, nations and purposes.”

For more information go to www.immediateannuities.com/annuitymuseum.

David S. Lenaburg, president and chief executive officer of Banner Life Insurance Company and William Penn Life Insurance Company of New York (now retired), was presented the 2009 Douglas Mooers Award for Excellence at a special awards dinner held November 13, 2009, as part of NAILBA 28.

The annual award, which is the National Association of Independent Life Brokerage Agencies’ most coveted and prestigious accolade, honors distinction in brokerage and is bestowed upon the individual deemed most committed to furthering independent life brokerage as a distribution system.

In presenting the award, Doug Mishkin, NAILBA immediate past chairman, said, “David Lenaburg embodies all of the qualities the award represents. Not only has he supported the brokerage industry as a whole, he has been fi rm in his commitment to NAILBA and its charitable foundation. This commitment, both individually as a foundation director, and fi nancially, through the support of his companies, has been instrumental to the success of the foundation.

“Lenaburg’s use of high-profile contributions has provided between 30 and 50 percent of the funds for charitable foundation grants each year for the last four years,” Mishkin added.

With three degrees in mathematics, culminating in a PhD from Louisiana State University, Lenaburg worked in education before making the transition 30 years ago to private industry. He began with a managerial position in a corporate actuarial department and eventually moved up the ranks, until he was named president and CEO in 1987.

In his acceptance speech, Lenaburg credits his mentor, Pasquale Porcelli, an LSU mathematics professor, for pushing him to excel with a sort of “no excuses, tough love.”

“Pat, as we called him, was the most honest man I’ve ever known, and if he said he’d do something he would surely do it,” said Lenaburg. “That was a lesson I’ve taken and modeled into other business decisions, and if it weren’t for him, I don’t think my life would’ve turned out the same.”

Lenaburg pointed to NAILBA and to previous Mooers Award recipients as examples of the best and brightest in the industry. “I look at the people in the past who have won this award and I am truly honored to be named in the same company,” he said. “I don’t think there’s anyone here who doesn’t understand my love for NAILBA and what they’ve done for me and for the industry.”

Paige Broadwater, senior underwriter, The ASA Group, Knoxville, TN, was the recipient of the 2009 NAILBA  Chairman’s Award. New in 2009, the award was developed to recognize efforts of a NAILBA volunteer who has performed “over and above” normal expectations during the chairman’s term.

According to Chairman Gary Dworkin, “Paige has never once failed to roll up her sleeves to bring an idea to fruition. Whether it was through her tireless work on behalf of the professional development committee, her commitment to the success of the Executive Forum and Agency Management Institute, or her ability to contribute to NAILBA whenever and wherever needed, she epitomizes the can-do spirit of a NAILBA volunteer.”

The honor came as a complete surprise to Broadwater, who has been active in NAILBA for more than 13 years. “Being the fi rst recipient of this award is a huge honor for me, and I am blown away by the whole thing,” she said. “My involvement in NAILBA is something I do out of passion and joy. Sure, I have a sense of responsibility to the brokerage community, which has been really good to me and allowed me to have this wonderful job that lets me do what I enjoy doing. But for me, being involved is not an obligation, because I enjoy participating in those kind of activities.”

Broadwater has worn many hats during her time with NAILBA, serving on the communications committee, the education committee and the membership committee.