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| Council of Insurance Agents & Brokers | |
|---|---|
| Name | Council of Insurance Agents & Brokers |
| Formation | 1965 |
| Type | Trade association |
| Headquarters | New York City |
| Region served | United States, International |
| Leader title | President & CEO |
Council of Insurance Agents & Brokers is a trade association representing large commercial insurance intermediaries and brokers in the United States and internationally. Founded amid mid-20th century shifts in corporate risk management, the organization interacts with corporate risk managers, insurance carriers, regulators, and multinational institutions to influence market practices and policy. It engages with legislative bodies, regulatory agencies, and global forums to shape commercial insurance procurement, fiduciary standards, and marketplace transparency.
The organization emerged in the 1960s as commercial risk transfer practices evolved alongside corporations such as General Electric, ExxonMobil, Ford Motor Company, and IBM. Early interactions involved insurers like Aetna, Prudential Financial, MetLife, and Allstate and regulatory entities including state insurance departments such as the New York State Department of Financial Services and the California Department of Insurance. During the 1970s and 1980s it responded to events that affected underwriting cycles, including market impacts tied to incidents involving Pan Am Flight 103, Exxon Valdez, and corporate liability cases related to Bhopal disaster. The association adapted through financial crises including the Savings and Loan crisis and the Great Recession (2007–2009), aligning with multinational intermediaries like Marsh & McLennan Companies, Aon, and Willis Towers Watson to professionalize broker standards and address issues raised by legislatures such as the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Governance has included boards composed of executives from firms such as Marsh & McLennan Companies, Aon, Arthur J. Gallagher & Co., Lockton Companies, and regional brokers associated with markets like Chicago, New York City, San Francisco, and Boston. Leadership roles have intersected with figures active in policy circles tied to institutions like the American Bar Association, American Academy of Actuaries, and think tanks such as the Brookings Institution and the Heritage Foundation. The executive office liaises with federal agencies including the Federal Insurance Office and the Federal Trade Commission, while advisory councils have included representatives formerly associated with the Securities and Exchange Commission and the Office of the Comptroller of the Currency.
Membership comprises commercial insurance intermediaries of various sizes, including national brokers linked to Marsh & McLennan Companies, Aon, Willis Towers Watson and independent firms operating in markets like Los Angeles, Houston, and Atlanta. Eligibility criteria align with professional standards promoted by associations such as the National Association of Insurance Commissioners and accreditation bodies like the American Institute for Chartered Property Casualty Underwriters and the Chartered Property Casualty Underwriter (CPCU) Society. Members often serve corporate clients in industries represented by Boeing, Chevron Corporation, Johnson & Johnson, Walmart, and Apple Inc. and operate across regulatory environments influenced by laws like the McCarran-Ferguson Act and directives from entities such as the Internal Revenue Service.
The organization provides programs for risk management executives drawn from corporations such as Caterpillar Inc., Dow Chemical Company, Procter & Gamble, General Motors, and Delta Air Lines. Services include market benchmarking with inputs comparable to data collected by firms like S&P Global, Moody's Investors Service, and Kroll, continuing education in partnership with academic institutions such as Columbia Business School and Harvard Business School, and professional development aligned with certifications from the American College of Financial Services. It convenes forums at venues in Washington, D.C., New York City, and international hubs like London and Hong Kong with participation from insurers such as Zurich Insurance Group, Munich Re, and Swiss Re.
Advocacy efforts engage lawmakers in bodies such as the United States Congress and committees like the United States Senate Committee on Banking, Housing, and Urban Affairs and the United States House Committee on Financial Services. Policy positions have addressed regulatory frameworks under the National Association of Insurance Commissioners, the Federal Insurance Office, and state regulators such as the New York State Department of Financial Services. The organization has submitted comments related to statutes and rules including aspects of the Dodd–Frank Act, interpretations connected to the Affordable Care Act, and prudential considerations tied to International Association of Insurance Supervisors standards. It has worked alongside other trade groups such as the American Property Casualty Insurance Association and the National Association of Professional Insurance Agents on market transparency, broker standards, and fiduciary duties.
Publications include industry surveys, benchmarking reports, and white papers drawing on data comparable to research by Insurance Information Institute, McKinsey & Company, Deloitte, and PwC. Research topics cover commercial insurance premium trends observed in datasets from Bureau of Labor Statistics and market cycle analyses similar to studies by Fitch Ratings and A.M. Best. Reports inform stakeholders including corporate risk managers at firms like 3M, Siemens, and Honeywell International and are cited in hearings before bodies like the United States Senate Committee on Homeland Security and Governmental Affairs and panels convened by the Organization for Economic Co-operation and Development.
The organization participates in rulemaking comment processes before entities such as the Securities and Exchange Commission, the Federal Trade Commission, and state insurance regulators coordinated by the National Association of Insurance Commissioners. It has filed amicus briefs and advocacy letters in cases and rulemakings involving commercial insurance disputes, reinsurance matters, and broker conduct issues that intersect with precedents from courts such as the United States Court of Appeals for the Second Circuit and the Supreme Court of the United States. Engagements have involved legal frameworks influenced by decisions related to statutes like the McCarran-Ferguson Act and regulatory interpretations that implicate multinational standards set by the International Association of Insurance Supervisors.