Bruce Heffner is general counsel and managing member for Boomerang Recoveries, a reinsurance risk management company, specializing in reinsurance review, recasting and recovery. He is an attorney with substantial business experience in insurance and reinsurance, underwriting, claims, risk management, corporate management, auditing, administration and regulation. Included are: rule and coverage interpretation, litigation support with arbitration and mediation training and experience from the corporate, legal and regulatory perspectives.
Past Job Titles: adjuster, field underwriter, auditor, commercial underwriter, treaty underwriter, reinsurance claims manager, associate counsel of commissioner, general manager/general counsel, secretary/treasurer, chief insurance assistant (deputy commissioner), corporate counsel, expert witness and attorney at law.
Designations: CPCU, ARM-E, ARe, ASLI, CSRP, AIC.
Current Professional Associations: Texas Bar Association, Arkansas Bar Association, National Association of Subrogation Professionals and American Association of Insurance Management Consultants.
Have you ever wondered why, when you buy software, you are provided a rather lengthy notice outlining its limited warranties and generally telling you what it will not do? As well, think back to when you bought that insurance policy for its investment purposes to resell it later in the market. You haven’t? Which are […]
Personal observations have demonstrated that some insurance companies have some very serious misunderstandings about the attorneys they hire. I. The company’s defense attorney is not its adjuster. Let’s say the first notice of a claim was via a lawsuit against an insurance company and that the insurance company immediately hires a defense attorney to respond to the […]
The states do not have a constitutional “right” to oversee insurance. Clearly, insurance and reinsurance is interstate commerce, which gives federal government the oversight. There are no states rights issues involved. The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, which was passed by Congress in 1945, does not regulate insurance, nor does it mandate the state […]
In the article “40 Hours and I’m an Insurance Agent,” we caught a glimpse of the dismaying reality that it takes 15 times the education to be a manicurist in the author’s state than it does to be an insurance salesman. In Texas, to be eligible for a hair-weaving specialty certificate or a wig specialty […]
Looking behind the curtain of reinsurance, you find a most unusual business. Here are 13 anomalous features: –Reinsurance is for the most part unregulated, but users — insurance companies — are regulated. –Insurers must use a system of accounting that makes reinsurance attractive: If a reinsurer gives insurers a discount off a list price (ceding […]
Many insurance agents are confused about their role, which brings about misplaced loyalties and greater E&O exposures. Let’s start with a question: Does the agent owe the policyholder the common law duty of good faith and fair dealing? Most insurance agents would respond with a resounding “yes” – but they’re wrong. The duty of good […]
Reinsurance represents one of the most valuable but least understood assets for insurance companies. Unfortunately, it is sometimes, without much further consideration, assigned to be monitored by someone at the insurance company who is not savvy about reinsurance and who has other, primary job duties. As a result, by default, it can be the broker who sold the program […]
Most ceding companies avail themselves of catastrophe reinsurance, a product that pays anywhere from 90 to 100% of aggregated event loss after the ceding company’s retention up to the limits obtained. Generally the retention is determined as some fraction of the company’s surplus and the exposure profile of the company from any one catastrophe. The […]