Weekly Dispatch: March 20, 2025
A massive storm system swept across the United States, killing over 40. The PIACT Legislation Reception was a success—thank you to everyone who made it possible. New Jersey requires that insurance agencies file their electronic annual disclosure statements by April 1. A bill that would update New York DMV reported out of Senate committee. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, accolades, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
N.Y.: Bill to update DMV verification system reported out of Senate committee
PIANY has long advocated for a more effective and consumer-friendly insurance marketplace. In past legislative sessions, PIANY successfully championed key reforms, including standardizing the definition of windstorm, and banning harmful bait-and-switch tactics....
Different stages of agency growth
Understanding a broad array of company attributes can offer insurance agencies insight to scale their organizations effectively. Small- to mid-sized agencies face unique challenges and opportunities that require tailored strategies, structures and leadership...
New Jersey pay-to-play annual disclosure due
New Jersey’s pay-to-play law (P.L. 2005, c. 271 Section 3), requires insurance agencies to file electronic annual disclosure statements by Tuesday, April 1, 2025. Insurance agencies that have received $50,000 or more in the aggregate during the 2024 calendar year—through contracts with a public entity or public entities—must file the annual disclosure statement that lists various political contributions made during the year.
PIACT Legislative Reception brings agents and lawmakers together in Hartford
The PIACT held its annual Legislative Reception on March 13, 2025, at the Legislative Office Building in Hartford, Conn. [CAPTION: (L-R) Rep. Kerry Wood, D-29, co-chairperson of the Insurance & Real Estate Committee, and Kelly Bettuchi, director of government affairs for The Connecticut Group LLC.]
Weekly Dispatch: March 13, 2025
Liberty Mutual Insurance announces that it will discontinue Safeco brand in 2026—what that means for independent agents. Government shutdown looms as the NFIP is set to expire: make your voice heard. The New Jersey legislative session is at its midpoint, what bills are PIA monitoring? New bills introduced in New York state that could alter insurance landscape if passed. Vermont approves the revised workers’ compensation loss cost filling by the NCCI. Plus, you can read about state-specific industry news, advocacy updates, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.
N.Y.: New flood insurance law limits requirements for homeowners and lenders
New York Gov. Kathy Hochul signed a chapter amendment—A.2056—into law last month, which further limits how much flood insurance mortgage lenders can require. This new law amends legislation passed last session that prevented lenders from demanding flood insurance that...
PIANY supports bill to allow DFS to hire consultants for faster insurance filings
PIANY is backing a new legislative proposal that would allow the Department of Financial Services to hire consultants to assist in reviewing insurance rate and form filings. The bill, S.5321, sponsored by Sen. Jamaal Bailey, D-36, would streamline the approval process...
Top legislative priority advances out of committee—would ease E&S insurance requirements in Connecticut
The effort to modernize Connecticut’s excess-and-surplus lines insurance process has taken a major step forward. The Joint Committee on Insurance and Real Estate has officially released, H.B.6981, with PIACT’s proposed changes fully incorporated—a crucial win for...
Vt.: NCCI 2025 WC loss cost decrease approved
The Vermont Department of Financial Regulation approved the revised workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance—consisting of an overall 7.4% decrease. In addition, a decrease of 11.3% of the overall assigned...
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