N.J.: DOBI proposes to amendments to insurance producer CE regulation
The Department of Banking and Insurance formally published proposed amendments to the state’s insurance producer continuing-education regulation earlier this week. Under the proposed amendments to N.J.A.C. 11:17-3.6 would: allow producers to carry over up to 12 CE...
N.J.: PIANJ-priority ‘step-down’ legislation introduced in state Senate
Legislation that would prohibit the use of step-down provisions in personal auto policies was introduced in the state Senate last week. Generally, step-down provisions are found in some personal auto policies. They act to reduce the amount of coverage to which an...
Two PIANJ-supported bills signed into law
The state Legislature may have been on summer recess, but its impact was still felt as two compulsory insurance bills were signed into law by Gov. Phil Murphy on Aug. 5. Increase in auto limits S-481, sponsored by Sen. Nicholas Scutari, D-22, and Assemblyman Louis...
Weekly Dispatch: Aug. 4, 2022
Report finds that consumers are more interested in telematics, but what does this mean for their privacy? The NHID approved a rate proposal filed by the NCCI that will reduce voluntary workers’ compensation loss costs by 7% on average. And, the New York State Department of Financial Services released proposed updates to the cybersecurity regulation for financial services companies, which includes insurance agencies—PIA Northeast to comment. Plus, you can read about state-specific industry news, technical resources, and upcoming events in this issue of the Weekly Dispatch.
N.Y.: DFS proposes updates to cyber security regulation
The New York Department of Financial Services celebrated the five-year anniversary of 23 NYCRR 500—commonly referred to as the DFS Cyber Security Regulation—with amendments to that regulation. The DFS has released a pre-proposal for comment. Here is what is in this...
N.Y.: Revised WC loss costs take effect 10/1/22
In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...
The UBI question: Privacy versus savings
Almost everyone has shopped online in the last decade. Even those who manage to resist the lure of two-day delivery probably have priced appliances or scouted sales on various websites before purchasing the items at a physical store. This means they have been...
Weekly Dispatch: July 28, 2022
Bill introduced in Congress that would extend the NFIP for a year—currently, the NFIP is set to expire at the end of September. Recent national bills would effective the state insurance regulatory system. And, the NYSIF is deferring the New York State Workers’ Compensation Board’s assessment on new Safety Group members. 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.
Customer loyalty: A strategic advantage in insurance
What can make your agency unique or different? Why should an individual or family do business with your agency instead of another one within a 20-minute driving radius? Are your products and services wildly different from your local or internet competitors? For many...
Weekly Dispatch: July 21, 2022
Berkshire Hathaway GUARD Insurance to cease writing certain homeowners insurance risks. Connecticut’s plan to support business growth with COVID recovery funding approved by the U.S. Treasury Department. PIANY examines the new law that affects workers’ compensation insurance available to businesses with outstanding balance through NYSIF and what it means for agents and their clients. Plus, you can read about state-specific industry news, advocacy updates, technical resources, accolades, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
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