Weekly Dispatch: March 10, 2022

March 10, 2022

News

Nominate industry stars on the national and state level

PIA honors independent insurance professionals who exemplify the qualities and actions that serve as a model of excellence in the insurance industry and for the independent agency system. To that end, PIA National is accepting nominations for its 2022 Customer Service Representative of the Year and Young Insurance Professional of the Year awards. If you know an independent insurance professional who would be an ideal candidate for one of these awards, submit your nomination by Friday, March 18, 2022. Additionally, PIA Northeast is calling for nominations for its 2022 Distinction of Professionalism Awards for PIA members in New Jersey. The awards for nomination include the Professional Agent of the Year award; the Company Person of the Year award; the Customer Service Representative of the Year award; the Community Service award and the Managing General Agent of the Year award. If you know an independent insurance professional who should be recognized with one of these awards, submit your nomination by Friday, April 15, 2022. The awards will be presented at PIA’s 2022 Annual Conference on June 12-14, 2022, in Atlantic City.

Technology can help insureds mitigate water damage

One of the latest InsurTech developments is a water-leak detector system that can sense leaks and can close the valve attached to the main water line of a property that is causing the leak. This development presents an opportunity for agents to educate their clients about the value of these systems and it feeds the evolution of the insurance industry. To learn more about water-leak detector systems, see Technology Can Help Insureds Mitigate Water Damage on the PIA Northeast YouTube channel, which features PIANJ Director Bill McMahon, CIC, CWCA.

N.Y.: DMV recovers $1.65M for consumers from auto dealers and repair shops

Gov. Kathy Hochul announced this week that more than $1.65 million in goods and services have been recovered for New Yorkers who received faulty or fraudulent service from auto dealers and repair shops. The New York State Department of Motor Vehicles helped customers recover titles when dealerships closed abruptly, assisted people to get repairs or refunds—and in some cases, dealerships bought back vehicles to settle disputes.

Vt.: DFR orders LTC insurer to cease-and-desist unauthorized rate actions

Commissioner of Financial Regulation Michael S. Pieciak ordered insolvent long-term care insurer Senior Health Insurance Company of Pennsylvania to immediately stop soliciting Vermont consumers to choose between unapproved benefit and rate changes. The department is aware of more than 20 Vermont consumers with SHIP policies—some of whom may have purchased the policies from entities called Transport Life Insurance Company or American Travelers Life Insurance Company.

Compliance

N.J.: Pay-to-play annual disclosures due March 30

Per New Jersey’s pay-to-play law, insurance agencies that have received $50,000 or more in aggregate revenue in a year through contracts with public entities must file electronic, annual-disclosure statements that list political contributions made throughout the year by Wednesday, March 30, 2022. To file the statement electronically, fill out this form from the Election Law Enforcement Commission and then submit it on ELEC’s pay-to-play submission webpage.

Advocacy

N.Y.: Women legislators who represent New York

In honor of Women’s History Month, Agents Advocacy Coalition—the official PAC of PIANY—is celebrating the women who represent New York in the state Capitol and in Washington, D.C. According to the Center for American Women and Politics, New York ranks 16th in the nation for female representation in the state Legislature. Gov. Hochul is New York’s first woman governor, and 50% of its U.S. senators, 33% of its U.S. House of Representatives delegation and 34.3% of its state Legislature are women. While these numbers aren’t proportional to New York’s population, more and more women are elected every two years, which is why this election year is vital. Not only is it an opportunity to elect insurance-friendly legislators, it’s a chance for more women representatives of the insurance industry to be elected. Your PAC is working to ensure that there is a diverse and representative set of legislators in Albany next January. To learn more about Agents Advocacy Coalition and this year’s New York state elections, visit the PAC’s election webpage.

Vt.: Kascenska appointed to state House of Representatives

Gov. Phil Scott this week announced his appointment of John Kascenska, Ph.D., of Burke, to the Vermont House of Representatives, representing House District Calendonia-4. Kascenska replaces former Representative Patrick Seymour, R-Sutton, who resigned recently.

Technical

Conn.: February ACORD forms update

In the latest ACORD forms update, the following changes were made to the ACORD 50 CT form effective Friday, July 1, 2022: 1. Delete CONNECTICUT INSURANCE IDENTIFICATION CARD; 2. Add Agency Phone Number; 3. Delete Company, Add NAIC preceding number; 4. New form edition 2022/07; 5. After NOTICE on back of card add “:”; and 6. Change copyright date to 2022.

N.Y.: NYSIF: Brokers can access disability benefits accounts after policy cancellation

Recently, the New York State Insurance Fund announced that brokers now can access their clients’ disability benefits accounts through NYSIF for up to a year after a policy’s cancellation date. According to NYSIF, this will make it easier when reconciling billing issues if the policy is canceled for nonpayment. The accounts can be accessed via www.nysif.com. Remember, if a policy, which was canceled for nonpayment, is reconciled within 30 days, it will be reinstated and still be considered in compliance with the New York State Workers’ Compensation Board.

Educating insurance agents

Conn.: Property value, client expectations and commercial property coverage

When it comes to understanding how a commercial property policy will cover loss, insurance agents should begin with the property’s value. They need to remember that certain state laws and ordinances can affect the valuation of a property—which could affect a commercial insured’s coverage if he or she suffers a loss. Insureds may have certain expectations for their coverage that may not be feasible—and understanding how property value and the law coincide to determine how a commercial property policy would cover a loss is paramount.

N.J.: Discuss personal-lines insurance with other independent agents in New Jersey

PIA is holding a Deep Dive Forum on personal-lines insurance on Wednesday, April 13, 2022, at 1 p.m., via video conferencing. When you attend the forum, you can discuss the 2022 personal-lines market—including the challenges posed by inflation and cost estimators, and the National Flood Insurance Program’s Risk Rating 2.0—with other personal-lines agents in New Jersey, and ask them questions about their experiences. PIA’s Deep Dive forums are an opportunity for insurance agents to join discussions with each other about the latest industry topics and about the issues that face the insurance industry.    

Events

Mark your calendars: PIA Advocacy Days for Northeast

PIA announced when PIA Northeast members can participate in its Advocacy Days. The time frames for each state are as follows: the week of May 2 for Connecticut and New Hampshire; the week of May 16 for New Jersey; and the week of July 11 for New York. PIA’s Advocacy Days are an opportunity to bolster the association’s advocacy and to discuss state-specific, insurance-industry issues with federal legislators. For more information and to participate, see PIA’s Advocacy Days webpage.

Register now

March 24-25, 2022: Connecticut Convention

Wednesday, April 27, 2022: Long Island RAP

Tuesday, March 23: CTYIP Happy Hour

Monday, May 2, 2022: NJYIP Golf Open

Berkshire Hathaway Guard Insurance Companies protecting your business and employees with their Workers' Compensation.
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