Weekly Dispatch: April 21, 2022

April 21, 2022

News

N.Y.: Next week: LI RAP, a chance to hone your connections

Networking opportunities abound at PIANY’s Long Island Regional Awareness Program on Wednesday, April 27, 2022, at Crest Hollow in Woodbury. In addition to the expansive trade show and continuing-education sessions, attendees will have a chance to meet and greet each other at the keynote luncheon and awards presentation. During the luncheon, two-time Super Bowl champ Ottis “OJ” Anderson, running back for the 1990s New York Giants, will discuss his experiences and the lessons they taught him. Additionally, the Executive of the Year award will be presented to Sean Ramalho, senior vice president–Strategic Execution Office, Travelers; and the Distinguished Insurance Service award will be bestowed to Richard Alonso, client director New York, AIG. Register for LI RAP now.

Overlooked market? Americans 50+ drive economic growth

Americans aged 50-plus play a significant role in the U.S. economy as workers and consumers, yet their collective impact often is overlooked, according to AARP and the Insurance Information Institute. Americans aged 50-plus contributed $8.3 trillion to the U.S. economy’s Gross Domestic Product in 2018, yet a potential $850 billion in additional GDP growth was lost that year because those aged 50-plus who wished to remain in or re-enter the labor force, switch jobs, or be promoted within their existing company, were not given that opportunity, the AARP found.

NAIC adopts framework to address LTCI rate approvals

Earlier this month, the National Association of Insurance Commissioners’ members accepted the Long-Term Care Insurance Multistate Actuarial Review Framework. The MSA Framework provides for a more consistent state-based approach when evaluating LTC insurance rate increase requests by insurers. Key objectives of the framework are to educate and advise states on the appropriateness of actuarially based rates for policyholders’ benefits, narrowing rate review practices and reducing inequities among policyholders.

N.J.: Adult-use cannabis sales set to begin in the Garden State

The New Jersey Cannabis Regulatory Commission will be issuing licenses to seven alternative treatment centers to begin adult-use cannabis operations, including at 13 retail dispensaries, starting Thursday, April 21, 2022. Individuals 21 years and older will be able to purchase cannabis and cannabis products legally without a medical card.

Advocacy

N.J.: New Jersey PIAPAC leaders are just like you

Did you know that a committee of independent insurance agents run the NJPIAPAC? Management of the business and affairs of NJPIAPAC is vested in a governing committee consisting of seven-to-nine PIANJ members, plus a PIANJ-YIP liaison. NJPIAPAC also has an Executive Committee that consists of the chairperson, Chris Powell; the vice chairperson, Michael Beckerman; and the treasurer, Lydia Bashwiner, Esq., CWCP, NJWCP. You can learn more about Chris’s goals for the PAC this year and get to know Lydia and her advice to women who want to work in insurance.

Technical

N.Y.: Payroll cap and maximum weekly WC benefit change

The payroll cap under the New York Workers’ Compensation Construction Employment Payroll Limitation Program will be increased from $1,594.57 to $1,688.19 per week for policies with effective dates on and after Friday, July 1, 2022. According to provisions in the 2007 Workers Compensation Reform Act, this limit is adjusted every year based upon changes in the average weekly wage as calculated by the New York State Department of Labor. For changes to the WC manual, see Bulletin 2558. Also, the maximum workers’ compensation weekly benefit is two-thirds of the statewide average weekly wage, so the maximum weekly benefit will be $1,125.46, effective July 1, 2022 (up from $1,063.05 in 2021).

Educating insurance agents

N.Y.: New classes that meet the DFS’ new CE requirements are available online and in private on-site sessions.

Events

N.J.: Did you miss the latest Deep Dive event?

PIANJ’s latest Deep Dive series, which was held last week, focused on the issues facing personal-lines insurance producers in 2022. From the challenges posed by inflation and cost estimators, to what you need to know about the NFIP’s Risk Rating 2.0 and the flood market—those in attendance heard from other agents about what they see in the personal-lines market and how they have been addressing it. A video the event can be found here.

N.J.: WLA ‘Meet the Author’ series continues

Join the PIANJ Women’s Leadership Alliance in-person for an evening of networking with award-winning attorney and author Heather Hansen, on Wednesday, May 18, 2022, at The Molly Pitcher Inn. Hansen will discuss the impact of her new book: Advocate to Win: 10 Tools to Ask for What You Want and Get It. This is Part 2 of the Meet the Author series with Hansen. Part 1 was held in May, during which Hansen discussed her book: The Elegant Warrior. Register for Part 2 today. The WLA would like to encourage attendees to donate through UNICEF to protect the children of Ukraine.

ICYMI

It’s National Volunteer Week: PIA thanks its volunteers

PIA is the premier trade association for independent insurance agents in the Northeast—all thanks to the time, unbeatable knowledge and never-ending service of its members and volunteer boards. In honor of National Volunteer Week (April 17-23) and on behalf of the entire staff at PIA, we thank every PIA volunteer for their generous contributions to the insurance industry.

Register now

Monday, May 2, 2022: NJYIP Golf Open
*All golf spots filled; dinner tickets still available.

Wednesday, May 18, 2022: WLA Meet the Author: Advocate to Win

June 12-14, 2022: PIA Annual Conference—Save 20% with early-bird pass

Tuesday, June 14, 2022: NJYIP Fun Run

Tuesday, June 21, 2022: CTYIP Golf Open

Celebrating 40 Years with Berkshire Hathaway GUARD Insurance Companies.
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