News
N.Y.: LI RAP offers insurance professionals access to information and networking
Some 300 insurance professionals attended PIANY’s Long Island RAP last week. During the event, attendees networked, earned continuing-education credits on salient topics—cyberliability and data breaches, and E&O in the digital world—listened to Ottis “OJ” Anderson, former Running Back for the NY Giants, and attended an expansive trade show. During the event, LI RAP Chairman David Lande, JD, CIC, presented Sean Ramalho, senior vice president–Strategic Execution Office of Travelers, and Richard Alonso, executive client director at AIG, with the Executive of the Year and the Distinguished Insurance Service awards, respectively. You can see photos from the event here.
Myth: Cyberattacks do not affect small businesses
Many agents still believe that cyberattacks are directed at large companies, despite the well-documented and widely quoted report from Accenture that concluded that 43% of all cyberattacks are aimed at small businesses. More disturbing is the fact that the same report noted that only 14% of those small businesses are prepared to defend themselves. Every business—no matter how small—operates within a digital ecosystem in which the security weaknesses of one affects many others. PIA members and every one of their small-business clients must understand and then tackle their cybersecurity weaknesses before they are crippled by them. To protect their sensitive data—and their insureds’ sensitive data—insurance agents should have cyber liability coverage. To get more alerts like this or to determine their unique cyberrisks, PIA-member agents can use PIA’s Cyber Risk Assessment.
Conn.: Gov. Lamont announces mortgage relief program for homeowners impacted by COVID-19
Gov. Ned Lamont this week announced the launch of MyHomeCT—a new state of Connecticut program that provides mortgage relief to homeowners who have experienced financial hardships due to the COVID-19 pandemic. It is being funded by $123 million that the Connecticut Department of Housing received from the federal American Rescue Plan Act, and it is being administered by the Connecticut Housing Finance Authority.
N.J.: Court: DOBI has the authority to pursue an administrative complaint against out-of-state companies
A New Jersey appeals court has ruled that the Department of Banking and Insurance and its Commissioner Marlene Caride have the authority to pursue administration action against two nonadmitted out-of-state insurers. In the case, Applied Underwriters Captive Risk Assurance Co. v. New Jersey Department of Banking and Insurance, Applied Underwriters argued that the DOBI and the commissioner lacked the authority to bring an action against it. Instead, the company argued that the commissioner must rely on the state attorney general to bring a lawsuit. The Superior Court of New Jersey disagreed and held that the commissioner has the authority to choose to pursue an administrative complaint against the companies instead of a lawsuit brought by the attorney general.
N.Y.: Rep. Antonio Delgado appointed as lieutenant governor
Gov. Kathy Hochul on Tuesday announced that she is appointing Rep. Antonio Delgado to serve as lieutenant governor of New York. Currently, Delgado represents New York’s 19th Congressional District, which includes the Hudson Valley and Catskills. Delgado is Afro-Latino, the first person of color to represent Upstate New York in Congress and a member of both the Black and Hispanic Congressional Caucuses.
Vt.: DFR Commissioner Mike Pieciak to step down
Gov. Phil Scott last week announced Commissioner Mike Pieciak will be stepping away from his role leading the Vermont Department of Financial Regulation in May to pursue other opportunities. Commissioner Pieciak was appointed to lead the consumer watchdog agency by Gov. Scott in January 2017. He joined DFR in 2014 as deputy commissioner of the Securities Division, appointed by Gov. Peter Shumlin.
Advocacy
PIANY-priority legislation passes state Assembly committee
A bill (A.9088), which would simplify the process for placing business in the excess-lines marketplace passed the state Assembly Insurance Committee yesterday. The legislation, sponsored by Assemblymember Pam Hunter, D-128, would reduce excessive reporting requirements and is identical to legislation (S.8127) that passed the state Senate last month. With its passage through the Assembly Insurance Committee, A.9088 cleared a major hurdle in reaching the Assembly floor and becoming a law. While possible, it is extremely rare for legislation to be voted on by the full Assembly without first passing through at least one committee. A full vote on A.9088 could come quickly as the Legislature is scheduled to adjourn in early June, ending the 2021-22 legislative session.
N.J./N.Y.: Reception for PAC donors at PIA Annual Conference
Agents Advocacy Coalition and New Jersey PIAPAC are happy that we will once again be able to hold our Donor Reception at the PIA Annual Conference hosted by PIANJ and PIANY—June 12-14, in Atlantic City. This reception, which will be held Monday, June 13, 5:30-6:30 p.m., is to thank donors who give at the Capitol Club level or above. Since PIA didn’t host a live conference in 2020 or 2021, all donors from those years—along with anyone who gives $250+ before this year’s conference—are invited to this year’s event. We look forward to seeing everyone in Atlantic City! Learn more about the donor levels on New Jersey PIAPAC’s and Agents Advocacy Coalition’s respective websites.
Technical
Conn./N.J./N.Y.: Global Liberty Insurance of N.Y. in liquidation
The Supreme Court of the State of New York, County of Suffolk placed Global Liberty Insurance Company of New York into liquidation on Oct. 13, 2021, and the superintendent of financial services of the state of New York was appointed as liquidator. Global Liberty Insurance Company of New York is licensed in several states, including Connecticut, New Jersey, and New York. A proof-of-claim form can be found here, and the filing deadline is Thursday, Oct. 13, 2022.
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.Y.: Tell us your thoughts on the insurance industry
The Regional Advisory Councils are virtual meetings of industry professionals—during which you can voice concerns, ask questions, and share ideas and feelings and have them heard not only by your attending colleagues but by PIANY’s committees, leadership and staff. The next series of meetings will be held across the state May 10-12 and May 17. Open to all New York agents and brokers at no cost, PIANY’s Regional Advisory Councils offer participants a one-hour forum to discuss what’s on your mind. Register today.
PIA Annual Conference hosted by PIANJ and PIANY
June 12-14: Register today and save 20% with early-bird pass: Thousands of insurance professionals will be looking to be in-tune with the insurance industry at the PIA Annual Conference hosted by PIANJ and PIANY in Atlantic City. It’s an opportunity to reignite with new tools, services, and strategies. Will you be there? Want to sponsor, exhibit or advertise? It’s time to start supporting Special Olympics New Jersey. NJYIP will host its 38th Annual Fun Run on Tuesday, June 14. Register online by Monday, June 13, at 3 p.m. “Day of” registration will not be available. And, if you can’t make it to the Boardwalk this year, you still can participate in the event virtually.
Register now
Wednesday, May 18, 2022: WLA Meet the Author: Advocate to Win
Thursday, May 19, 2022: CTYIP Open House—CTYIP members bring one guest free
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
Monday, Aug. 1, 2022: NY-YIP Golf Open
