News
Conn.: Minimum wage to increase July 1
Connecticut’s minimum wage will increase from the current rate of $13 per hour to $14 per hour beginning on Friday, July 1, 2022. Public Act 19-4—which was signed into law by Gov. Ned Lamont in 2019—requires the minimum wage to increase five times over a five-year period—this is the fourth raise since the law was enacted. The final increase will be on June 1, 2023, when the minimum wage will be $15.
N.J.: Auto insurance market bills pass insurance committees
Six months into the job as state Senate President, Sen. Nicholas Scurtari, D-22, is looking to put his stamp on the state’s automobile insurance marketplace. Recently, a series of bills—sponsored by Scurtari—passed the Senate Commerce Committee. If signed into law, these bills would make significant changes to the state’s auto insurance marketplace. Included in these bills are two PIANJ-supported pieces of legislation: a consult-a-producer bill and a bill that would increase auto limits. Additionally, the state Assembly Financial Institutions and Insurance Committee met on June 23, and it considered several bills that could impact the commercial and auto marketplaces if they become laws.
N.J.: No-fault law does not bar bad-faith claim
Recently, the Superior Court of New Jersey, Appellate Division held in the case of Vera v. State Farm Indem. Co. that New Jersey’s no-fault law does not bar policyholders from pursuing a claim of bad faith against their insurer. To see what the court did and did not say, see this related article.
N.Y.: Primary results, insurance committee chairs to change
The primaries for New York state governor and Assembly were held Tuesday. For the most part, everything went as expected. Gov. Kathy Hochul, who is a Democrat, and Rep. Lee Zelden, who is a Republican easily won their respective party’s primary for governor. On the Assembly side, all but one incumbent won their race. The one incumbent trialing after Tuesday’s primary was Rep. Kevin Cahill, D-103. At the time of this writing, Cahill’s challenger, Sarahana Shrestha, leads by 600 votes. While absentee ballots still need to be counted, it seems unlikely that Cahill will receive enough votes to overcome the deficit. Cahill’s loss has an impact on the insurance industry. He is the current chair of the Assembly Insurance Committee. In practice, the chair of the committee literally sets the agenda for the committee. Generally, insurance bills do not go for a vote unless the chair signs off first. A new chair means a new agenda—both literally and figuratively. It’s too early to tell who will be the next chair of the Insurance Committee—that won’t be determined until after the general election in November. Assemblymember Pamela Hunter, D-128, is the current vice chair of the committee. The Assembly Health Committee chair position also will be open next session, as the current chair, Rep. Richard Gottfried, is retiring. Primaries for the state Senate are scheduled for Tuesday, Aug. 23, 2022.
Technical
NYSIF’s new system monitors WC status of subcontractors
The New York State Insurance Fund has launched a new online feature for NYSIF workers’ compensation policyholders, which will allow them to monitor their subcontractor’s compliance with the workers’ compensation law—potentially saving policyholders unexpected costs due to uninsured subcontractors. Using their nysif.com online account, policyholders can enter a subcontractor’s Federal Employer Identification Number, and NYSIF will display if the subcontractor has current workers’ compensation insurance. If subcontractors have current coverage, policyholders can add them to their monitoring list, and they will be notified when there is a change in compliance status. Employers will remain on a monitoring list until they are removed.
Educating insurance agents
N.J./N.Y.: In-person education designation seminars
Update your dues-paid CIC, CRM, CPRM, CISR and CSRM designations in-person. Register for one of PIA’s seminars—administered on behalf of the National Alliance. Upcoming classes include: N.Y.: Aug. 3-4: 2022 CIC Ruble Graduate Seminar at Turning Stone Resort Casino, Verona, N.Y.; Sept. 14-15: CIC Insurance Company Operations Seminar, at the Hilton Garden Inn, Clifton Park, N.Y.; and Nov. 2-3: 2022 Ruble Graduate Seminar, Harrah’s Resort in Atlantic City, N.J. Designation classes also are offered as an online option in the states in the PIA Northeast footprint, visit online or call PIA at (800) 424-4244 for details.
Education session: Tech and E&O
Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, will explore the errors-and-omissions pitfalls that agents need to avoid as they balance dealing with clients and staff members who are tech-savvy and those who are not during her upcoming education class: E&O for the Next Tech Generation^FF^UN, Thursday, July 7, from 10 a.m.-1 p.m. This seminar will look at some of the issues that agents, brokers and company personnel face with technology, and the E&O lawsuit possibilities for property/casualty agents and brokers and employee benefits staff members (e.g., health, life and disability insurance). This webinar will help attendees identify what to do to make sure they are protected against an E&O loss, and how they need to handle technology consistently. This course has been approved to continuing-education credits in Connecticut, New Hampshire, New Jersey and Vermont; and it has been submitted for approval in New York state. ^FF^UN–This course has been approved for E&O loss prevention credit by Fireman’s Fund and Utica National. Call the PIA E&O Department for details.
N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.
Events
N.J.: A look at the WLA Meet the Author series
Over 60 insurance women gathered in-person for the first time since the COVID-19 pandemic for the PIANJ Women’s Leadership Alliance Meet the Author series, which was held in last month. PIANJ hopes you enjoyed the chance to network and then discuss Heather Hansen’s insightful book Advocate to Win. This session focused on the lessons Hansen has learned from her over her past 20 years of experience as a trial lawyer. During the event, PIANJ also honored the longtime supporter of the WLA, Karen Murdock. Murdock shared some words of wisdom.
Register now
Thursday, July 14, 2022: PIWA Summer Reception
Thursday, July 28, 2022: NJYIP Summer Reception
Monday, Aug. 1, 2022: NY-YIP Golf Open
Monday, Sept. 12, 2022: Save the date: PIANJ Golf Classic
Thursday, Sept. 29, 2022: Save the date: PIANH Symposium
