Weekly Dispatch: Dec. 15, 2022

December 15, 2022

News

Happy holidays from PIA Northeast

PIA wishes you and yours a warm and prosperous holiday season. We look forward to continuing to bring you the information your business needs, the way you want it. The PIA Northeast Weekly Dispatch will be on vacation for the rest of the year, but it will resume on Thursday, Jan. 5, 2023. In the meantime, you still can access industry-specific updates on PIA Northeast News & Media, and on PIA Northeast’s Facebook, LinkedIn and Twitter social-media channels.

Take NUPC’s survey on today’s insurance challenges

Once again, the NU Property & Casualty Magazine has partnered with PIA National to survey PIA members to get a better understanding about the challenges that face today’s insurance agents. The survey, which can be filled out anonymously, is available until Tuesday, Jan. 10, 2023. Take the survey today—it will take about 15 minutes to complete.

Avoid hiring mistakes to select top talent

The last thing businesses want to do is to invest in poor-performing employees. This can be costly, and although a high turnover rate is expensive, so is keeping a poor-performing employee on staff. So, how do you implement some efficient hiring practices? PIA Northeast offers members access to resources on hiring mistakes, personality and aptitude assessments, retaining employees, and orientation plans.

Connecticut to clear thousands of low-level cannabis possession convictions

Gov. Ned Lamont announced that thousands of Connecticut residents convicted of cannabis possession are set to have these records cleared in January using an automated erasure method. Records in approximately 44,000 cases will be fully or partially erased. The policy is an integral part of the 2021 legislation Lamont signed into law to safely regulate the adult use of cannabis.

N.Y.: New law protects victims of hate crimes from being mistreated by insurance companies

Gov. Kathy Hochul this week signed legislation (S.7658-B/A.8869-B) that prohibits insurers from canceling insurance, raising premiums, refusing to issue a policy or refusing to renew a policy solely on the basis that one or more claims have been made for a loss that is a result of a hate crime. This new law will apply to individuals, religious organizations, or nonprofits organized and operated for religious, charitable or educational purposes. The law also ensures perpetrators of hate crimes cannot use the legislation to protect themselves from rate increases or cancellations because of the crime they themselves committed.

Compliance

N.Y.: New law cracks down on telemarketing calls, agents defined as ‘telemarketers,’ sort of

Gov. Hochul last week signed legislation to crack down on unwanted telemarketing calls. Legislation (S.8450-B/A.8319-C) requires telemarketers to give customers the option to be added to the company’s do-not-call list at the outset of certain telemarketing calls. What it means to agents: Under the broad definition found in the law, insurance agencies are considered telemarketers. However, there are several exceptions to the law that will limit its impact on agencies. This new law amends New York General Business Law Section 399-z, which applies to both telemarketing phone calls and text messages. Section 399-z contains an exclusion for sales calls that are made to existing customers, as well as those who have requested to be contacted—like in many referral situations. Any call or text message that falls into the exclusion would not be considered an unsolicited telemarking call. In practice, this means that those that limit phone calls and text messages to existing customers and leads will not be impacted by this new law. However, those agencies that do engage in cold calling will be required to comply. Those agencies would be required to inform those they are calling of the option to be put on the do not call list. Questions? Contact PIANY at (800) 424-4244 or by email.

Technical

U.S. commercial insurance prices showed an aggregate increase of 5%

U.S. commercial insurance prices grew again in the third quarter of 2022, according to WTW’s most recent Commercial Lines Insurance Pricing Survey. The survey compared prices charged on policies underwritten during the third quarter of 2022 to those charged for the same coverage during the same quarter in 2021. The aggregate commercial price change reported by carriers spiked upward to nearly and above 10% in the second through the fourth quarters of 2020, and since then has started declining to 5% now in the third quarter of 2022.

NYCIRB issues report on New York Schedule Rating Program

Recently, the New York Compensation Insurance Rating Board posted a report to provide information and statistics on the New York Schedule Rating Program—a premium pricing program providing insurance companies with the discretion to apply credits and debits, in an amount of up to 5% on eligible policies. Credits and debits applied pursuant to the Schedule Rating Program are exclusive of any other approved New York credit or debit program, such as the Workplace Safety and Loss Prevention Incentive programs, the New York Safe Patient Handling Act Program, and the Compulsory Workplace Safety and Loss Consultation Program. The Rating Board also released educational material on the New York workers’ compensation classification program along with an enhanced interactive application Classification Digest 2.0 to perform classification research.

Educating insurance agents

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.

Conn./N.J./N.Y.: Mitigating cyber exposures

Join John Fear, CPIA, CISR, as he leads CPIA Advanced: Agents Guide to Understanding and Mitigating Cyber Exposures, on Wednesday, Jan. 11, 2022, from 8 a.m.-4 p.m. During this program, participants will be encouraged to focus on the insurance implications of cyber security lessons. Cyberattacks can take many forms and affect businesses in different ways. This program will examine many cyberattack method and discuss the insurance implications. Having the proper insurance coverages can make the difference in a business recovering or going out of business. Cyber insurance policies are created equal—you need to understand cyber security risks. This online seminar has been approved for continuing-education credits in Connecticut, New Jersey, and New York.

Events

Industry excellence celebrated at NJYIP Holiday Social

Over 70 industry peers attended the NJYIP Holiday Social on Nov. 29, at the Horseshoe Tavern in Morristown, N.J. While celebrating the holiday season with food, music and ugly sweater contests, NJYIP President Peter Leone presented the 2022 NJYIP of the Year award to Lisa Glesias, CPIA, of Agency Network Exchange, for her commitment to professionalism and excellence in the insurance industry. In a special presentation, NJYIP honored Stephanie Danzis of The Service Insurance Co., for her outstanding service to the insurance industry. You can check out pictures of the fun-filled event. Thanks again to event sponsor: Cumberland Mutual, DJ sponsor: The Service Insurance Co., Ugly Sweater sponsor: FMI and Bar sponsor: Narragansett Bay Insurance Co.

Register now

Thursday, Jan. 19, 2023: CTYIP Holiday Social

March 23-24, 2023: Save the date: Connecticut Convention

Wednesday, April 19, 2023: Save the date: NY-YIP/PIA Pre Buffalo I-Day Event

Thursday, April 27, 2023: Save the date: Long Island RAP

Monday, Oct. 2, 2023: Save the date: PIANJ Golf Classic—40th Anniversary

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