News
Conn.: PIACT releases its 2023 legislative priorities
PIACT supports legislation that would waive the declinations requirement when an agent renews a policy in the surplus-lines market through an unaffiliated, licensed wholesale broker. This would simplify the renewal process for policies already in the surplus-lines market, benefitting the insurance-buying public without changing the process of placing a policy in the surplus-lines market. It also would reduce unexpected increases in personal automobile premiums. The association also supports legislation that would reduce unexpected increases in personal automobile premiums. When a driver in Connecticut purchases an automobile insurance policy, the payments may unexpectedly increase several months later after the insurance company decides to obtain the motor vehicle report that helps determine the premium. PIACT supports legislation that would require any company, and producers representing them, who utilize insureds’ driving history records as an underwriting or rating factor for personal automobile policies, to run motor vehicle reports prior to binding a policy. PIACT members can read more about PIACT’s 2023 legislative priorities, and if you want to take part in this year’s District Office Visits Program, email govaffairs@pia.org.
N.J.: Court ruling: Companies are not obligated to check applications’ truthfulness
The U.S. District Court, District of New Jersey held in the case of Harford Mutual Insurance Co. v. Z&D Realty LLC that insurance companies do not have an obligation to investigate whether insurance applicants were truthful on the applications and that applicants—not insurance producers—are reasonable for the veracity of information on an insurance application. See an overview of the court ruling and what it means for the insurance industry in a related article on PIA Northeast News & Media.
N.Y.: Do you know what a hurricane is (for insurance purposes)?
There are 114 approved hurricane windstorm deductibles in New York state. Some policies contain straight-forward, it-is-obviously-raining level definition of hurricane, while others have definitions that could be summed up by, “Well, I don’t know, stick your hand out the window.” PIANY is advocating for a standardized definition for when a hurricane windstorm deductible would be triggered because, among the 114 approved triggers, there are variances and outright complications, which can be reviewed in the related article on PIA Northeast News & Media.
N.Y.: Governor urges New Yorkers to take steps to safeguard their private data
In recognition of Data Privacy Week, New York state is promoting techniques for protecting private data including raising awareness of phishing schemes, using strong passwords, and exhibiting greater caution with information shared on social media. Data Privacy Week is aimed at spreading awareness about online privacy among individuals and organizations. The goal is to educate the public on how to safely manage their personal information online and to help businesses and other organizations understand the importance of respecting their users’ data. For more information on how to protect your clients’ and your agency’s privacy, PIA members can access the related article in the QuickSource library.
N.Y.: DFS adopts updated regulation for disclosure requirements for commercial financing
The New York State Department of Financial Services announced this week that it has adopted a new regulation relating to disclosure requirements for commercial financing. To address the lack of standardized disclosures in small-business lending, the New York State Legislature passed a law to mandate standardized disclosures for commercial financings below a certain principal amount.
Compliance
N.J.: What you need to know about N.J.’s new handgun liability insurance law
Gov. Phil Murphy signed P.L. 2022, C.131 into law, which states that any person in the state carrying a handgun in public, must maintain liability insurance coverage. The new law is a comprehensive gun safety law related to the carrying of handguns in public. The law restricts who is eligible to carry handguns in public, establishes a list of places in which people cannot carry handguns even with a permit, and requires those with a public carry permit to maintain liability insurance. To help you understand the ins-and-outs of this new law, PIANJ has created a Q&A.
Technical
Escalating reinsurance renewals
Reinsurance refers to the system in which an insurer moves all or some of a risk to another insurer to give protection in case of risks on the first insurance. In the last few years, reinsurance firms have proven themselves essential in steering the direction of the overall insurance marketplace. However, given many of the global circumstances, such as natural disasters and the ongoing war in Ukraine, this has resulted in escalating reinsurance renewals.
Vt.: NCCI 2022 WC loss cost decrease of 6.7% approved
The Vermont Department of Financial Regulation approved the revised workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 6.7% decrease. In addition, a decrease of 6.9% of the overall assigned risk rates was approved. These loss costs and rates will take effect Saturday, April 1, 2023. For more on the DFR approval, see the online press release.
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.: PIA offers CE for your CIC designation
Instructors Mark A. Palinkas, CIC, Steven D. Lyon, CPCU, CIC, CRM, AAI, ARM, AIS, MLIS, AFIS, CIC, and Paul W. Burkett, JD, CPCU, CRM, CIC, ARM, ALCM, will lead a two-day webinar 2022-2023 CIC CC: Commercial Casualty Institute on Wednesday and Thursday, Feb. 8 & 9, 2023. The webinar will focus on commercial general liability concepts & coverage, insured concepts & endorsements, and workers’ compensation & employers liability. This class has been approved for continuing-education credits in Connecticut (16 PC, 16 PC), New Jersey (16 GEN) and New York (15 BR, C3, PA, PC).
Events
CTYIP Holiday Social, see photos from the event
Nearly 40 emerging leaders in the insurance industry attended the CTYIP Holiday Social on Jan. 19.Attendees were able to network, enjoy craft beer, and participate in bar games at City Steam Brewery, in downtown Hartford. Thank you to our attendees and sponsors for kicking off 2023 with us! See photos from the event here.
Register now
Wednesday, March 22, 2023: CTYIP Welcome Reception
March 23-24, 2023: Connecticut Convention—want to sponsor, exhibit or advertise?
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, May 1, 2023: Save the date: NJYIP Golf Open
June 4-6, 2023: Save the date: Annual Conference hosted by PIANJ and PIANY
Tuesday, June 6, 2023: Save the date: NJYIP Fun Run
Tuesday, June 20, 2023: Save the date: CTYIP Springfest Golf Outing
Monday, Aug. 7, 2023: Save the date: NY-YIP Annual Golf Open
Monday, Oct. 2, 2023: Save the date: PIANJ Golf Classic—40th Anniversary
Thursday, Nov. 2, 2023: Save the date: Capital RAP
