Weekly Dispatch: March 9, 2023

March 9, 2023


Conn.: We’ve got what you want—and what you need: Register for Connecticut Convention

PIA is holding its Connecticut Convention on March 23-24, 2023, at the Hartford Marriott Downtown, in Hartford. When you attend, you’ll get access to a mock cyber event, education sessions taught by John Fear, CISR, CPIA—and those valuable continuing-education credits—a sold-out trade show, a reception featuring the musical stylings of DJ Mike Nigretti, and myriad opportunities to network with insurance professionals from all over the state. What are you waiting for? Register today. Get ready to reconnect face-to-face with your insurance industry colleagues.

NAIC releases 2022 market share data

Last week, the National Association of Insurance Commissioners released data on property/casualty insurers to provide market share information and identify leading insurance writers in several key lines of business. The Property/Casualty Market Share report contains cumulative market share data for the following lines of business: personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners, and other liability (excluding auto liability) insurance. Highlights include: with 65.62% of p/c insurance companies reporting so far, direct premiums written for all lines of business are $618,692,985,615; the Top 10 p/c companies reporting so far have a cumulative market share of 52.11%; and the total private passenger auto insurance has the largest amount of direct premiums written reported as of March 1, 2023, at $178,365,401,539, which is about 29% of all written premiums. The report will be updated throughout March.

Do road conditions effect the wellness of the U.S. economy?

According to data collected by the U.S. Department of Transportation and the U.S. Census Bureau, and analyzed by MoneyGeek, road conditions and the money spent on overall maintenance varies tremendously from state to state. What this seems to mean is that regardless of the monies spent, roads do not necessarily reflect the expenditure. One-in-10 U.S. roads are in considerably bad condition, with city roads reporting even more disrepair. Interestingly, New Hampshire ranked the highest in road conditions, meanwhile it contributes the least amount of money per mile to road upkeep—$9.82. See how other states in the Northeast—Connecticut, New Jersey, New York and Vermont fared.  

The White House reveals cyber security strategy

The White House released a new comprehensive national cyber security strategy, which focuses on the planning, investment, and defense against potential hostile cyberagents. The new National Security Strategy intends to protect national security and public safety in the U.S. Some of the key highlights of the new cyber security strategy are to increase the minimum cyber security requirements, updating federal networks, as well as the incident(s) response plans. Software manufacturers are being met with more liability to evolve certain development practices, such as promotion of privacy and the security of personal data. Protect your agency from cyberthreats. 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 determine their unique cyber risks, PIA-member agents can use PIA’s Cyber Risk Assessment. PIA members also can access Ransomware is a real menace in the PIA QuickSource library.

PIA announces Winning@Customer Retention

PIA National and its carrier council—PIA Partnership—have developed a new program called Winning@Customer Retention. The program has been designed to offer members resources to help them better track client retention rates, segment clients, and communicate effectively with customers. The five aspects to Winning@ Retention include retention and inflation, retention and service briefs, customer touchpoints plan, technology directory, and other Winning@Customer Service Resources.

Hochul announces SBA will offer assistance to Western N.Y.

Gov. Kathy Hochul last week announced the U.S. Small Business Administration will offer federal assistance to New Yorkers in Western New York affected by Winter Storm Elliott in late December. Residents and businesses in Erie, Cattaraugus, Chautauqua, Genesee, Niagara and Wyoming Counties now are eligible to apply for low-interest loans to aid in their recovery from this historic storm, which devastated the entire region over the Christmas holiday.


Risk retention placement reports due March 15

New York State Insurance Law Section 5904 requires producers placing New York state business with risk retention groups not chartered in the state to report this business by Wednesday, March 15, 2023. To comply with New York State Insurance Law Section 5904(c), if a business has been placed with a risk retention group not chartered in New York, the producer of record is required to report such business on the Statement of Business Placed with Risk Retention Groups not Chartered in New York form. This form is due no later than March 15 of each year. To assist members in timely reporting, PIANY offers the statement form that needs to be completed and submitted. It should be mailed to the New York State Department of Financial Services, State of New York, Excess Line Unit, One State St., New York, NY  10004-1511. This form is not yet available in electronic format. Questions? Contact PIA’s Industry Resource Center at (800) 424-4244 or by email.

N.Y. cyber security certification of compliance filings due

Those individuals who hold a New York state insurance license (covered entities), including nonresident licensees, have until Saturday, April 15, 2023, to certify their compliance with the requirements of New York state’s cyber security regulation (23 NYCRR 500) for calendar-year 2022. The filing is required for all those not covered by another covered entity’s information system. This certification, which is required annually, must be filed via the DFS web portal between Jan. 1, 2023, and April 15, 2023.


Data privacy bill approved by committee along party lines

The House Financial Services Committee passed the Data Privacy Act in a partisan vote of 26-21 on Feb. 28 after lengthy debate. The bill would revise existing federal standards created by the 1999 Gramm-Leach-Bliley Act that protect consumer data by expanding the requirements imposed on “financial institutions,” including independent insurance agencies, that collect and retain consumer data as part of their normal business operations. One goal of the bill is to create a uniform national standard that would govern all financial institutions’ use of consumers’ nonpublic personal information.

PIANY-priority anti-arson bill passes Assembly committee

PIA-supported legislation (A.2811) that would repeal the antiquated anti-arson application in New York City, successfully passed the state Assembly Insurance Committee on March 1, without opposition (23-0). If this bill was to become law the anti-arson application would no longer be required to be completed in New York City (or anywhere else in New York state). Relieving policyholders and agents from a major administrative headache. PIA would like to thank Assemblyman Daniel Rosenthal, D-27, the sponsor of this legislation, for his continued leadership on this issue.

Educating insurance agents

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

Team building and growth tips

Join Nick Aube from Producer Systems on Thursday, March 16, 2023, from 2-3 p.m., for a free online session. During this webinar, you will learn three common mistakes in finding and attracting producers to your agency—and how to avoid making them. Reserve a seat now for this team building session.


Come to the CTYIP Welcome Reception

Kick off Connecticut Convention during the CTYIP Welcome Reception, Wednesday, March 22, 2023, at the L Bar, in the lobby of Hartford Marriott Downtown, starting at 6 p.m. It will be an evening of fun, food, networking, and pre-dinner cocktails. Don’t miss this opportunity to mingle with emerging leaders in the industry and make new professional connections. Registration includes two drink tickets and light appetizers.

Register now

Friday, March 10, 2023: YIP Education: Cutting Edge E&O Exposures. To register: Conn. / N.J. / N.Y.

Wednesday, March 22, 2023: CTYIP Welcome Reception

March 23-24, 2023: Connecticut Conventionwant to sponsor or advertise?

Monday, April 17, 2023: PIANJ Women’s Leadership Alliance: Luncheon with Lt. Gov. Sheila Oliver

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

Thursday, April 27, 2023: Long Island RAPwant to sponsor, exhibit or advertise?

Monday, May 1, 2023: NJYIP Golf Open

Thursday, May 18, 2023: Save the date: PIWA Spring Reception

June 4-6, 2023: Save the date: Annual Conference hosted by PIANJ and PIANY—want to sponsor, exhibit or advertise?

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

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