Weekly Dispatch: March 16, 2023

March 16, 2023


Last call, Connecticut Convention is next week

Networking is an opportunity for insurance agents to show off their agencies and their insurance know-how, to gain helpful insight from other insurance professionals and to meet new people. When you register for Connecticut Convention—which takes place March 23-24, 2023, at the Hartford Marriott Downtown—you’ll get myriad opportunities to network, expand your knowledge and explore, including the Convention’s sold-out trade show; a networking lunch buffet; the Annual Networking Reception, featuring DJ Mike Nigretti; and other fun additions like the Bloody Mary & Mimosa bar, and a wine and cheese reception. Let’s chat together at the Connecticut Convention. Register now and get your name on our list. We know you won’t regret it.

NICB: U.S. exceeds one million vehicle thefts

The United States is experiencing record levels of vehicular crime. According to the National Insurance Crime Bureau, over 1 million vehicles were stolen last year. California and Texas had the most reported stolen vehicles in the U.S. Vehicular theft increased by 35% in Illinois and 31% in Washington state over 2021-22, establishing the largest increase of thefts in a top 10 state. New York state ranked 9th for vehicle theft. In 2021, 23,088 vehicles were reportedly stolen. By 2022, this number increased by 23%, to 28,292 stolen vehicles. In 2019, Connecticut reported 5,944 stolen vehicles. This number increased to 8,541 in 2020, however it decreased to 7,771 in 2021. New Hampshire seems to follow the national trend and saw an increase in vehicle theft between 2019-21. In 2021, 858 vehicles had been reported stolen. New Jersey saw a decrease in vehicles reported stolen between 2019 and 2020, but by 2021, 14,818 were reported stolen. Similarly, Vermont also appears to follow the national trend and the vehicles stolen in the state between 2019 and 2021 increased. In 2021, Vermont had 621 reported vehicles stolen. For more information on stolen vehicles, PIA members can access Insurance losses by make and model and top 10 most stolen vehicles by state and make in the PIA QuickSource library.

Clients need to know about floods, water in the basement

Having good communication with your clients about flooding and flood insurance is a great way to make sure you help them get the coverage they need—before they need it. It also can help your agency in the event of an errors-and-omissions claim. PIA offers members resources to help you start these conversations with your clients. For more information, PIA members can access the following documents in the PIA QuickSource library: Something’s wet, it must be a flood, right?; and My property is wet, it must be a flood. Plus, clients are sure to have questions about what to do about water in their basements. If you are looking for information on sump pumps, be sure to check out the related article in the PIA QuickSource library. And, if you are looking for customized materials to send to your clients, contact PIA Design & Print.

FDIC creates a deposit insurance bank to protect insured depositors of Silicon Valley Bank

The California Department of Financial Protection and Innovation recently closed Silicon Valley Bank, Santa Clara, Calif. To protect insured depositors, the Federal Deposit Insurance Corp., created the Deposit Insurance National Bank of Santa Clara. All insured depositors should have had full access to their insured deposits no later than March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors. Silicon Valley Bank had 17 branches in California and Massachusetts.

Connecticut’s wrong-way driving public awareness campaign

The Connecticut Department of Transportation launched a new public awareness campaign on the dangers of wrong-way driving as part of the state’s larger strategy to reverse the catastrophic recent increase in wrong-way crashes and deaths. The campaign’s theme of “One Wrong Move” demonstrates how just one moment and one decision can be fatal. It features spots distributed through a variety of media outlets, such as television, radio, digital, and billboards. Wrong-way driving crashes in Connecticut tripled in 2022.

New Jersey date changes for certain some election deadlines

Gov. Phil Murphy signed S-3595/A-5177 of 2022 into law on March 9, 2023. This law makes procedural amendments to update New Jersey’s primary election laws by adjusting the timeline of several of the state’s primary election deadlines. More specifically, the law allocates more time for candidates, county and municipal clerks, and other state elections officials to carefully prepare, print, and ensure various elections-related filings are certified, which may reduce the possibility of human error and promote greater trust and transparency in the state’s elections systems.


N.J. pay-to-play annual disclosure due March 30

New Jersey’s pay-to-play law (P.L. 2005, c. 271 Section 3), requires insurance agencies to file electronic annual disclosure statements by Thursday, March 30, 2023. Insurance agencies that have received $50,000 or more in the aggregate during the 2022 calendar year—through contracts with a public entity or public entities—must file the annual disclosure statement that lists various political contributions made during the year. The New Jersey Election Law Enforcement Commission expects that there will be a considerable number of agencies that will file statements this year and the commission suggests that those agents who need to file a disclosure statement do it early. For more information about where to file or obtain the necessary forms, see the related article on PIA Northeast News & Media.


PIANY-priority anti-arson bill passes Assembly

PIA-supported legislation (A.2811) that would repeal the antiquated anti-arson application in New York City, successfully passed the state Assembly on March 9, by a vote of 138-0. To find out more about what the anti-arson bill will do, see the related article on PIA Northeast News & Media.

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./Vt.: Need CE on E&O?

To find out the latest errors-and-omissions loss control prevention techniques, join popular PIA instructor Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, for E&O Hot Issues^FF^UN, on Tuesday, March 21, 2023, starting at 10 a.m. Magnusson will examine some of the issues agents, brokers and company personnel face with technology and the E&O lawsuits for both property/casualty agents and brokers and the employee benefits staff (including health, life and disability insurance). ^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 at (800) 424-4244. Register today: Connecticut (3 PC); New Jersey (3 GEN); New York (3 BR, C1, C3, LA, LB, LSB, PA, PC); and Vermont (3 General).

Register now

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 PIANYwant 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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