Weekly Dispatch: May 4, 2023

May 4, 2023


May the fourth be with you:
Advertising in any galaxy, even ones far, far away

The modern insurance industry has been around for hundreds of years. Insurance advertising has been around for almost as long. Despite that, navigating the do’s and don’ts of insurance advertising is a constant source of confusion for insurance agents. And, that is most true when agencies advertise on social media. Despite what you might think, there are no special rules for advertising on social media. However, it does present some unique challenges. PIA Northeast Director of Government & Industry Affairs Bradford J. Lachut, Esq., uses Star Wars themed examples to illustrate the challenges of advertising via social media. If you are looking for more information, you can access Swipe Right: Rules and Regulations to Advertising on Social Media on demand in Connecticut, New Hampshire, New Jersey, New York and Vermont.

AI and chatbots and the insurance industry

Artificial intelligence is affecting every trade, including the insurance industry. With the ability to collect consumer data and information, to adapt and overcome obstacles, insurance agents need to tap into artificial intelligences as an instrumental resource. It comes in many forms (e.g., chatbots, search engines and voice-to-search). For more information on how AI is affecting insurance buying, PIA Northeast members can access the following documents in the PIA QuickSource library: Catch the wave—how AI will affect insurance buying and Insurance in the age of technology and AI.

It’s Hurricane Preparedness Week, PIA has resources

The first week of May is Hurricane Preparedness Week. The Federal Emergency Management Agency has issued a statement with five steps that people can do to prepare for hurricane season, which runs from June 1 through Nov. 30: 1. Have a communication plan; 2. Network with others about their plans; 3. Build a kit; 4. Home improvements; 5. Prepare your car. Interested to know the factors that contribute to a hurricane season’s activity level? See the related article on PIA Northeast News & Media. For resources, PIA members can access PIA’s Hurricane Info Central.

N.J./N.Y.: Rock out at Annual Conference

Get ready to rock out with thousands of insurance professionals at the Annual Conference hosted by PIA of New Jersey and New York from June 4-6, 2023, in Atlantic City, N.J. This multi-day event will be packed with energizing experiences, industry guidance and educational sessions. Save 20% off your registration fee when you register before Friday, May 12, 2023. At the Annual Conference, you’ll have the opportunity to connect with industry professionals, expand your knowledge, and gain a competitive edge in the industry. With a lineup of high-energy events, including the trade show, Networking Cocktail Reception, YIP Nitecap, and the Ultimate Experience Nighttime Beach Party, you’re sure to have a good time. Register today. Sponsorship, exhibitor or advertising opportunities also are available.

N.Y.: DFS report reviews the supervision and closure of Signature Bank

New York State Department of Financial Services released the department’s internal review of the supervisory process and events leading to the closure of Signature Bank. A confluence of events—including the liquidation of Silvergate Capital Corp., the collapse of Silicon Valley Bank, and the resulting panic that rapidly spread through social media—led to the outflow of deposits across Signature’s diverse customer base. The bank’s inability to provide a credible liquidity plan to open on March 13, 2023, led DFS to take possession of the bank on March 12, 2023, and appoint the Federal Deposit Insurance Corp. as receiver. The report outlines recommendations DFS will implement to modernize supervision of today’s global financial system.


N.J.: Governor signs pro-worker UI benefits bill

Gov. Phil Murphy recently signed A-4772/S-3215, which concerns unemployment insurance benefits for workers during labor disputes. The new law addresses certain loopholes that had prevented workers participating in labor disputes—such as strikes—from receiving access to UI benefits. In particular, the bill amends existing law to: permit UI benefits to be distributed to workers during an employer lockout even if a strike did not immediately precede the lockout; decrease the time frame from 30 days to 14 days following a strike that UI benefits are disqualified, while allowing for benefits to be paid immediately regardless of the time frame if replacement workers are hired on either a permanent or temporary basis; and clarify that there is no disqualification if an issue in the labor dispute is the failure of the employer to comply with an agreement between the parties. This bill took effect immediately and applies to all UI benefit claims filed on or after Jan. 1, 2022.


PIA top priority, repeal of FIO, introduced in U.S. House

The Federal Insurance Office Elimination Act, sponsored by Rep. Ben Cline, R-Va., has been reintroduced in the U.S. House. The bill, which was reintroduced last week, would protect the successful state insurance regulatory system by repealing the FIO, an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. This bill has been a top legislative priority for PIA National.


Conn./N.J./N.Y.: Help a local charity receive $2,500

Want to make a difference to a local charity in your community? PIA is working with the Insurance Industry Charitable Foundation to let agencies know that the IICF is offering 10 grants—worth $2,500 each—to worthy charities in Connecticut, New Jersey and New York. In order for the charity to receive one of the grants, it must be sponsored by an insurance entity—at no cost to you. Ask the charity you are sponsoring to complete an application. Applications are due Thursday, May 18, 2023.

N.J.: PIANJ seeks industry stars—nominate someone today

PIANJ is calling for nominations for its 2023 Distinction of Professionalism awards, and nominations are due Friday, May 19, 2023. The association will honor insurance professionals who exemplify the qualities and actions that serve as a model of excellence in the insurance industry and for the independent agency system. Nominations are being sought for these awards: Professional Agent of the Year, Community Service Award, and Company Person of the Year. For a full description of each award, or for a nomination form, click here.

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.: Basic characteristics, provisions and riders in life/health policies, retirement contracts

Do you know the basic characteristics, provisions, and riders found in most life, health, and retirement contracts? To answer these questions, Douglas J. Fleming, LUTCF, Richard Goolsby, CIC, and Victor Anthony Puleo Jr., PhD, CIC, CFP, lead the webinar 2022-2023 CIC LH: Life and Health Institute, May 10-11. During this course, you will learn practical information related to life and annuity policies, business life concepts, health insurance, and employee benefits. This class has been approved for continuing-education credits in Connecticut (16 PC), New Jersey (16 GEN), and New York (15 C1 LA, LB, LSB).


PIANY’s LI RAP: Employee motivation from the pros

Did you attend PIANY’s Long Island RAP last Thursday, at the Crest Hollow Country Club, in Woodbury, N.Y.? During the event—which corresponded with NFL Draft Day—keynote speaker two-time Super Bowl champ Carl Banks, former linebacker for the New York Giants, discussed the value of ongoing efforts to motivate and strengthen employees. Using his own life as an example, he explained how Bill Parcels, his coach at the time, would talk to players and find out what motivated them. Then, Parcels would use the information he unearthed during these chats to encourage each player during practice or on game day. The event also featured education sessions, a trade show, and various networking opportunities.

PIANY presents scholarships at FNYIP conference

Last week, PIANY President David Sidle, CIC, CPIA, and Federation of New York Insurance Professionals outgoing President Joanne Gifford presented five Certified Insurance Service Representative Scholarships to FNYIP members during the FNYIP Annual Conference in Vernon, N.Y. PIA has been the administrator for the CISR designation for more than 35 years. In New York, there are 619 CISR designees, and 270 individuals are pursuing their designation.

N.Y.: Coming up: Join PIWA for its 2023 Spring Reception

Don’t miss the opportunity to join PIWA for its Spring Reception, Thursday, May 18, 2023, 5:30-7:30 p.m., at the Hard Rock Hotel NYC. Attend the event to learn about your industry and network with peers and company representatives. It’s all happening live and in-person. Register today.

Register now

Thursday, May 18, 2023: PIWA Spring Reception

June 4-6, 2023: Annual Conference hosted by PIANJ and PIANY—Register now and save 20%. Want to sponsor, exhibit or advertise?

Tuesday, June 6, 2023: NJYIP Fun Run

Tuesday, June 13, 2013: YIP Webinar: From Bud to Table: The Insurance of Cannabis Conn. | N.J. | N.Y.

Tuesday, June 20, 2023: CTYIP 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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