News
PIA Northeast is thankful for you
At this time of year—just like all year—PIA thinks about you. Together, we make the insurance industry better. Thank you for your continued support. Happy Thanksgiving. We wish you and your loved ones a happy and safe holiday season. The PIA Northeast office will be closed on Thursday and Friday to observe the Thanksgiving holiday. It will reopen Monday, Nov. 27, 2023.
NY: Top-priority photo inspection bill signed into law
PIANY applauds Gov. Kathy Hochul for signing legislation to update the state’s antiquated photo inspection system. The law, which was a top priority for PIANY during the 2023 legislative session, will allow insurance carriers to submit a waiver to the New York State Department of Financial Services to make photo inspections optional for certain auto insurance customers. The law (A.3172-A/S.5889)—which will give customers relief from needing to locate and commute to an available photo inspection site to obtain a photo inspection—takes effect 180 days from Nov. 17, 2023. The legislation’s swift passage through the state Assembly and the state Senate, combined with the governor’s signature signaled the level of support and commitment this measure had from state leaders. In fact, Hochul included this legislation in her budget bill. PIANY thanks its members for advocating for the passage of this law during each stage of the legislative process.
Digital transformation and adaptation for independent agents
With the rate of recent rapid technological changes, it’s no surprise that businesses must adapt to new trends constantly. This is mainly true for independent agents who are experiencing pressure to keep up with digital transformation. Since customers are increasingly turning to digital channels for their insurance needs, it is imperative for professionals to embrace these innovations.
Compliance
N.J.: Gov. Murphy announces guidelines for generative artificial intelligence for state employees
Following his recent creation of an Artificial Intelligence Task Force, Gov. Phil Murphy announced on Nov. 17 a new policy to guide state employees to responsibly use generative AI to improve how government delivers services to New Jersey residents. In conjunction with the policy’s release, the State’s Office of Innovation, in collaboration with InnovateUS, produced an explainer video to help New Jersey’s public sector professionals better understand how generative AI can be responsibly incorporated into their day-to-day work.
Updates to New York Labor Law Section 201-d
In a continued effort to make New York a worker-friendly state, Gov. Kathy Hochul signed A.6604/S.4982 into law, which amends the state’s labor law by further protecting employee freedom of speech and consciences. It does so by prohibiting employers from having the ability to coerce employees into attending or participating in meetings that are sponsored by the employer concerning the employer’s views on political or religious matters. It also prohibits employers from disciplining employees that opt not to participate in such meetings.
N.Y.: Department of Financial Services Superintendent Adrienne A. Harris adopts virtual currency regulations
New York State Department of Financial Services Superintendent Adrienne A. Harris issued new guidance on Nov. 15, which adopted enhanced requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities—updating the prior framework issued by the Department in 2020. This guidance bolsters risk assessment standards for coin-listing policies, and tailors enhanced requirements for retail consumer-facing businesses. The guidance also requires licensees to develop and submit to DFS for approval a coin-delisting policy that is compliant with this guidance to ensure that, in the event a coin must be delisted, it can be done in an orderly way that protects consumers and minimizes market disruption.
Technical
Are you prepared for incoming winter weather?
Winter is almost upon us: are you ready for the season? Winter can bring several feet of snow along with freezing cold. This leads to pipes freezing and potentially bursting: snow and ice buildup can damage roofs and cause leaks. Driving becomes riskier due to the weather: snow and ice not only cover the road, but also wear down your car. Even keeping your home warm can pose risks for fire. Independent agents should keep their insureds informed about these wintertime hazards. PIA members have access to the Quicksource Library, which features relevant documents including Winter driving tips, Wintertime and fire safety and Frozen pipes and other ice and snow damage.
Conn.: 2024 WC loss cost decrease of 9.8% approved
The Connecticut Insurance Department approved the proposed workers’ compensation loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 9.8% decrease. Also approved is an overall assigned risk rate reduction of 10.5%. These loss costs and rates will take effect Monday, Jan. 1, 2024. For more on the CID approval, see its online Memorandum and Order.
Accolades
PIA Northeast honored by Utica National for its policy retention
PIA Northeast’s recently-promoted Director of Sales Stephanie Y. Smith, CISR, CPIA, attended the Utica National E&O State Sales & Appreciation Conference in October in Chicago, Ill. At the event, Smith accepted—on behalf of PIA—Utica National’s Retention Award, which recognizes the overall customer satisfaction, based on renewal rates of Utica National policies sold by PIA Northeast to insurance professionals.
Educating insurance agents
Conn./N.J./N.Y.: 2023 CISR PA: Insuring Personal Auto
Join Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW for her webinar 2023 CISR PA: Insuring Personal Auto on Wednesday, Nov. 29, 2023. After taking this course, agents will be able to assist their clients in identifying their exposures and more effectively advise them in the processes of analyzing, obtaining and modifying their personal automobile policies. This class has been approved for continuing education credits in Connecticut (7 PC), New Jersey (7 Gen, NJDOBI will award 12 CE credits for each full year in good standing) and New York (7 BR, C3, PA, PC, with 1 additional NYCE credit with a passing grade).
Register now
Tuesday, Nov. 28, 2023: NJYIP Holiday Reception
Save the date
Thursday, Feb. 1, 2024: PIANY MetroRAP
March 27-28, 2024: Connecticut Convention
Wednesday, May 8, 2024: NJYIP Golf Open
June 2-4, 2024: PIA New Jersey | PIA New York Annual Conference
Tuesday, June 4, 2024: NJYIP Fun Run to benefit Special Olympics New Jersey
