News
Happy Fourth of July from PIA Northeast
PIA wishes you a happy and safe Fourth of July. PIA Northeast’s headquarters will be closed July 4 and July 5 in observance of the holiday—and the next Weekly Dispatch will be distributed Thursday, July 11, 2024. In the meantime, you still can access industry-specific updates on PIA Northeast News & Media, and on PIA Northeast’s Facebook, LinkedIn and X (formerly Twitter) social-media channels.
Celebrating National Insurance Awareness Day
National Insurance Awareness Day is June 28, falling on a Friday this year. On this day, remember the value that you—the independent insurance agent—provide to your community and clients by protecting the things they value most through quality coverage and service. It would be a good day to encourage your clients to review their insurance policies and to contact you if they have any questions.
Navigating the treacherous market landscape
With the rate increases and the lack of coverage availability, PIA Northeast knows independent agents are feeling the pressure with both selling products and retaining clients during this hard market. Additionally, agents may be facing commission cuts and even terminations as carriers try to cut costs. PIA Northeast is trying to gauge exactly how things are going in our members’ agencies. It is imperative that all our association members and their agencies’ staff members take the PIA Northeast market survey to let us know how their agencies are being affected.
Triple-I: Personal auto profitability moving in a positive trend
Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute. But while these gains show improvement, it will likely take time for them to be reflected in flattening premium rates. According to the Triple-I Issues Brief, “Trends and Insights: Personal Auto Insurance Rates,” auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022. Additionally, 2023 net written premium growth of 14.3% is the highest in over 15 years and six points higher than the next-highest during that period, reflecting rate increases to offset inflationary loss costs.
N.Y.: Gov. Kathy Hochul signs SAFE Act, restricts children’s social media use
Gov. Kathy Hochul signed the Stop Addictive Feeds Exploitation act on June 20, 2024, to “combat addictive social media feeds and protect kids online.” Legislation S.7694A/A.8148A establishes the SAFE For Kids Act to require social media companies to restrict addictive feeds on their platforms for users under 18. The legislation enables the New York Child Data Protection Act to prohibit online sites from collecting, using, sharing or selling personal data of anyone under the age of 18, unless they receive informed consent or unless doing so is strictly necessary for the purpose of the website.
Vt.: New DMV bulletin, motor vehicles and vessels
Vermont’s Miscellaneous Bill, Act 165, contained several motor vehicle laws that are pertinent to car dealerships. These changes go into effect Monday, July 1, 2024. Information that may be relevant to car dealers includes the clarification of a “dealer” and “transporter,” changes to the definition of “all-surface vehicle,” the clarification of language involving record keeping for vehicle titling, and more. The full text of the act can be read here. The summary of the bill can be read here.
Compliance
N.Y.: New housing discrimination guidance issued
On June 24, 2024, the New York State Department of Financial Services issued a circular letter on combatting discrimination in the affordable housing market. This guidance follows legislation secured by Gov. Hochul as part of the FY 2025 Budget to prohibit discrimination in insurance based on tenants’ source of income or the existence of affordable dwelling units within the building. For full guidance on what insurers are prohibited from inquiring about or considering, canceling, refusing to issue or renew, increasing the premium of, or excluding, limiting, restricting or reducing coverage, read the circular letter here.
Advocacy
PIA top-priority policy provision included in Financial Services funding bill
On June 13, 2024, the House Appropriations Committee passed the Financial Services and General Government Appropriations Act for fiscal year 2025, which begins on Tuesday, Oct. 1, 2024, by a vote of 33-24. Included in the FSGG bill is a policy provision that PIA supports and it has been actively advocating in favor of from Rep. Scott Fitzgerald’s, R-Wis., Insurance Data Protection Act (H.R.5535). This provision would prevent funds for FY’25 from being used to implement, administer or enforce the Federal Insurance Office’s subpoena authority. This prohibition would only prevent funding from being used by the FIO to exercise its subpoena and enforcement authority for that specific fiscal year, meaning that efforts to keep FIO’s subpoena authority from being funded would restart in the FY’26 appropriations process.
PIA, the NAIC, Congress, and data privacy
Over the past several weeks, both Congress and the National Association of Insurance Commissioners have turned their attention back to data privacy. In May, the Innovation, Data, and Commerce Subcommittee of the House Energy and Commerce Committee marked up a discussion draft of the American Privacy Rights Act of 2024. PIA submitted individual comments to the NAIC’s Privacy Protections Working Group in response to a request from its chair, Commissioner Amy Beard of Indiana, who sought stakeholder feedback on the Working Group’s path forward. Learn more about PIA’s stance here.
Conn.: Special legislative session announced
Gov. Ned Lamont, Sen. President Pro Tempore Martin M. Looney, and Speaker of the House Matt Ritter announced June 22, 2024, that they have reached an agreement for the Connecticut General Assembly to meet in special session, which began June 26, to consider legislation on several matters that require timely action, particularly due to upcoming deadlines and effective dates involving various statutes and regulations, and that also have broad support by the members of the legislature for being adjusted.
N.Y.: District Office Visits: Unlocking legislative influence through PIA
District Office Visits are a key member benefit provided by PIA, designed to foster meaningful relationships between PIANY members and state legislators. These strategic advocacy meetings, held either in-person or virtually with state legislators, allow PIANY members to deepen their involvement in government. A DOV is an opportunity for in-person or virtual meetings between PIA members, their legislator and PIA staff members. If PIANY members have yet to be acquainted with their state legislators, PIA staff members will assist to identify those individuals and to arrange an appointment for members to meet with their legislators.
Technical
Navigating clients across the generational divide
The insurance industry is ever-changing, and that includes the players too. How you approach a client who is a part of the baby boomer generation who might prefer different modes of communication compared to someone from Generation X, Y or Z. Soon, Generation Alpha will join the workforce too, and they will have their own communication preferences. Can your agency tackle the unique needs of your multigenerational clients? To learn more, PIA members can read Embracing technology with the instant satisfaction generation in the QuickSource library.
Accolades
NY-YIP seeks nominations for Professional of the Year
Do you know an active NY-YIP member who demonstrates a commitment to professionalism and excellence in the insurance industry and values the importance of the independent agent? If so, nominate the individual for the NY-YIP of the Year award! For the nomination form, click here. The winner will be announced at the annual NY-YIP Golf Open on Monday, Aug. 5, 2024. Don’t wait: Nominate someone today.
Educating insurance agents
Conn./N.J./N.Y.: One day, two courses, four topics that qualify for N.Y.’s updated CE regulations
One of an insurance agent’s many responsibilities include maintaining his or her mandatory continuing-education credits. Agents in the tri-state area will have the opportunity to do so, and New York independent agents can obtain four credits in one day, which qualify for New York state’s updated CE regulations. On Thursday, July 18, 2024, Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, will teach the webinars NY CE Insurance Law—Addressing 3 Topics in One Session and NFIP—What is a Flood? The former course will be held from 9 a.m.-12 p.m., and it has been approved for CE credits in New York (3 BR, C1, C3, LA, LB, LSB, PA, PC). The latter course will be held from 1-2 p.m., and it has been approved for CE credits in Connecticut (1 PC), New Jersey (1 NFIP Flood) and New York (1 BR, C3, PA, PC).
Events
40th Annual NJYIP Fun Run raises $80,000 for SONJ
The New Jersey Young Insurance Professionals hosted its 40th Annual Fun Run 5K June 4, 2024, at 6:30 a.m. on the scenic Boardwalk outside the Hard Rock Casino in Atlantic City. The event saw over 80 enthusiastic runners, who collectively raised an impressive $80,905 for Special Olympics New Jersey through donations and sponsorships. In the spirited New Jersey versus New York competition, New York emerged victorious, maintaining its fastest YIP title with the outstanding performance of immediate NY-YIP Past President Ed Chadwick.
Register now
Thursday, July 25, 2024: NJYIP Summer Breeze Bash
Monday, Aug. 5, 2024: NY-YIP Golf Open
Save the date
Thursday, Aug. 29, 2024: New Hampshire Symposium
Tuesday, Sept. 10, 2024: NY-YIP Albany Fall Soiree
Monday, Sept. 23, 2024: PIANJ Golf Classic
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Wednesday, Nov. 6, 2024: Hudson Valley RAP
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
