News
Back to school with cyberbullying coverage
As summer winds to a close and the excitement of a new school year builds, it’s easy to get swept up in the rush of buying school supplies, meeting new teachers and planning your daily routines. During this busy time, there’s a crucial element that often gets overlooked: personal cybersecurity. In today’s digital age, ensuring parents and teens are protected by a personal cyberbullying policy is just as important as having the right textbooks and school clothes. This comprehensive guide will help your insureds understand what personal cybersecurity is, what it does and how it can be a vital shield against the growing threat of cyberbullying.
Conn.: Emergency declaration for extreme flooding approved; grants for business announced
Connecticut was deluged by extreme flooding from record levels of rainfall last week. Gov. Ned Lamont announced on Aug. 21, 2024, that he has received notification from the White House indicating that his request for President Joe Biden to authorize a federal emergency declaration for Fairfield, New Haven and Litchfield counties has been approved. The declaration means that state agencies can coordinate with the Federal Emergency Management Agency on the deployment of federal personnel and equipment to augment emergency recovery efforts already underway by the state and its municipal counterparts. In addition, the governor announced on Aug. 26 that he will be allocating $5 million in state funding to launch a micro-grant program to help impacted business rebuild.
N.H.: COVID-19 after-action report released
Earlier this week, Gov. Chris Sununu released the State of New Hampshire COVID-19 After-Action Report. The report, which was written by a third-party consulting team, analyzes New Hampshire’s response to the COVID-19 pandemic and “response outcomes, strengths, areas for improvement and recommendations.” In addition to document analysis and surveys, the report features interviews with state employees, members of state leadership and external partners.
N.J.: New law caps attorney fees in WC cases
Last week, acting Gov. Nicholas Scutari signed S-2822/A-3986 into law. It raises the attorney fee cap in workers’ compensation cases from 20% to 25%—amending existing statute R.S.34:15-64. Attorneys for injured workers often are compensated on a contingency fee basis. The fee cap of 20% did not account for additional duties that workers’ compensation attorneys are required to handle since the cap’s establishment in 1927. This increase was acknowledged because of the additional workload of contingency workers in the state.
N.Y.: Federal and state assistance for disaster relief
Swaths of New York were impacted by severe weather on Aug. 18-19, 2024. Gov. Kathy Hochul has been levying state and federal resources to help with recovery efforts. Disaster recovery experts from the state Division of Homeland Security and Emergency Services were sent to Nassau and Suffolk counties to assess damages and Hochul subsequently signed an executive order declaring a Disaster Emergency for Suffolk County on Aug. 23, 2024. A Federal Emergency declaration was secured on Aug. 25, 2024. In addition, on Aug. 29, President Biden approved a disaster declaration for affected areas of the July 10-11 storm.
N.Y.: Update from the Illicit Cannabis Enforcement Task Force
New York state has been making efforts to crack down on illicit cannabis operations through the Illicit Cannabis Enforcement Task Force. Since its launch three months ago, the task force—in collaboration with the State Police, the Office of Cannabis Management, Department of Tax and Finance, local law enforcement and over a dozen other state agencies—deployed 150 investigators to inspect, reinspect, padlock and seize products from illicit operators. Among other milestones, over 7,485 pounds of illegal cannabis has been seized so far. PIA Northeast offers various resources to help members stay updated on these budding issues.
Vt.: Major disaster declaration approved for severe weather
FEMA announced Aug. 20, 2024, that federal disaster assistance is available to Vermont to supplement recovery efforts in the areas affected by severe storm, flooding, landslides and mudslides from July 9-11, 2024. The president’s action makes federal funding available to affected individuals in Addison, Caledonia, Chittenden, Essex, Lamoille, Orleans and Washington counties. Federal funding also is available to state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by severe storm, flooding, landslides and mudslides in the aforementioned counties. Federal funding is available on a cost-sharing basis for hazard mitigation measures statewide.
Compliance
Vt.: Interim regulatory exemptions implemented to increase affordable housing
The Department of Housing and Community Development and the Natural Resources Board announced the release of the Act 250 Interim Exemption Map on Aug. 22, 2024, to help developers and investors create and improve housing that is more affordable. This new interactive map is a planning tool and shows potential areas where housing may be built today without triggering Act 250 review. The interim Act 250 exemptions displayed on the Act 250 Interim Exemption Map will be in place until 2027 when the larger Act 181 reform begins to be implemented. Act 250, Vermont’s landmark land use and development law, will be modernized over the next five years as part of Act 181, which passed during the 2023-24 legislative session.
Advocacy
PIANY, DFS continue to discuss carrier exits from market
Last week, representatives from PIANY met with officials from the New York State Department of Financial Services for a second time this month to continue discussions on the impending exits of Adirondack Insurance Exchange and Mountain Valley Insurance Company from the New York marketplace. This meeting is part of PIANY and DFS’s ongoing effort to understand the challenges posed by these exits and to address their impact on policyholders, agents and the broader insurance industry. The DFS and PIANY are exploring creative solutions to keep carriers in the market and attract new ones.
Technical
Protecting business clients when they face indirect losses
Picture one of your clients in the following scenario: A large department store draws the majority of customers into a shopping center that a small retail store (owned by your client) depends upon for its sales. Then, a fire breaks out in the department store—because the department store must shut down its operations as a consequence of fire damage to its building and because the retail store is dependent on the department store for customers, the retail store will suffer a contingent consequential loss. Many companies that have carefully managed the risk at their own premises are, nevertheless, threatened by exposures assumed at other locations about which they know very little. For more information about how to protect your clients in similar scenarios, PIA Northeast members can read Dependent property coverage—because, because, because in the PIA QuickSource library.
N.Y.: Insurance guaranty fund and policyholder protection
Policyholders in New York should be aware of the state’s insurance guaranty fund. The New York insurance guaranty fund is a safety net established to protect consumers in case their insurance company becomes insolvent, meaning it can no longer meet its financial obligations. If an insurance company goes out of business and can’t pay its claims, the guaranty fund steps in to cover those claims up to certain limits. Although we don’t like to think about it, there are conditions when an insurance company can unexpectedly go out of business: consumers should be informed about their options to prepare for these scenarios.
N.Y.: In rehabilitation: Columbian Mutual Life Insurance
The Supreme Court of the State of New York, County of Broome placed Columbian Mutual Life Insurance Co., into rehabilitation on Aug. 13, 2024, and the DFS superintendent of financial services was appointed as rehabilitator. Columbian Mutual Life Insurance is licensed in several states, including Connecticut, New Hampshire, New Jersey, New York and Vermont. In a statement to the policyholders, the company advised that all policies remain in place and claims processing and payment operations will continue in the ordinary course of business during the rehabilitation. Review the rehabilitation order here.
Vt.: Public comments open for proposed acquisition of control
The Vermont Department of Financial Regulation issued a notice of public comment period regarding the proposed acquisition of control of Union Mutual Fire Insurance Company and its wholly owned subsidiary, New England Guaranty Insurance Company Inc., by Dorchester Mutual Insurance Company, Fitchburg Mutual Insurance Company and Norfolk & Dedham Mutual Fire Insurance Company. Interested parties may file written comments on the proposed transaction with the department during the comment period that ends Monday, Sept. 9, 2024. Parties interested in providing written comments should submit them to DFR Assistant General Counsel Hillary Borcherding no later than Sept. 9, 2024, at 5 p.m.
Accolades
PIA Northeast congratulates Utica National on recent honor
The Ward Group has recognized Utica National Insurance Group as a 50 top-performing property/casualty insurance company in the United States for the third consecutive year. For the Ward Group to identify the top performers, it analyzes the financial performance of nearly 2,900 p/c insurance companies in the U.S. and it recognizes those companies that have outstanding financial results in the areas of safety, consistency and performance over a five-year period (2019-23). PIA Northeast also recognizes Utica National’s outstanding financial performance. For nearly six decades, PIA Northeast has partnered with Utica National to offer its members access to errors-and-omissions coverage for their agencies. Are you interested in speaking with someone about your E&O options? Call (800) 424-4244, or for a free, no-obligation quote, log on here.
Educating insurance agents
Learn new skills to foster success
Independent insurance agents must acquire and improve upon a variety of skills to guarantee success in their industry. The webinar 2024 CPIA 2: Implement for Success will present a variety of tools for agents to adopt as they address consumer needs, including risk identification, information gathering and effective delivery of proven solutions. This class will feature Stephen P. Tague, CPIA, as the instructor and will be held on Thursday, Sept. 12, 2024. This class has been approved for CE credits in New Hampshire (2 Ethics, 5 Gen Ins Prin PROD), New Jersey (7 GEN), New York (7 BR, C1, C3, LA, LB, LSB, PA, PC) and Vermont (7 General).
Register now
Tuesday, Sept. 10, 2024: NY-YIP Albany Fall Soiree
Monday, Sept. 23, 2024: PIANJ Golf Classic
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Thursday, Oct. 17, 2024: PIANJ Women’s Leadership Alliance—sponsorship opportunities
Monday, Oct. 21, 2024: Disaster at your Doorstep: Disaster Planning and Continuity Strategies for the Personal and Commercial Lines Client—Free webinar to YIP members in Connecticut, New Jersey and New York; $25 PIA Northeast members; $50 nonmembers
Wednesday, Nov. 6, 2024: Hudson Valley RAP—sponsorship opportunities
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Save the date
Tuesday, Oct. 29, 2024: New Jersey Deep Drive: The Perfect E&O Storm
