News
Infrastructure series: Why broadband internet access matters
As the internet becomes increasingly essential to daily life, disparities in internet quality across the country have revealed significant gaps. Many Americans in rural or underserved areas struggle with slow, unreliable or cost-prohibitive connections, while typically urban areas benefit from robust networks and faster speeds. This digital divide—worsened by the COVID-19 pandemic—affects nearly every aspect of modern life, from education to economic development. Access to high-quality broadband is no longer a luxury. It’s a necessity for full participation in modern society, affecting education, business operations and even access to health care through telehealth.
Spooky insurance, part II: Are extraterrestrials among us?
There may be extraterrestrial visitors in our vicinity—at least within a few light years. Since the 1940s, UFO sightings have been a common occurrence. Today, the search for extraterrestrials is a hot topic among Area 51/Area S4 conspiracy theorists like Bob Lazar, SETI scientists and late-night radio hosts. In case a traveler from another solar system damages your home or business, what do your insureds’ insurance options look like? Learn more about the proper coverage in a related article on PIA Northeast News & Media.
October consumer content round up
October is almost over; did you have the chance to review this month’s consumer content offered by PIA Northeast? Our consumer content provides an excellent conversation starter when it comes to introducing different types of insurance or business practices to your clients. This month, PIA Northeast News & Media published: how to best build resilient manufacturing business and staying safe when hosting parties this football and holiday season.
Hurricane Milton’s current estimate; reinsurers’ concerns ease
Preliminary loss estimates from Moody’s RMS, Karen Clark & Co., CoreLogic and Verisk are rolling in for Hurricane Milton. So far, initial expenses for privately insured losses range from $17-$50 billion. In addition, these late summer storms and hurricanes have caused pressure to ease on reinsurers reducing pricing and offering more favorable terms.
Conn.: Conference examines August flooding relief
Gov. Ned Lamont and Connecticut Banking Commissioner Jorge Perez joined CEOs and executives of major banks and credit unions from across Connecticut on Oct. 21, 2024, at a news conference. They jointly announced partnerships between state government and the financial services industry to provide relief and critical information to individuals and businesses impacted by the Aug. 18, 2024, severe flooding in Fairfield, Litchfield and New Haven counties. The Connecticut Department of Banking has issued guidance to state-chartered banks and credit unions, urging them to work with borrowers consistent with safe and sound banking practices and providing them with the necessary regulatory framework to do so.
N.Y.: Major disaster declaration for severe weather approved
Gov. Kathy Hochul announced on Oct. 21, 2024, President Joe Biden approved her request for a Major Disaster Declaration to provide federal assistance to communities impacted by severe weather on Aug. 18-19, 2024. This declaration allows for federal financial assistance to support public infrastructure reconstruction efforts in Suffolk, Oswego and Lewis counties. As part of the declaration, New York state also was granted access to the Federal Emergency Management Agency’s Hazard Mitigation Grant Programs.
Compliance
Upcoming compliance deadlines for N.Y. cyber security regulation: MFA, annual training
PIA Northeast published a seven-part series earlier this year that dove into the intricacies of the amended cyber security legislation in New York state. One article discussed the expansion of the entities that fall under the limited exemption for covered entities. As a follow-up to the series, there is a compliance deadline or New York State Department of Financial Services-licensed individual producers, mortgage loan originators, and other businesses that qualify for such exemptions under Sections 500.19 (a), (c), and (d) of the amended Cybersecurity Regulation that is fast approaching. As of Friday, Nov. 1, 2024, the regulation requires that the above group has implemented multifactor authentication requirements and provided all personnel at the business at least annual cyber security awareness training pursuant to the amended regulation.
Advocacy
N.Y.: Letter campaign urging the signing of the windstorm definition bill
Recently, PIANY drafted a letter to Gov. Hochul regarding S.4199/A.2866, sponsored by Sen. James Sanders Jr., D-10, and Assemblywoman Stacey Pheffer Amato, D-23. This letter emphasizes the necessity of the bill’s signing, which would authorize the DFS to establish a standard definition of “windstorm” in homeowners insurance policies. To learn more about what needs to be done next for this bill, and how you can help, visit PIA Northeast News & Media.
Technical
What is behind a living trust?
Living trusts are legal arrangements established by grantors during their lifetime to protect their assets and control their distribution after their death. However, what does a living trust really mean for you in relation to your insureds? What impact does a living trust have on their insurance? For more information, PIA Northeast members can access Living trusts in the PIA QuickSource library.
Educating insurance agents
Sustaining success as an insurance agent
For professionals in any field, it’s important to maintain the skills that help you succeed. Sharpen these skills at the webinar, 2024 CPIA 3: Sustain Success, with instructor Stephen P. Tague, CPIA. You can learn how to use tools to analyze consumer needs, risk identification techniques, participate in exercises designed to promote effective delivery of proven solutions and more. This class will be held on Tuesday, Oct. 29, 2024, from 8 a.m.-4 p.m. This class has been approved for continuing-education credits in Connecticut (1 LRE, 6 PC), 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).
Events
N.J.: Join PIANJ for a discussion on E&O and the hard market
In today’s challenging insurance landscape, managing errors-and-omissions risk is crucial. The hard market has brought with it unprecedented operational challenges—from staffing shortages, to shifting carrier appetites—and insurance agents must adapt quickly to avoid costly mistakes. How do you stay ahead of the curve and safeguard your agency? Come to the PIANJ panel discussion, The Perfect E&O Storm: Tips for the Hard Market, to learn more. It will be held on Tuesday, Oct. 29, 2024, starting at 11:00 a.m. This panel discussion will feature experienced insurance professionals and provide strategies on how to advance your insurance business during this market cycle. Register now. *Informational only; no CE credit.
ICYMI
Corporate Transparency Act takeaways for PIA members
The Corporate Transparency Act went into effect Jan. 1, 2024, which aims to make businesses more transparent by having them report who ultimately owns and operates them. Specially, the CTA mandates that business entities defined as “reporting companies” under the law must file reports with the Financial Crimes Enforcement Network disclosing information about their beneficial owners, which are the individuals who directly or indirectly own or control at least 25% of the ownership interests of the entity or exercise substantial control over it. In particular, two exceptions for insurance companies and producers are relevant for PIA Northeast members.
Register now
Thursday, Oct. 24, 2024: PIWA Panel Discussion
Tuesday, Oct. 29, 2024: New Jersey Deep Dive: The Perfect E&O Storm—Informational only; no CE credit.
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Save the date
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, Jan. 29, 2025: MetroRAP
March 20-21, 2025: Connecticut Convention
June 8-10, 2025: PIANJ | PIANY Annual Conference
