News
Politico: US to support UN cybercrime convention
The United States will support the United Nations cybercrime convention, according to Politico. Critics of the cybercrime convention argue that the powers granted by it can enable widespread surveillance and the suppression of digital rights in member countries with U.N. approval. Stay on top of cyber security issues facing the insurance industry with PIA Northeast’s seven-part series that examines cyber security regulation, which examines various aspects of the New York Department of Financial Services’ cyber security regulation. Every insurance agency that does business in New York state must comply with this regulation.
Conn.: Stage 2 drought advisory declared for state
Gov. Ned Lamont announced on Nov. 9, 2024, that he is declaring a Stage 2 drought advisory for all eight counties in Connecticut due to far below normal precipitation levels and ongoing fire danger levels statewide. A Stage 2 drought advisory is intended as an awareness stage, identifying an emerging drought event that could potentially impact water supplies, agriculture or natural ecosystems. The decision to declare a Stage 2 drought advisory comes to the governor at the recommendation of the Connecticut Interagency Drought Workgroup, a state body of representatives from several state agencies who meet as necessary to assess drought conditions and make recommendations to the governor on the state’s response.
Conn.: August floods assistance deadline approaching
Homeowners, renters and businessowners in Fairfield, Litchfield and New Haven counties have a few days left to apply for federal disaster assistance to support recovery for uninsured or underinsured property damage experienced during the Aug. 18, 2024, historic rainfall and severe floods. The deadline to apply for assistance from the Federal Emergency Management Agency and the U.S. Small Business Administration is Tuesday, Nov. 19, 2024. Previously, President Joe Biden approved a disaster declaration in September for the three counties.
N.Y.: State mobilizes to fight wildfires, air quality impacted
Multiple wildfires are burning across New York state, and the state has deployed a multiagency response to fires in Ulster, Sullivan and Orange counties in close coordination with local fire departments and first responders. Air quality warnings also have been issued because of presence of smoke-enhanced fine particular matter. New York state residents should continue to monitor local forecasts and air quality in surrounding impacted areas.
Vt.: State DMV honors victims of impaired, distracted driving
The Vermont Department of Motor Vehicles will collaborate with the Vermont Safe Driver Program this holiday season to display a “Red Ribbon Tree” in six DMV locations around the state from Nov. 10, 2024, until the end of the year. The Red Ribbon Tree is a reminder to never drive impaired or distracted. Each ribbon on the tree represents a person who lost his or her life on Vermont’s roads and highways due to an impaired or distracted driver. To help educate clients about the importance of safe driving, PIA Northeast members can access: Winter driving tips; The dangers of drunk driving; What to do if you’re involved in an accident; and Your young drivers–help them play it safe. All of these documents are part of PIA Northeast’s consumer-facing content, and these and other topics can be shared in a variety of ways.
Advocacy
PIA’s Disaster Relief Fund helps agents affected by disasters
Recently, PIA National announced that Progressive Insurance has contributed $100,000 to the PIA Disaster Relief Fund, part of the PIA Insurance Foundation. PIA members and independent insurance agents impacted by natural disasters, including the recent hurricanes, flooding, tornadoes, wildfires and other disasters, can apply for funding from the program. The grants provide important financial relief for agents facing challenges in locations covered by federal or state declarations of disaster. The fund helps agents with short- and long-term expenses related to their offices, equipment and other needs. For more information, or to apply, click here.
Conn./N.Y.: Election updates and highlights
The 2024 United States election season has come and gone, with Republicans decisively winning the presidency and the Senate. They also have won the House of Representatives, earning a razor thin majority. For states in PIA Northeast’s footprint, the status quo mostly has been maintained in Connecticut’s and New York’s legislative branches, with Democrats maintaining a commanding majority in the chambers.
N.J.: New commissioner sworn in at the DOBI
Justin Zimmerman was sworn in as the commissioner of the Department of Banking and Insurance: he had been serving as acting commissioner since June 27, 2023. The state Senate unanimously confirmed his nomination on Oct. 28, 2024. Zimmerman serves as the chief regulator of New Jersey’s insurance industry, all state-chartered banks and credit unions and consumer finance licensees. He also leads Get Covered New Jersey, the state’s Official Health Insurance Marketplace. Prior to joining Gov. Phil Murphy’s administration, Commissioner Zimmerman served as chief of policy and legislation to the New Jersey State Senate President Pro Tempore.
Technical
A guide for tenants’ improvement coverage
The insurance industry is no stranger to topics that intersect with multiple areas of the law, including contract law, tort law, case law and more. Tenants’ improvements coverage in the Insurance Services Office Inc.’s Building and Personal Property Coverage form is one such topic with multiple entanglements. For more information, PIA Northeast members can access Understanding tenants’ improvements coverage—again in the PIA QuickSource library.
N.Y.: ELANY instructs on treatment of excess-line fees
The Excess Line Association of New York issued Bulletin No. 2024-23 to explain the proper taxation of insurer and broker fees. A “policy fee” is an amount that is added to the basic premium by the insurer to reflect the cost of underwriting and other related expenses. Because policy fees are charged by the insurer, they are taxable and subject to stamping fees. Fees paid to and retained by brokers should not be labeled policy fees. “Broker service fees” are not subject to either the excess-line premium tax or stamping fee since they are not included in premium and they are not received as consideration or compensation by the insurer for an insurance contract. “Other fees,” such as audit fees, loss control fees and processing fees should be characterized and reported according to who is charging the fee.
Progressive Home to discontinue dwelling fire insurance
In a press release, Progressive Home announced its decision to discontinue offering the Dwelling Fire line (DP-3) of business. The decision to discontinue DP-3 business is expected to create additional capacity for owner-occupied home policies in many states. Progressive Home will stop selling new business DP-3 policies and begin sending nonrenewal notices to affected policyholders in certain states as early as Tuesday, Nov. 19, 2024, in accordance with state regulatory requirements.
Educating insurance agents
Conn./N.J./N.Y.: Insuring commercial casualty II
Learn the best way to have productive, assured interactions with your commercial customers in the area of commercial casualty exposures and coverages—specifically when it comes to business auto policy, workers’ compensation policy and excess liability policies. This webinar, 2024 CISR 2IC: Insuring Commercial Casualty II, will be held on Wednesday, Nov. 20, 2024, from 8 a.m.-3:45 p.m., and will be taught by Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW. This class has been approved for continuing-education credits in Connecticut (7 PC), New Jersey (7 GEN, DOBI will award 12 CE credits for each full year of licenses in good standing) and New York (7 BR, C3, PA, PC, 1 additional NYCE credit with a passing grade on exam).
Register now
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
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March 20-21, 2025: Connecticut Convention
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
June 8-10, 2025: PIANJ | PIANY Annual Conference
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
