News
Happy holidays from PIA Northeast
PIA wishes you and yours a warm and prosperous holiday season. We look forward to continuing to bring you the information your business needs, the way you want it. The PIA Northeast Weekly Dispatch will be on vacation for the rest of the year, but it will resume on Thursday, Jan. 2, 2025. In the meantime, you still can access industry-specific updates on PIA Northeast News & Media, and on PIA Northeast’s Facebook, LinkedIn and X social-media channels.
N.Y.: Hochul signs two PIA-priority bills into law
Only a few weeks after signing PIANY’s top legislative priority into law, Gov. Kathy Hochul has taken action on two other PIANY priority issues. The governor signed one bill to introduce parametric insurance into the state’s legal framework, and another bill to expand the eligibility for the Coastal Market Assistance Program—or C-MAP—over the weekend. These measures are set to reshape the insurance landscape in New York state, to provide innovative solutions to tackle climate-related risks and to support property owners in vulnerable coastal areas.
Reuters: Domestic, international insurers push into US property markets
Amidst carriers exiting markets in certain catastrophe hit states (like Allstate and State Farm leaving Florida and California), other domestic and international carriers are entering the picture, according to Reuters. As risk increases in states such as California, Florida and Louisiana, their excess and surplus markets have been growing alongside them since 2018. Insurers with established E&S lines, such as Hiscox and Lloyd’s are making their presence known. Reuters indications are even companies that have previously left these states may be returning as they build up their own E&S operations.
Conn.: Climate resiliency council holds first public informational session
The Connecticut Insurance Department’s newly formed Severe Weather Mitigation and Resiliency Advisory Council held its first meeting on Dec. 18, 2024. This council was tasked by Commissioner Andrew N. Mais to develop and recommend a risk mitigation and resiliency program to help make Connecticut homes and businesses more resilient to impacts of severe weather. The topics under discussion included the social and mental health impacts of severe weather, how to physically strengthen homes against severe weather, and the economic impact of these disasters.
Lake effect snow piles up in New York
Late last week, lake effect snow conditions impacted parts of North Country, Western New York and Central New York. Snowfall rates ranged between 1-to-3 inches per hour depending on location and time of day, with some locations accumulating up to 18 inches of snow. Every winter, remember that PIA Northeast will keep its members updated on any winter storms that may affect the Northeast through its PIA Storm Info Central. The tool kit has numerous resources that you and your clients can use to prepare this winter.
Bloomberg: P/C insurers may have to cover insolvent ATIC
According to Bloomberg, New York state is weighing the option of asking property/casualty insurers to cover the claims of the insolvent taxi insurer American Transit Insurance Co. Per Gov. Hochul’s spokesperson, Kristin Devoe, the governor’s office is starting to speak with people in all levels of the livery industry to “craft a comprehensive plan that protects drivers and passengers and minimizes disruption.” You can read more about ATIC’s insolvency in the related article on PIA Northeast News & Media.
Advocacy
FMI: A strategic vision balancing independent agents and operational expansion
In a recent meeting with PIANJ leadership, Brian Lytwynec, president and chief executive officer; and Jon Zabek, executive vice president membership growth and chief data scientist from Franklin Mutual Insurance Group provided valuable insights into the carrier’s plans for the future. The conversation covered FMI’s evolving strategy, its commitment to the independent agent channel, and its ongoing investment in technology to enhance user experiences. Here’s a closer look at the highlights of our discussion.
Technical
Corporate Transparency Act: What agents need to know after recent court ruling
The Corporate Transparency Act became law on Jan. 1, 2021, and it officially took effect on Jan. 1, 2024. The legislation was introduced to enhance transparency in entity ownership structures to combat money laundering, tax fraud, and other illicit activities. It is part of the Anti-Money Laundering Act of 2020, which was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. However, there have been many updates regarding the law from recent court decisions.
Identity theft isn’t a joke for your insureds
Millions of families suffer every year from identity theft, and it is no laughing matter. According to the U.S. Bureau of Justice Statistics, 9% of persons aged 16 and older had been victims of identity theft in the prior 12 months in 2018. What can insurance agents and companies do or offer to protect their clients from this crime? For more information, PIA Northeast members can access The ISO Identity Fraud Expense Coverage endorsement in the PIA QuickSource library.
NJCRIB office relocated
The New Jersey Compensation Rating and Inspection Bureau announced that it relocated on Dec. 16, 2024. Going forward, use the following updated mailing address: Compensation Rating & Inspection Bureau, One Newark Center 1085 Raymond Blvd., Suite 1200, Newark, NJ 07102.
Educating insurance agents
Learn how to initiate your own E&O loss control program
If you are a manager or supervisor looking to make an in-house errors-and-omissions loss control program—whether it’s for your whole agency or for just a department—then this course is for you. To learn more, attend CPIA Advanced: An E&O Loss Control Program for All Agencies^UN^AZ with instructor John Fear, CPIA, CISR on Thursday, Jan. 9, 2024, from 8 a.m. to 4 p.m. Even if you are an employee who is not in a management capacity, this course will provide you with the tools to broach the subject with your managers. This course has been approved for continuing-education credits in Connecticut (7 PC), New Jersey (7 GEN) and New York (7 BR, C1, C3, LA, LB, LSB, PA, PC).
Events
Expand your toolset at MetroRAP 2025’s trade show
Independent insurance agents must rely on their knowledge and tools to deliver excellent service to their clients. You may not work with a hammer and nails—but you do work with tools that expand your brand and the services you offer. At PIANY’s MetroRAP trade show, you will have the opportunity to acquire new means of improving your toolset, leading you to better deliver on the promises you make as an insurance producer. MetroRAP will be held on Wednesday, Jan. 29, 2025, at the Sheraton Hotel in Times Square, with the trade show running from 10 a.m.-2 p.m. Don’t miss out: register for MetroRAP 2025 now and save 15%. Sponsor, exhibit or advertise here.
ICYMI
Carrier updates in the Northeast
Recently, Providence Mutual announced its intention to exit the personal- and commercial-lines auto insurance business in the four states where it currently offers coverage: Connecticut, New Hampshire, Rhode Island and Maine. Providence Mutual will transfer some of its business to Plymouth Rock Assurance, and Plymouth Rock will spearhead auto insurance renewal offers to eligible policyholders in Connecticut and New Hampshire. In addition, Progressive announced it will no longer offer dwelling fire insurance (also known as landlord insurance) for nonprimary residences and rental properties, choosing instead to focus on owner-occupied homes and bundled home and auto insurance. Read more about PIA’s coverage of carriers departing or facing insolvency.
Register now
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP MetroRAP Welcome Reception
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
Tuesday, March 4, 2025: NJYIP Swing and Connect
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
Save the date
March 20-21, 2025: Connecticut Convention—Interested in sponsoring, advertising or exhibiting?
June 8-10, 2025: PIANJ | PIANY Annual Conference
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
