Weekly Dispatch: Jan. 9, 2025

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January 9, 2025

News

PIA launches partnership with AFCO Direct

To advance the diverse needs of independent agents, PIA announces a new partnership with AFCO Direct. AFCO Direct is PIA’s preferred and endorsed premium finance provider, and it provides services to clients in the United States, U.S. territories and Canada. Through this partnership, PIA members have access to exclusive tools and resources, including continuing-education credit hours, billing and collection solutions, new revenue opportunities and more. PIA Northeast members can learn more this PIA-member benefit and AFCO Direct at afcodirect.com.

Northeast subject to intense polar vortex

The Northeastern United States, along with many other regions in the Contiguous United States, is experiencing an intense polar vortex, plunging it to below freezing temperatures and bringing heavy precipitation. States in PIA Northeast’s footprint have issued warnings about the dangerous weather, which includes Connecticut, New Jersey and New York. 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.

FEMA releases funds for climate resilience

On Jan. 6, 2025, the Federal Emergency Management Agency made over $1 billion available for two grant programs designed to help communities enhance resilience to extreme weather and climate changes. The Building Resilient Infrastructure and Communities annual grant program is making $750 million available for projects that protect people and infrastructure from natural hazards and the effects of extreme weather events. The Flood Mitigation Assistance program is making $600 million available for projects that mitigate flood risks facing homes and communities across the nation.

N.J./N.Y.: Funding offered for infrastructure projects

Recently, New Jersey and New York announced funding for infrastructure projects. In New Jersey, the New Jersey Department of Transportation, in partnership with various state agencies, announced eight grants totaling nearly $20 million as part of the 2024 Regional Transportation Alternatives Program. Meanwhile, in New York state, over $100 million in state funding was made available through the Passenger and Freight Rail Assistance Program, which funds rail and port projects across the state.

Compliance

New minimum surplus requirement increase for E&S insurers

The Excess Line Association of New York has announced in a bulletin that, effective Jan. 1, 2025, all foreign excess-line insurers writing business in New York state are required to maintain a minimum surplus to policyholders of $49 million. All questions regarding the content of this bulletin may be directed to Alex Sarfo at asarfo@elany.org or (646) 292-5572.

Advocacy

PIANY’s 2025 legislative priorities: Advocating for change

As we kick off 2025, PIANY has unveiled its legislative priorities for the year. These initiatives aim to modernize New York’s insurance regulations, reduce administrative burdens, and promote fairness and transparency. Let’s take a closer look at the key areas PIANY plans to address during the upcoming legislative session. This includes implementing the carryover of continuing-education credits for insurance producers, the regulation of lawsuit lending. tackling no-fault insurance fraud and more.

N.J.: Home elevation contracting in the Garden State

The state of New Jersey has implemented the Home Improvement and Home Elevation Contractor Licensing Act, which brings in new licensing requirements, insurance standards and operational regulations for contractors in New Jersey. The law aims to enhance accountability and protect consumers engaging in home improvement or home elevation services. For more information, PIA Northeast members can access Understanding the New Jersey “Home Improvement and Home Elevation Contractor Licensing Act” (P.L. 2023, c.237) in the PIA QuickSource library and Home-elevation contractor in the Ask PIA database.

Technical

Cyberattacks: What business owners, agencies need to know

Considering the ever-increasing costs and frequency of cyberattacks, it’s important to remain vigilant against them. The digitization of the workplace during the height of the COVID-19 pandemic opened new vulnerabilities for businesses and agencies. How can insurance agents keep their clients informed of these emerging digital exposures? For more information, PIA Northeast members can access Cyberattacks—what every agency and small business owner should know in the PIA QuickSource library.

New York’s 2025 Paid Family Leave rates

The New York State Department of Financial Services has announced new Paid Family Leave premium rates for 2025. On Jan. 1, 2025, the maximum PFL contribution rate changed from 0.373% to 0.388% of an employee’s gross annualized wages. This translates to a maximum annual premium contribution of $354.53 (up slightly from the 2024 rate of $333.25) that an employer can withhold for PFL per employee. PFL premiums are fully funded by employees through after-tax payroll deductions.

Educating insurance agents

Learn all about commercial policies

If you’re looking to become more familiar with commercial policies, be sure to attend 2024-2025 CIC CC | Commercial Casualty Institute Webinar. This two-day course will detail the coverage, limitations and exclusions of the commercial general liability policy, the business auto policy and the workers’ compensation and employers’ liability insurance policy. This webinar will be led by the instructors Douglas J. Fleming, LUTCF and Steven D. Lyon, CPCU, CIC, CRM, CRIS, AAI, ARM, AIS, MLIS, AFIS, and will run from Jan. 15-16, 2025. This class has been approved for CE credits in Connecticut (16 PC), New Jersey (16 GEN) and New York (15 BR, C3, PA, PC).

Events

Register now for MetroRAP 2025 and NY-YIP Welcome Reception—last chance to save!

There’s a lot to look forward to at PIANY’s MetroRAP 2025. You’ll have the opportunity to build your business with products and strategies at the trade show, learn all about the complex insurance environment in New York City and experience the wonderful Sheraton New York Times Square Hotel. Don’t forget about the pre-MetroRAP Welcome Reception on Tuesday, Jan. 28, 2025. Before diving into the hustle and bustle of MetroRAP, spend your evening at Connolly’s in Times Square, and have fun with NY-YIP while networking with your industry peers. Enjoy a delightful selection of light appetizers and take advantage of the open bar as you network with others in the industry. Register for NY-YIP MetroRAP Welcome Reception here. Register now for MetroRAP 2025 and save 15%—sponsor, exhibit or advertise here.