Weekly Dispatch: Jan. 23, 2025

January 23, 2025

News

Less than one week away: Register for MetroRAP 2025 now!

PIANY MetroRAP 2025 is just around the corner. On Wednesday, Jan. 29, 2025, you will have the opportunity to build up your business and network at the wonderful Sheraton Hotel in Times Square. Explore the diverse trade show and gain valuable insights at the two education sessions, which have been approved for continuing-education credits in New York and New Jersey—also register separately for the NY-YIP MetroRAP Welcome Reception on Tuesday, Jan. 28, 2025, to meet with your peers before MetroRAP kicks off. Don’t miss out: register for the Welcome Reception here, and register for MetroRAP here. We look forward to seeing you there.

Conn./N.J./N.Y.: Winter weather state of emergency

New Jersey and New York have declared their respective states of emergency over severe winter weather and cold. New Jersey’s State of Emergency was declared on Jan. 19, 2025, which effects all 21 counties in the state. New York declared its State of Emergency on Jan. 20, 2025, and covered counties impacted by lake effect snow, which included the counties of Chautauqua, Cattaraugus, Erie, Niagara, Orleans, Genesee, Wyoming, Allegany, Jefferson, Lewis, Oswego, Oneida and other contiguous counties. While Connecticut has yet to declare a State of Emergency, it activated its Severe Cold Weather Protocol on Jan. 19, 2025. 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.

N.Y.: Hochul’s State of the State address

Last week, Gov. Kathy Hochul delivered her third State of the State address—a cornerstone event that lays out the governor’s vision, priorities and legislative agenda for the year. The speech covers a wide range of topics, including the economy, public safety, health care, housing, education, infrastructure and climate change. Property/casualty insurance rarely takes center stage in this address, and 2025 was no exception. However, Hochul did touch on rising insurance costs tied to affordable housing and outlined risk mitigation initiatives aimed at reducing losses—steps that could have ripple effects across the p/c insurance landscape. 

Advocacy

PIACT’s legislative priorities for 2025

For the 2025 legislative session, PIACT is sharpening its focus on advocating for reforms that will enhance efficiency, modernize outdated practices and provide better protections for insurance consumers throughout the state. Specifically, the association will focus on simplifying surplus-lines insurance policy placement process, regulating predatory third-party litigation funding and addressing emerging risks related to e-bikes and e-scooters. By addressing emerging challenges and modernizing outdated practices, PIACT is paving the way for a more equitable and responsive insurance market in Connecticut.

Conn.: Bill would ban credit history underwriting for HO insurance

A new bill has been introduced in Connecticut that would impact what factors insurers can use in underwriting. The primary aim of this proposal is to create a more equitable insurance landscape by removing credit history from the underwriting and rating processes. If passed, this legislation would amend Title 38a of the general statutes and prohibit insurers from considering credit history when underwriting or determining rates for homeowners insurance policies.

N.H.: New rental car coverage bill and its implications

The New Hampshire 2025 legislative session began on Jan. 8, 2025, and H.B.434 has been introduced. If passed, the bill is designed to offer significant relief and convenience for consumers navigating the aftermath of accidents. It would require that an insurance carrier must cover the cost of a rental car for at least seven days when the insured vehicle is deemed totaled or unsafe to operate, provided the policyholder is not at fault for the accident.

PIANY’s District Office Visit Program: Making our industry better together

PIANY is thrilled to kick off this year’s District Office Visit Program! This initiative is your chance to engage directly with state legislators—advocating for the issues that matter most to professional, independent insurance agents like you. Whether conducted in-person or virtually, these outreach meetings give us a valuable head start on advancing our key legislative priorities during the 2025 session. Sign up today, and let’s keep the momentum going!

Technical

In liquidation: Bankers Life Insurance

The Superior Court of Wake County, North Carolina placed Bankers Life Insurance Co. into rehabilitation on June 27, 2019, and entered a moratorium that prohibited most surrenders, loans and annuitizations. In the fourth quarter of 2021, Actuarial Management Resources began servicing the company’s business. On Nov. 30, 2024, BLIC was placed in liquidation, and the state life and health insurance guaranty associations began providing continuing coverage to more than 113,000 policyholders. Subject to ongoing processing, covered payments are anticipated to commence as soon as reasonably practicable under the circumstances. Pursuant to N.C.G.S. Section 58-30-125 (b) the Liquidator is not requiring policyholders claiming cash surrender values or other investment values in life insurance and annuities to file a proof of claim. Health insurance and death benefit claims will be paid in the normal course to the extent covered by a state Life and Health Insurance Guaranty Association. For a BLIC proof of claim form, click here, to review an FAQ about the liquidation, click here.

In liquidation: Colorado Bankers Life Insurance

The Superior Court of Wake County, North Carolina placed Colorado Bankers Life Insurance Co. into rehabilitation on June 27, 2019, and entered a moratorium that prohibited most surrenders, loans and annuitizations. In the fourth quarter of 2021, Actuarial Management Resources began servicing the company’s business. On Nov. 30, 2024, CBLIC was placed in liquidation, and the state life and health insurance guaranty associations began to provide continuing coverage to more than 113,000 policyholders. Subject to ongoing processing, covered payments are anticipated to commence as soon as reasonably practicable under the circumstances. Pursuant to N.C.G.S. Section 58-30-125 (b) the Liquidator is not requiring policyholders claiming cash surrender values or other investment values in life insurance and annuities to file a proof of claim. Health insurance and death benefit claims will be paid in the normal course to the extent covered by a state Life and Health Insurance Guaranty Association. For a CBLIC proof of claim form, click here, to review an FAQ about the liquidation, click here.

Navigating the claims process with your clients

From new agents to experienced agents, the claims process can be somewhat daunting to navigate. What are some strategies agents can use to keep themselves and their clients smoothly moving through a claim? For more information, PIA Northeast member can access Best practices to assist clients during the claims process in the PIA QuickSource library. And, for more information about claims in the insurance industry, see the March issue of PIA Magazine.

Conn: 2025 WC benefits increase

The Connecticut Workers’ Compensation Commission announced that—effective Jan. 1, 2025—the compensation rate for deaths covered under the Workers’ Compensation Act is increased from $13,885.25 to $14,371.23, based on the overall 2022 CPI-W increase for the Northeast of 3.5%. Also, the mileage reimbursement rate for all travel expenses has risen from $0.67 to $0.70 per mile.

ELANY ‘zero’ premium tax statements

According to a bulletin issued by the Excess Line Association of New York, excess-line brokers may file “ZERO” premium tax statements through the New York State Department of Financial Services portal if they meet all of the following criteria: No surplus-lines business was written in New York state for the year 2024; no transactions were reported to ELANY for any endorsements/cancellations; and no premium taxes or credits are due for 2024 and prior years. This is effective as of Jan. 1, 2025.

NYCIRB revises classification code 8810

The New York Compensation Insurance Rating Board has made changes to classification code 8810 as a result a recent study. A detailed explanation on the changes, along with the underlying rationale, is contained in the pamphlet titled, “Classification Code 8810 Study and Changes: Phase 3,” which is available for download on the rating board’s website.

Accolades

Conn.: PIACT seeks industry stars—nominate someone today

PIACT is calling for nominations for its 2025 Awards of Distinction. Nominations are due Friday, Feb. 21, 2025. The association will honor insurance professionals who exemplify the qualities and actions that serve as a model of excellence in the insurance industry and for the independent agency system. Nominations are being sought for these awards: Professional Agent of the Year, Company Person of the Year and Community Service Award. For a full description of each award, or for a nomination form, click here.

New NAIC chairs and vice chairs named

The National Association of Insurance Commissioners have announced its newest chairs and vice chairs of the organization’s standing committees for 2025. NAIC’s eight letter committees are dedicated to strengthening insurance regulations across the country. Justin Zimmerman, the commissioner of the New Jersey Department of Banking and Insurance, was named as co-vice chair for the Financial Condition (E) Committee and the International Insurance Relations (G) Committee.

NHID recognized with key roles by NAIC

The New Hampshire Insurance Department has been recognized with significant committee and task force assignments for the 2025 term at the NAIC. Commissioner DJ Bettencourt has retained his leadership position within the Northeast Zone, and he will continue to play a critical role in shaping national insurance policies and regulations. Commissioner Bettencourt and Director of Life and Health Michelle Heaton also undertook assignments for multiple committees on the association.

Educating insurance agents

Conn./N.J./N.Y.: Your important role in an insurance company

During your career as an independent insurance agent, you need to have a firm understanding of your role when you work with the carriers you represent, and you need to understand how different company functions are related. That’s why you should attend the 2024-2025 CIC ICO | Insurance Company Operations Institute Webinar with instructors Bruce DeJong, John Neal, CRM, and Mark A. Palinkas, CIC: this webinar will be held on Feb. 5-6, 2025. This class has been approved for CE credits in Connecticut (16 LH, 16 PC), New Jersey (16 GEN) and New York (15 BR, C1, C3, LA, LB, LSB, PA, PC).

Register now

Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception

Wednesday, Jan. 29, 2025: MetroRAP

Tuesday, March 4, 2025: NJYIP Swing and Connect

Wednesday, March 19, 2025: Connecticut Convention Welcome Reception

March 20-21, 2025: Connecticut Convention—Interested in sponsoring, advertising or exhibiting? Click here.

Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour

Wednesday, March 26, 2025: Buffalo I-Day

Save the date

Wednesday, May 7, 2025: NJYIP Golf Open

June 8-10, 2025: PIANJ | PIANY Annual Conference

Tuesday, June 10, 2025: NJYIP Fun Run

Tuesday, June 17, 2025: CTYIP Golf Open

Thursday, July 24, 2025: NJYIP Summer Breeze Bash

Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing

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