Weekly Dispatch: Feb. 20, 2025

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February 20, 2025

News

Looking to network? Come to the Connecticut Convention

A big gathering like PIACT’s Annual Convention on March 20-21, 2025, at Foxwoods Resort Casino in Mashantucket, Conn., provides the perfect opportunity for you to get to know your fellow insurance professionals. Be sure to explore the trade show, which will run through the morning and afternoon of March 20, 2025, as well as the networking lunch buffet with PIA National President Ariel Rivera, MBA, CIC, CPIA, and the annual networking reception featuring DJ Mike Nigretti. Don’t miss out on these chances to network: register today and save 15% for the Connecticut Convention. If you are interested in sponsoring, exhibiting or advertising, click here.

Compliance

NHID issues reminder to respond to department inquiries

The New Hampshire Insurance Department issued a reminder that all entities—subject to New Hampshire insurance law—of their obligation to comply with department inquiries and investigations in a timely manner, as outlined in Bulletin INS 22-028-AB. Under RSA 400-A:16, II, any individual or entity transacting insurance in New Hampshire must provide all relevant documents and information to NHID within 10 working days of a request. Failure to comply with this statutory requirement may result in administrative fines, license suspension, or revocation.

N.H.: Bulletin clarifies appropriate use of aerial imagery

The NHID has issued a bulletin to clarify the appropriate use of aerial imagery in property insurance underwriting—particularly regarding decisions to refuse to write or renew policies based on roof condition. This bulletin emerged from recent complaints received by the NHID that indicate that some property insurers have relied on aerial imagery to justify nonrenewals based on mistakenly identified roof conditions. The updated bulletin reaffirms that while insurers may refuse to write or renew policies due to clear evidence of property degradation or damage, they may not do so solely based on cosmetic issues such as roof discoloration. PIA Northeast News & Media has a breakdown of this bulletin for insurance producers.

Advocacy

Conn.: Key bills to advocate for this session

It is fair to say that the 2024 legislative session did not go as planned for the Connecticut Insurance and Real Estate Committee. As previously reported—due to a short legislative session and political in-fighting—the committee failed to report out any legislation in 2024. The 2025 Connecticut legislative session, however, has brought fresh opportunities for advocacy. As the year unfolds, PIACT is monitoring several bills that could significantly impact the insurance industry—here’s a breakdown of the key bills PIACT is monitoring, and what they mean for agents, brokers and policyholders.

N.J.: New bill could lower auto rates, increase transparency

With auto insurance rates on the raise, New Jersey state lawmakers are acting to reform auto insurance with the introduction of A-5254, also known as the Car Insurance Reduction Act. Sponsored by Assemblywoman Heather Simmons, D-3, this legislation would impose significant changes to underwriting practices, rate calculations and fraud prevention to make car insurance more affordable and fairer for drivers across the state. If passed, it would take effect 90 days after enactment, and it would apply to all auto insurance policies issued, executed, delivered or renewed after that date.

PIANY pushes for regulations of predatory litigation financing

New bills and regulatory proposals continue to be introduced in the New York state Legislature, and PIANY is assessing their potential impact on the insurance industry to shape its advocacy priorities. In doing so, PIANY has recognized the strong need to support S.1104/A.3225, the Consumer Litigation Funding Act, which would introduce critical regulations to protect consumers from predatory litigation financing. Without proper oversight, litigation funding companies exploit plaintiffs, drive up settlement costs, and ultimately, increase insurance premiums for businesses and consumers across the state.

N.Y. Bill to expand C-MAP awaits action from governor

New York state lawmakers have approved legislation to expand the Coastal Market Assistance Program to properties along the Hudson River. A.425/S.771, sponsored by Assemblyman Steve Otis, D-91, and Sen. Shelley Mayer, D-37, passed both chambers and now awaits the governor’s signature. C-MAP helps homeowners in high-risk coastal areas obtain insurance when private coverage is unavailable or unaffordable. Previously, only properties along saltwater coasts—and more recently, the Great Lakes and select rivers—were eligible. This bill extends eligibility to properties within one mile of the Hudson River’s shoreline, recognizing the increasing flood risks faced by inland communities. For homeowners, this expansion could provide critical insurance options. For insurance agents and brokers, it offers an opportunity to assist more clients in securing coverage. For more details on C-MAP and the impact of this expansion, click here.

N.Y.: Bill would require fire insurance for e-bike batteries

A new bill introduced in the New York state Assembly—A.4865—would, if passed, mandate fire insurance coverage for any building in which electric-assisted bicycles—e-bikes—are repaired, sold, rented or stored for these purposes. This bill emerged as a response to the rise of lithium-ion battery fires, which have become a significant concern in New York state, with several deadly blazes attributed to faulty or improperly charged e-bike batteries. The high-energy batteries used in many cheap or unregulated models have been known to overheat, catch fire and, in some cases, explode.

N.Y.: Real-time auto insurance verification at the DMV

A newly introduced bill in the New York state Assembly would modernize how auto insurance coverage is verified, replacing the current system with a real-time online verification process. The bill, A.4404, introduced by Assemblymember David Weprin, D-24, would prevent mistaken lapses in coverage due to delays in processing proof of insurance at the Department of Motor Vehicles. This bill is a priority for PIANY, as it would streamline the insurance verification process and protect policyholders from being flagged as uninsured incorrectly—learn more and get involved today.

N.Y.: Two bills could impact HR policies and procedures

Two newly introduced bills (A.892 and A.3529) would bring notable changes to employment policies across New York state. These bills would expand employee benefits, including mandatory paid vacation and bereavement leave under the state’s Paid Family Leave program. While these proposals would enhance workers’ rights, they also have potential implications for businesses, including those in the property/casualty insurance industry. Independent insurance agents should be aware of how these legislative changes could affect their clients and their own business operations.

Technical

Reservation of rights letters and nonwaiver agreements

The policy was purchased. The insured got sued. The insurer got notification. The insured expected coverage, but the insured got a reservation of rights letter. What does a reservation of rights letter mean regarding coverage? It means, don’t count on it. When an insurer sends this type of letter, it indicates that the carrier may not provide coverage for the claim, but it’s not ready to make that determination, so it wants time to straddle the fence for a while. To learn more about this scenario, PIA Northeast members can access Reservation of rights letters and nonwaiver agreements in the PIA QuickSource library.

Accolades

Conn.: PIACT seeks industry stars—last day to nominate!

PIACT is calling for nominations for its 2025 Awards of Distinction. 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.

Educating insurance agents

Developing successful business plans for 2025

We’re two months into 2025—what does your roadmap to success look like? By attending the 2024-2025 CPIA 1: Position for Success webinar, participants will have the opportunity to focus on internal and external factors affecting the development of effective business development plans. This webinar will be led by John Fear, CPIA, CISR, on Thursday, Feb. 27, 2025, from 8 a.m.-4 p.m. This class has been approved for CE credits in Connecticut (2 LRE, 5 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

PIANJ Deep Dive: Learn about the p/c market in 2025

The next installment of PIANJ’s Deep Dive series will cover the property/casualty market outlook for 2025, featuring Brian Refici of MarshBerry, who will share key trends, challenges and opportunities for the coming year. Andrew Harris Jr., PIANJ president and president of Liberty Insurance Associates, will host the discussion. Deep Dive: State of the Marketplace 2025 will be held virtually on Thursday, Feb. 27, 2025, at 11 a.m. This event is open to all industry professional, but space is limited: register today and save your spot.

N.J.: Venture out into the virtual green with NJYIP

Bring your best golf swing for this year’s NJYIP Swing and Connect at Baseline Social NJ, in Oceanport, N.J. This event promises an evening of fun and networking as you test your skills in state-of-the-art golf simulators. Even if you don’t enjoy golf, you can still enjoy the company of your fellow professionals over light dinner fare, drinks and raffles. Don’t miss out: register today!

ICYMI

Comply with N.Y.’s cyber security regulation by April 15

Every agent who does business in New York state—even if they are agents who lacks a physical or financial presence in New York state—may be affected by New York’s cyber security regulation (23 NYCRR 500). Remember: You need to prove you were in compliance with the state’s cyber security regulations for 2024 by Tuesday, April 15, 2025. If you are licensed in New York state, this compliance needs to be completed each year. Do you need help? PIA Northeast members can contact the PIA Industry Resource Center, which can offer step-by-step directions to make this process easier. Call (800) 424-4244 or email resourcecenter@pia.org.