News
Conn.: Last chance to register at discount: Meet with vendors at convention
As always, PIACT’s Annual Convention will feature some of the best vendors from the insurance industry. Join your industry peers March 20-21, 2025, at Foxwoods Resort Casino in Mashantucket, Conn., and don’t forget to check out the trade show. During the event, you will be able to explore valuable business solutions that will help your agency thrive. In addition to these vendors, there also will be a Bloody Mary and Mimosa bar, a wine and cheese reception, as well as exhibitor prizes and cash drawings. There’s a lot to enjoy at this year’s Connecticut Convention. Register today and save 15%. If you are interested in sponsoring, exhibiting or advertising, click here.
AM Best: Reinsurance capacity plentiful, future uncertain
Rising litigation costs and higher jury awards continue to generate financial pressure within the casualty reinsurance segment, forcing reserve strengthening measures for some carriers and prompting narrower margins, according to a new AM Best report. The Best’s Market Segment Report titled, Casualty Reinsurance Capacity Remains Plentiful Amid Concerns, states that reinsurers continued to provide ample capacity through the recent January 2025 renewal season. However, there is potential for the casualty segment to encounter an availability crisis in the absence of interim actions to offset some pressure points.
February consumer content roundup
February is almost over; did you have the chance to review this month’s consumer content offered by PIA Northeast? Our consumer content provides an excellent conversation starter when it comes to introducing different types of insurance or business practices to your clients. Last month, your association published the following articles: how to navigate pregnancy discrimination in the workplace; AI meets business: The power of tech = growth; and Identify risks in emerging niche industries.
N.J.: Gov. Murphy delivers budget address for 2026
Gov. Phil Murphy delivered his ninth budget address on Feb. 25, 2025, outlining spending priorities for Fiscal Year 2026. The governor’s proposed budget would expand direct property tax relief for New Jersey homeowners and renters, including funding the new Stay NJ program, and would continue support for the ANCHOR and Senior Freeze programs. The proposal also would provide record school funding, deliver a fifth consecutive full pension payment, and support significant investments in New Jersey’s economy and communities. This also marks Gov. Murphy’s final budget address, as he is in his second term and he cannot seek reelection in November 2025.
Compliance
N.Y.: DFS fines for auto insurers $20.4 million
The New York State Department of Financial Services Superintendent Adrienne A. Harris concluded a multiyear investigation into motor vehicle insurers’ failure to timely report insured vehicle information to the state’s Department of Motor Vehicles. The investigation resulted in 37 consent orders and a total of $20.4 million in fines imposed on insurers across the industry. Under New York Insurance Law, insurers are required to report newly insured vehicles to the DMV’s Insurance Information & Enforcement System within seven days of the policy’s effective date—additionally, most termination or suspension of insurance must be reported within 30 days of the policy’s termination or suspension. This issue would be addressed by A.4404, which was introduced into the state Assembly earlier this year. The bill, which is a priority for PIANY, would streamline the insurance verification process and protect policyholders from being flagged as uninsured incorrectly.
Advocacy
PIACT testifies on bill that would ease E&S requirements
PIACT Treasurer Katie Bailey, CPIA, ACSR, CLCS; PIACT past President James Berliner, CPCU; PIACT Member Ray Chase; and PIACT Director of Government & Industry Affairs Bradford J. Lachut, Esq., testified Thursday before the Connecticut General Assembly Insurance and Real Estate Committee in support of H.B.6981, which is a legislative priority for the association. The bill would reform surplus-lines insurance placement by removing the diligent-effort requirement. Under current Connecticut law, retail insurance brokers must obtain declinations from at least three licensed insurers before placing coverage in the E&S market. H.B.6981 would remove the due-diligence requirement for placing risks in the nonadmitted marketplace when done through an unaffiliated surplus-lines broker.
New York introduces new bills with PIANY support
The 2025 New York legislative session continues at a breathless pace: recently, three introduced bills have gained support from PIANY. This includes S.5310, which would streamline the placement of commercial insurance by allowing brokers to bypass the diligent-effort requirement. There is also a pair of bills that would affect the state’s workers’ compensation law—S.5320 and S.5327. The former would ensure that insurance brokers receive fair compensation for placing workers’ compensation policies through the New York State Insurance Fund, while the latter would eliminate the 30-day notice requirement for employers withdrawing from the NYSIF when they secure new workers’ compensation coverage.
Technical
How non-owned property is covered under a HO policy
Under certain circumstances, a homeowners policy may cover the property of the policyholder’s neighbor as if it was his or her own property. Currently, there are four grants of coverage in the Insurance Services Office Inc. homeowners policy forms that pertain to the property of others. To learn more about this subject, PIA Northeast members can access Covering non-owned property on a homeowners policy in the PIA QuickSource library.
N.Y.: ELANY distinguishes ‘policy fees’ from ‘producer fees’
The Excess Line Association of New York has received filed coverage documents that contain a line for a policy fee, which actually is a producer fee—often paid to a managing general agent or managing general underwriter. The DFS holds that any fee payable to an excess-line insurer is consideration for the policy, and therefore, taxable premium. In contrast, producer fees are not subject to tax. The DFS assumes that policy fees are taxable insurer fees. Policy fees without any qualification in the title are considered to be carrier fees in New York state. ELANY has issued guidance about this issue over the years, most recently in Bulletin No. 2025-08.
Educating insurance agents
Conn./N.J./N.Y.: Key strategies agency growth
To build an agency that will last and grow, you must learn the fundamentals of organizing an insurance agency. The 2024 CIC AM | Agency Management Institute Webinar^UN^AZ will cover just that, giving you tools that can take your business to new heights. This webinar will run from March 5-6, 2025, and it will feature the instructors Brian Bartosh, CIC, LUTCF; Bettye Hutchison, CRM, CIC, CPCU, ARM, CPIA, AAI, TRIP; and Mark A. Palinkas, CIC. This class has been approved for continuing-education credits in Connecticut (13 LH, 3 LRE, 3 LRE, 13 PC: Conn. licensees can get 13 PC/3 LRE or 13 LH/3 LRE), New Jersey (3 ETH, 13 GEN) and New York (15 BR, C1, C3, LA, LB, LSB, PA, PC). ^UN^AZ—This course has been approved for E&O loss prevention credit by Utica National and Allianz. Call the PIA E&O Department for details: (800) 424-4244.
Events
Conn.: Meet your legislators at the 2025 Legislative Reception
If you’re looking for the opportunity to speak with Connecticut’s state legislators in an informal setting, then be sure to attend PIACT/CTYIP’s Legislative Reception. This reception will be held Thursday, March 13, 2025, at the Legislative Office Building in Hartford, from 5-7 p.m. There, you and the state legislators will be able to discuss some of the most pressing issues facing the insurance industry over appetizers and cocktails. Register for the reception here.
ICYMI
N.Y.: Predatory litigation financing bill reported out of committee
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. This common-sense, bi-partisan bill was reported out of the Senate Consumer Protection Committee (7-0) on Feb. 12, 2025. Without proper oversight, litigation funding companies exploit plaintiffs, drive up settlement costs and ultimately increase insurance premiums for businesses and consumers across the state. While S.1104 would not ban litigation financing, it would introduce reasonable regulations to ensure fairness and transparency. By requiring licensing, clear disclosures, and reasonable fee caps, this bill would protect plaintiffs from predatory contracts while preserving access to responsible funding options.
Register now
Tuesday, March 4, 2025: NJYIP Swing and Connect
Thursday, March 13, 2025: PIACT/CTYIP Legislative Reception
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
Wednesday, May 7, 2025: NJYIP Golf Open
Thursday, May 22, 2025: PIANJ Women’s Leadership Alliance Pickleball Tournament and Networking
June 8-10, 2025: PIANJ | PIANY Annual Conference—
Interested in sponsoring, advertising or exhibiting? Click here.
Tuesday, June 10, 2025: YIP Fun Run
Thursday, July 24, 2025: NJYIP Summer Breeze Bash
Save the date
Sunday, June 8, 2025: NJYIP Nitecap
Tuesday, June 17, 2025: CTYIP Golf Open
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
Tuesday, Sept. 9, 2025: NY-YIP Albany Fall Soiree
Monday, Sept. 29, 2025: PIANJ with WLA Golf Classic
Thursday, Oct. 16, 2025: CTYIP Gala
Tuesday, Dec. 2, 2025: NJYIP Holiday Reception
