News
Educate clients so the know how much insurance they need for their homes: ACV vs. RCV
Last week, PIA Northeast told you about a recent notice regarding actual cash value vs. replacement cost values. If your clients are calling with questions, PIA has created a resource—which you can share with your insureds—that will help them understand the difference between these two values and why it matters.
Conn: Recent court ruling could increase comp costs 265% in the state
The Connecticut Business & Industry Association issued a preliminary analysis of a recent Connecticut Supreme Court ruling: CBIA’s findings indicate the ruling, Gardner v. Department of Mental Health and Addiction Services, could increase workers’ compensation claims costs as much as 265% according to a new report. That ruling overturned decades of legal precedent while unravelling the key 1993 reforms that brought long-term stability to Connecticut’s workers’ compensation system. Coupled with the court’s December 2024 Cochran v. Department of Transportation ruling, the Gardner decision marks the most costly and consequential period of change in recent history for Connecticut’s workers’ compensation system. Read the preliminary analysis here.
Advocacy
NFIP extension bill introduced in US Senate
Last month, Sens. Bill Cassidy, R-La., and John Kennedy. R-La, introduced S.1015, a bill that would extend the National Flood Insurance Program until Dec. 31, 2026. In 2017—more than seven years ago—the NFIP’s most recent five-year reauthorization expired. Since then, the program has been strung along with 33 extensions and has lapsed three times, the latter of which is highly disruptive for consumers. PIA strongly supports this legislation, which would provide much needed certainty to the NFIP while Congress works toward a long-term reauthorization.
N.Y. action: CE carryover bill clears Assembly
The New York state Assembly unanimously approved A.6652-A on April 7, 2025, a bill that would allow insurance producers to carry forward up to seven excess continuing education credits into their next licensing period. Currently, New York state requires 15 CE credit hours every two years—but any extra credits earned are lost at renewal. This reform aligns insurance CE rules with other professions in which CE credit carryover already is standard practice and would help insurance professionals who place a great emphasis on education. Now that A.6652-A has cleared the state Assembly, the bill moves to the state Senate. Currently, its companion bill in the Senate—S.6122—is awaiting consideration by that chamber’s Insurance Committee. PIANY will continue to advocate for swift passage in both chambers and encourages all members to stay engaged.
N.Y.: Bill introduced would mandate study on noncommercial auto coverage
The New York state Senate introduced bill S.5235, which if passed, would mandate a comprehensive study to evaluate the adequacy of current minimum coverage amounts for noncommercial auto insurance. This legislation matters because it would lay the groundwork for data-driven policy decisions that could modernize insurance standards, enhance consumer protection and reinforce the financial stability of New York state’s auto insurance system. The study will provide crucial insight into how increased minimums may impact premiums, affordability and market dynamics.
Technical
Encourage your insureds to take a home inventory
Spring is here, so why not get your insureds to do a little spring cleaning? Remind your insureds that creating an itemized list of their belongings can greatly expedite the claims process and the replacement of covered losses. To start, your insureds have a variety of options when it comes to inventorying their belongings, like filming and photographing them, getting regular appraisals, saving copies of their list and more. PIA Northeast members can access A household inventory—well worth the time, which they can share with their insureds. Additionally, the National Association of Insurance Commissioners offers a phone application to help insureds keep track of their items.
Additional insureds vs. named additional insureds
On first pass, some insurance producers may have the expectation that named additional insureds have greater rights or more comprehensive coverage. However, the truth is much more intricate, with “named additional insureds” bringing potential complications to a policy. You can help them make informed decisions about their insurance needs, and PIA can help you. PIA Northeast members can access Additional insureds vs. named additional insureds, so they can better educate their clients.
Educating insurance agents
Conn./N.J./N.Y.: Create an E&O loss-control program for your insurance agency
Whether you are a supervisor or a nonmanagement employee, learn everything you need to know about initiating your own E&O loss control program with this webinar taught by John Fear, CPIA, CISR: Special Topic–CPIA Advanced: An E&O Loss Control Program for All Agencies^AZ^UN, on Tuesday, April 22, 2025, from 8 a.m.-4 p.m. This class has been approved for CE credits in Connecticut (7 PC), New Jersey (7 GEN) and New York (7 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.
Conn./N.J./N.Y.: Emerging leader series starts soon with first module—more to come
If you are insurance professional looking to acquire or improve your leadership skills, be sure to sign up for the Emerging Leader Series. This series consists of three modules, with the first webinar on Monday, April 21, 2025, from 2-4 p.m. These sessions will be instructed by John Fear, CPIA, CISR, and it will help experienced and burgeoning insurance leaders to explore the key elements of transformative leadership that drive success in the insurance industry. Register today for the individual module, or as a complete package.
ICYMI
N.Y. Cyber security compliance certification due next week
Those individuals who hold a New York state insurance license—covered entities—including nonresident licensees, have less than a week to certify their compliance with the requirements of New York state’s cyber security regulation (23 NYCRR 500) for calendar-year 2024. This filing requirement is for all licensees not covered by another covered entity’s information system. This certification, which is required annually, must be filed via the New York State Department of Financial Services’ web portal by Tuesday, April 15, 2025. Interested in learning how to navigate 23 NYCRR 500? PIA Northeast has written a series of articles on the topic.
N.Y.: Producer public entity insurance compensation reports due April 15
New York State Insurance Regulation 87 requires insurance producers to disclose annually commissions or fees they receive in connection with coverage placement, or insurance services rendered, on behalf of a governmental unit in New York state. The Governmental Insurance Disclosure Statement must be filed with the New York State Department of Financial Services by Tuesday, April 15, 2025. For an explanation of the requirements, pertinent FAQs, and a link to the form, see Producers’ annual report—April 15: shared public-entity compensation.
Register now
April 21, 2025 | May 15 | June 9: Emerging Leaders Series—Connecticut | New Jersey | New York
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
Tuesday, June 17, 2025: CTYIP Golf Open
Tuesday, June 17, 2025: PIWA Spring Reception
Thursday, July 24, 2025: NJYIP Summer Breeze Bash
Save the date
Sunday, June 8, 2025: NJYIP Nitecap
Monday, June 9, 2025: Deep Dive Live: Tech Tactics
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
