News
Nashville comes to the Hard Rock at Annual Conference
Strike up the band with your fellow insurance professionals for another incredible PIANJ | PIANY Annual Conference, June 8-10, 2025, at the Hard Rock Casino, Atlantic City, N.J. Explore the best the industry has to offer, all to a Nashville beat. We have insightful education seminars, a packed trade show and valuable opportunities to network with your fellow attendees. Finally, the conference will conclude with the 41st Annual YIP Fun Run to Benefit Special Olympics New Jersey—whether you run, walk or jog, every step makes a difference. So, don’t wait—register today and save 20%—before ticket prices go up. Interested in sponsoring, advertising or exhibiting? Click here.
AM Best: US p/c insurers exceed cost of capital
In a new report from AM Best, U.S. property/casualty insurers generated high investment returns and they were able to exceed their cost of capital in 2024 despite another year of elevated catastrophe losses. Despite experiencing two major hurricanes, severe convective storms and winter weather events in 2024, the p/c industry recorded an underwriting gain of approximately $22.9 billion.
NAIC releases 2023 profitability report
The National Association of Insurance Commissioners has released the Report on Profitability by Line by State in 2023. The report provides information based on data through year-end for the years 2022 and 2023. The report estimates and allocates profitability in p/c insurance by state/territory in the United States. The total net direct premiums earned across all lines nationwide was $830.6 million. Connecticut totaled $1.3 million, New Hampshire totaled $3.2 million, New Jersey totaled $28 million, New York totaled $61.5 million and Vermont totaled $261,881.
Conn.: What to know when carriers exit a line of business
Recently, PIACT has received reports from members across the Nutmeg State, claiming carriers are discontinuing or substantially reducing writing certain lines of coverage. If you are an insurance producer in Connecticut, it’s important to stay aware of important regulatory requirements carriers must follow when they decide to exit or significantly reduce business in a particular line of insurance, such as personal lines. That way, you are not caught off guard when it happens.
N.J.: Jones Road wildfire is at 75% containment
The Jones Road wildfire stands as one of New Jersey’s largest blazes, but it is nearing complete containment. On April 28, 2025, the New Jersey Forest Fire Service reported that they achieved 75% of the 15,300-acre fire in the Ocean County Natural Lands Trust’s Forked River Mountains Wilderness Area. The fire started the morning of April 22: it crossed the Garden State Parkway by evening, prompting evacuations and road closures. An investigation prompted by state and local fire services determined the cause of the fire to be incendiary by an improperly extinguished bonfire. A warming world means wildfires are becoming a yearly threat: speak to your clients about proper coverage and fire safety today.
N.Y.: State enforces headlight laws for ATVs
With spring here and summer just around the corner, you may have insureds who are anxious to hit the road and enjoy New York state’s scenery from the comfort of an all-terrain vehicle. Before that happens, however, make sure your insureds are up-to-date with the latest laws and safety requirements for their vehicles. The state requires that not only should an ATV’s headlights and taillights be in working order, but these lights need to be lit when riding a half hour after sunset and a half hour before sunrise. Speak with your insureds today about driver safety and abiding by these laws helps keep their insurance premiums low. While you are having this discussion, it might also be a good time to discuss New York’s no-fault law and ATV PIP insurance benefits.
Compliance
NHID updates guidance for licensee disclosure requirements
Recently, the New Hampshire Insurance Department issued updated guidance to assist insurance producers and adjusters in meeting state-mandated disclosure requirements. The bulletin clarifies the options available to licensees for reporting formal public administrative actions and criminal prosecutions, as required by New Hampshire law. To streamline compliance, licensees may fulfill these reporting requirements by either uploading the relevant documentation to the National Insurance Producer Registry or by mailing the documents to the NHID Licensing Division.
Advocacy
PIA: Let states serve as primary insurance regulators
Last April, PIA sent a letter to Reps. Brett Guthrie, R-Ky., and John Joyce, R-Penn., the chairman and vice-chairman of the House Energy and Commerce Committee, in response to their Request for Information to explore the development of a federal data privacy and security framework. PIA reiterated its position that the states serve as the primary regulators of the insurance industry, as codified by the McCarran-Ferguson Act. The association maintains that a federal data privacy or security framework would be confusing, wasteful, duplicative and burdensome.
N.J.: Lawsuit lending transparency bill
New Jersey lawmakers introduced legislation (S-4374/A-5566) this April, which would bring much-needed transparency and accountability to the fast-growing world of third-party litigation funding. If you need a refresher on the impact of lawsuit lending and you are a PIA Northeast member, then the association has you covered. Members can access What is third-party litigation funding? How it works and its impact on insurance in the PIA QuickSource library.
N.Y.: New bill would unify licensing, keep agents/brokers roles
A new bill was introduced by Assemblymember Pamela Hunter, D-128, in April to consolidate agents and brokers licenses into a single producer license. Under current law, individuals must apply for and maintain separate licenses—depending on whether they function as an insurance agent or an insurance broker. The bill, A.8065, would replace this bifurcated system with a single insurance producer license. This means that whether individuals solicit insurance on behalf of carriers or help consumers shop for the best policy independently, they would operate under the same license. The intent of the bill is administrative efficiency—cutting down on bureaucratic hurdles and reducing redundancy in licensure requirements, exams and renewals.
N.J./N.Y.: New videos on priority legislation
Bradford J. Lachut Esq., PIA Northeast director of government & industry affairs, has produced five videos covering PIA-priority legislative issues. These videos include: PIANJ’s efforts to ban step-down clauses, the key bills PIANJ was following this legislative session, PIANJ’s support of comparative negligence productions for producers as well as lawsuit lending reform in New Jersey and in New York.
Technical
What are the dangers of signing your client’s name
If you sign a client’s name on an insurance document, it carries significant errors-and-omissions implications. The practice of signing a client’s name on documents that require a signature, such as an application, is dangerous because insurance documents typically have a provision stating the client is verifying the contents are true and accurate, and they are routinely considered part of the insurance contract. To learn more, PIA Northeast members can access Dangers of signing your client’s name, in the PIA QuickSource library.
N.Y.: DFS cyber security requirements go into effect May 1
The New York State Department of Financial Services Regulation (23 NYCRR 500) has new cyber security requirements that will go into effect today on May 1, 2025. These rules apply differently depending on your exemption status and whether you qualify as a Class A company. You can learn more about these changes from PIA Northeast News & Media’s cyber security series.
N.Y.: Payroll cap and maximum weekly WC benefit change
The New York Compensation Insurance Rating Board has announced that the payroll cap under the New York Workers’ Compensation Construction Employment Payroll Limitation Program will be increased from $1,757.19 to $1,833.63 per week for policies with effective dates on and after Tuesday, July 1, 2025. According to provisions in the 2007 Workers’ Compensation Reform Act, this limit is adjusted every year based upon changes in the average weekly wage as calculated by the New York State Department of Labor. Also, the maximum workers’ compensation weekly benefit is two-thirds of the statewide average weekly wage, so the maximum weekly benefit will be $1,222.42 effective July 1, 2025 (up from $1,171.46 in 2024).
Educating insurance agents
Conn./N.J./N.Y.: Emerging Leader Series continues
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 second webinar being held on Thursday, May 15, 2025, from 2-4 p.m. These sessions will be instructed by John Fear, CPIA, CISR, and they 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 modules in Connecticut | New Jersey | New York.
Register now
Wednesday, May 7, 2025: NJYIP Golf Open
May 15 | June 9: Emerging Leaders Series—Connecticut | New Jersey | New York
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
Tuesday, May 13, 2025: Albany Lobby Day
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
