News
Bill introduced in U.S. Senate to extend NFIP for one year
Sen. John Kennedy, R-La., recently introduced S.4533, the National Flood Insurance Program Extension Act of 2022, with Sens. Cindy Hyde-Smith, R-Miss., Marco Rubio, R-Fla., and Bill Cassidy, R-La., as co-sponsors. The legislation would prevent the NFIP from expiring on Sept. 30, 2022, by extending it for one year until Sept. 30, 2023. PIA strongly supports a long-term reauthorization (five years or longer) of the NFIP that includes necessary reforms. However, as the number of legislative days in the current Congress dwindle, a one-year extension will allow breathing room for the deliberation necessary to develop a thoughtful reform package and avoid lurching from one short-term extension to the next. PIA supports this legislation and will advocate for its prompt passage.
Recent congressional bills threaten state insurance regulation
Recent congressional activity has included the consideration of bills that threaten the effective state insurance regulatory system. First, the American Data Privacy and Protection Act (H.R.8152) passed out of the House Energy and Commerce committee earlier last week. The ADPPA would create a national standard for data privacy and, in doing so, preempt most state-passed insurance data privacy laws, to the detriment of insurance consumers around the country. A second issue is the annual appropriations process. Most congressional committees include reports to their appropriations bills, and, in those reports, committees attempt to direct the actions of the federal agencies affected by the appropriations. Recently, report language included with the House Financial Services and General Government Fiscal Year 2023 appropriations bill contained several directives to the Federal Insurance Office.
Conn.: New $150M loan program for state’s small businesses
Gov. Ned Lamont this week announced the launch of the Connecticut Small Business Boost Fund, a public-private partnership that provides low-interest loans to small businesses and nonprofits in Connecticut. Applications now are being accepted for loans ranging from $5,000 to $500,000. The program is aimed at helping small businesses and nonprofits—particularly those in low-income and historically underserved communities—with access to flexible working capital. The loans have a fixed, 4.5% interest rate and are available to eligible small businesses and nonprofits with operations in Connecticut that have 100 or fewer full-time employees and annual revenues of less than $8 million.
Conn./N.J./N.Y.: Help a local charity receive $2,500
Want to make a difference to a local charity in your community? PIA is working with the Insurance Industry Charitable Foundation to let agencies know that the IICF is offering 10 grants—worth $2,500 each—to worthy charities in Connecticut, New Jersey and New York. For the charity to receive one of the grants, it must be sponsored by an insurance entity—at no cost to you. Ask the charity you are sponsoring to complete an application. Applications are due Friday, Sept. 9, 2022.
Advocacy
N.Y.: The work of Agents Advocacy Coalition
The best way you can spread the word about the work of the Agents Advocacy Coalition is to share our articles from PIA Northeast News & Media and retweet and share our social-media posts, including our video explaining what AAC does for independent agents. You also can learn more and support AAC on our website.
Technical
NYSIF defers certain WCB assessments
The New York State Insurance Fund is deferring the New York State Workers’ Compensation Board assessment for new-to-NYSIF Safety Group business effective Monday, Aug. 1, 2022. For eligible Safety Groups, a new policy can defer paying the WCB assessment—which is 10.2% of premium for 2022. The WCB assessment will not be factored into policyholders’ monthly premium as typically done, but their payment will be deferred during the full first year of the policy. Policyholder payments of the WCB assessment will be deferred until dividend distribution or policy cancellation.
Educating insurance agents
N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.
Conn./N.J./N.Y.: Ruble seminar, webinar or in-person options
PIA Northeast will host a James K. Ruble Graduate Seminar, taught in-person Aug. 3-4, 2022, at Turning Stone Casino, Verona, N.Y. The class also is offered as a webinar for agents in Connecticut, New Jersey and New York on the same days. The topics that will be covered during this seminar include: EPLI–Why Don’t Agencies Sell This Coverage?: Covered or not Covered–The Claims Continue (Personal Lines); The Additional Insured–A Closer Look; Realities and Rewards of Retirement Planning; Long-Term Care Insurance: Protecting Your Assets; and Selected CGL Exclusions–What You Need To Know. This seminar has been approved for continuing-education credits in Connecticut, New Jersey and New York.
FEMA: Free webinars on flood for agents
The Federal Emergency Management Agency is hosting a free two-part webinar in early August, which is designed to help agents advise their clients on the value of flood insurance. During the webinar, industry leaders will discuss navigating changes to flood insurance under Risk Rating 2.0: Equity in Action, a major update to the National Flood Insurance Program. Attendees will learn effective strategies for communicating the importance of flood insurance and risk to clients and overcoming challenges to expand your book of business. Part One will be held Tuesday, Aug. 2, 2022, at 11 a.m., and Wednesday, Aug. 3, at 3 p.m. Part Two will be held Wednesday, Aug. 3, at 11 a.m., and Thursday, Aug. 4, at 3 p.m.
Register now
Thursday, July 28, 2022: NJYIP Summer Reception—Register at the door tonight
Monday, Aug. 1, 2022: NY-YIP Golf Open
Monday, Sept. 12, 2022: PIANJ Golf Classic
Thursday, Sept. 29, 2022: Save the date: PIANH Symposium
