News
PIA releases video highlighting its efforts in 2022
PIA Northeast is affiliated with PIA National, as such many PIA members benefit from products and services offered by PIA National. Recently, PIA National’s CEO, Mike Becker shared a video wrap-up, which highlights some of the benefits and services provided by the association in 2022. These include the merging of the AIM Society with PIA, and new membership benefits. For example, PIA members now are offered access to Breeze, which is a disability insurance sales platform. Members have access to instant quotes and case management services.
Climate change and La Niña’s effects on losses
According to recent reporting by Munich RE, La Niña conditions are effecting weather conditions for a third consecutive year. This means higher possibility of hurricanes in North America, flooding in Australia, no rain and heatwaves in China, and substantial monsoon rains in South Asia. In conjunction, climate change is seemingly intensifying overall global weather extremes. Natural disasters are the cause of most high losses and because of this, prevention and financial protections must be given high priority.
Soft skills that drive leadership success
When we think of a skilled individual, we often drum up the image of a web developer, a mechanical engineer, a brain surgeon, or even an arborist. While the examples above depict hard skills, it’s the other side of the coin that cohesive work environments need to truly thrive—soft skills. Workplace leaders need to harness their soft skills to delegate, anticipate behavioral conflicts between workers, communicate effectively, and grow themselves and their co-workers. To explore some of the key soft skills that create strong business leaders, see the related article on PIA Northeast News & Media.
Connecticut announces the start of adult-use cannabis sales
Gov. Ned Lamont announced the start of adult-use cannabis sales in Connecticut’s first group of licensed retailers. The cannabis industry is expected to bring jobs, economic growth, and reinvestment in communities once harmed by cannabis prohibition. Cannabis and its effects on the insurance industry. There are multiple bills that are designed to ease significantly, and ultimately eliminate, the tension that exists between the laws of states that have legalized the use of cannabis for adult use and federal law, which prohibits the cultivation, distribution, or use of marijuana. PIA Northeast offers various resources to help its members stay on top of what’s going on with this hot topic.
N.Y.: Governor announces proposals that would affect business
Gov. Kathy Hochul last week announced, a proposal to index New York’s minimum wage to the Consumer Price Index for Wage Earners for the Northeast Region. Under the proposal, each year, the state’s minimum wage would increase at a rate determined by the index, which is a good way to measure inflation. Also announced last week was a proposal to offer fully paid parental leave benefits to New York state employees. Under the initiative, unrepresented state workers would receive 12 weeks of fully paid leave to use for bonding with a newborn, fostered, or adopted child. Hochul has directed the Office of Employee Relations to engage New York state unions on extending this benefit to their employees through collective bargaining.
Compliance
N.Y.: New cyber regulations on the horizon; certification of compliance due April 15
The New York State Department of Financial Services released the official proposed second amendment to the cyber security regulation (23 NYCRR 500) for public comment late last year. This follows an unofficial draft of the amendments that circulated this past August. The amendment would make multi-factor authentication mandatory for all covered entities, increase the thresholds for entities to qualify for the limited exemption, and create a category for larger corporations, Class A entities. PIA submitted comments on both the unofficial proposal and the official proposal. Those who hold a New York state insurance license (covered entities), including nonresident licensees, have until Saturday, April 15, 2023, to certify their compliance with the requirements of New York’s cyber security regulation (23 NYCRR 500) for calendar-year 2022. The filing is required for all those not covered by another covered entity’s information system. This certification, which is required annually, must be filed via the DFS web portal between Jan. 1, 2023, and April 15, 2023. PIA members are encouraged to complete their annual certification of compliance earlier rather than waiting for the April 15 deadline. For more details about complying with this regulation, see the related article on PIA Northeast News & Media.
Technical
N.Y.: Separate cancellation notices must be sent to all entities on workers’ compensation policy
In the matter of the claim of Pablo Figueroa Ceja, the insurance policy at issue insured two entities—Manetta and Manco Enterprises of NY Inc.—in one single policy. Manetta and Manco shared an address but were separate corporate entities. Due to nonpayment of premiums, the New York State Insurance Fund sent a certified notice of cancellation of the policy addressed to Manco, which referenced that the policy cancellation also applied to Manetta. Admittedly, the carrier did not separately serve Manetta with a notice of cancellation addressed to it. Specifically, the statute provides that service of the notice of cancellation must be addressed to each entity and provides no exception when the entities share an address or ownership. The Supreme Court, Appellate Division, Third Judicial Department, affirmed the decision of the Workers’ Compensation Board to provide the injured employee benefits.
N.Y.: ELANY advises on new affidavit legislation
Legislation eliminating three reporting elements from both the Part A and Part C excess-line affidavits has been enacted into law and is effective immediately. The following information should no longer be reported for declinations: A. Affiliation of Representative: Company Employee, Agent, Other (specify); B. Name of Representative Declining Risk; and C. The insurer declined to underwrite the risk because 1. Insurer presently lacks adequate capacity to write this risk, 2. Specific underwriting reason and 3. Other (Specify). The Excess Line Association of New York is working with the New York Department of Financial Services to revise the affidavit forms. In the interim, leave the three data fields blank when filling out both Part A and Part C affidavits. For electronic filers, these fields have been deactivated.
NYSIF offers new reporting hotline
The NYSIF has launched a 24/7 Accident Reporting Hotline for non-emergency work-related injury reporting. The hotline offers both medical assistance from a nurse-triage as well as allowing callers to report work-related accidents. A nurse will provide callers with an immediate assessment and recommendation. For more information, see the resource kit.
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.H./N.J./N.Y.: Need CE on professional liability?
Bettye Hutchison, CRM, CIC, CPCU, ARM, CPIA, AAI, TRIP, will lead a webinar: Insurance Agents Professional Liability: Why? How? Where? on Thursday, Jan. 26, 2023, starting at 10 a.m. This webinar will focus on fully understanding possible professional liability exposure, including perils, hazards, and how to manage them. The main objectives of this three-hour course are to understand the roles and responsibilities of each party involved, identify some sources of errors-and-omissions claims, analyze exposures, explore ways to control the exposures and to discuss the handling of a claim. This webinar has been approved for continuing-education credits in Connecticut (3 PC), New Hampshire (3 Producer PROD), New Jersey (3 GEN) and New York (3 BR, C1, C3, LA, LB, LSB, PA, PC).
Register now
TONIGHT: Thursday, Jan. 19, 2023: CTYIP Holiday Social—register at the door
March 23-24, 2023: Connecticut Convention—want to sponsor, exhibit or advertise?
Wednesday, April 19, 2023: Save the date: NY-YIP/PIA Pre-Buffalo I-Day Event
Thursday, April 27, 2023: Save the date: Long Island RAP
Monday, May 1, 2023: Save the date: NJYIP Golf Open
June 4-6, 2023: Save the date: Annual Conference hosted by PIANJ and PIANY
Tuesday, June 6, 2023: Save the date: NJYIP Fun Run
Tuesday, June 20, 2023: Save the date: CTYIP Springfest Golf Outing
Monday, Aug. 7, 2023: Save the date: NY-YIP Annual Golf Open
Monday, Oct. 2, 2023: Save the date: PIANJ Golf Classic—40th Anniversary
