News
So, your client just bought a condo
The condo is the most misunderstood policy in personal lines insurance, and your clients may ask you why. Once upon a time, condo associations shouldered the burden of the most significant claims. Over time, condo associations have moved to give more responsibility for some of those claims to the unit owner. Due to this, when the unit owners ask their independent insurance agents to give them a condo policy, they may wonder why their agents ask for a copy of the condos’ bylaws and master deeds. Want to help examine the evolution and nuances of condo insurance to your clients? See the related article on PIA Northeast News & Media.
Economic momentum in auto, home, business insurance
According to the Insurance Information Institute, the insurance industry is seeing more economic momentum in U.S. auto, home, and business insurance than the entire U.S. economy. Mortgages and other personal loans will cost less, allowing for economic development in the insurance industry. Specifically, Triple-I anticipates insurer underlying growth to equal then surpass the GDP at a rate of 3.5% by the end of 2023. America’s economy is up from last year’s 2.6%, however it is likely to stay closer to 3.2%.
Inflation continues to decrease in 2023
In January 2022, the inflation rate reduced to 6.5%. Other phenomena like global weather- related disasters have contributed significantly to major losses in the marketplace. Whether it is the war in Ukraine or the ongoing global COVID-19 pandemic, there is supply-demand disparity in the property catastrophe marketplace. Unfortunately, this does mean that customers will experience higher premium costs across the nation. Read more about this on PIA Northeast News & Media.
Fringe benefits and other reimbursements that are nontaxable
Comprehensive knowledge of what is taxable and nontaxable benefits is incredibly important for business owners, as well as heads of human resource departments. Employees are attracted to worthwhile benefits bundled in with their earned income and this only aids in a business’s employment retention. Most people are more interested in pursuing careers that offer them employee insurance and pensions.
FEMA reinvesting in flood reinsurance programs
Recently, the Federal Emergency Management Agency announced that it would be reinvesting in flood reinsurance programs. FEMA has moved $502.5 million to the private reinsurance marketplace. FEMA’s reinsurance program started in January 2017. These protections are in place should a catastrophic flood arise, to prevent FEMA from needing to borrow funds from the U.S. Treasury. In 2012-14, FEMA received the right to acquire reinsurance funding through the Biggert-Waters Flood Insurance Reform and Homeowner Flood Insurance Affordability acts. If a storm results in flooding that is substantial enough to exceed $11 billion in insurance claims, FEMA will qualify for the full $1.9 billion reinsurance.
N.Y.: Get your clients on board with making buying a car easier
As we enter the 2023-24 legislative session, PIANY has released its legislative priority list. At the top of that list is reforms to the state’s photo inspection system. But, what is the inspection system and what is PIANY doing about it? PIANY has compiled a Q&A about New York state’s photo inspection requirement. It’s designed to be shared with your clients to explain what this requirement is, how it affects them, and how it has become antiquated. If you share this information with your clients, they could help us educate their legislators about why this requirement should be optional.
Compliance
N.J.: Get ready to comply with new minimum limits laws
This summer, Gov. Phil Murphy signed into law a bill that impacts commercial insurance marketplaces. The law requires business owners and rental owners to maintain certain liability insurance policies. The law goes into effect on Wednesday, Feb. 1, 2023. PIANJ has long supported this legislation and it was integral in amending an earlier version of the bill to clarify the insurance requirements. PIA members, who are interested in learning more about how this law affects business owners and landlords, can access the respective articles in the PIA QuickSource library.
Technical
N.Y.: Excess-line active shooter policies under scrutiny, company removed from ELANY list
The New York State Department of Financial Services has advised the Excess Line Association of New York to suspend any excess-line workplace violence/active shooter insurance policy or transaction that does not meet the four requirements outlined in Bulletin No. 2023-04. Also, Catlin Specialty Insurance Co., has been removed from ELANY’s list of E&S Insurers effective Jan. 18, 2023, as the company no longer meets the minimum standards for excess-line eligibility in New York state.
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.: Position for success with the CPIA designation
John Fear, CPIA, CISR, will lead a daylong webinar CPIA 1: Position for Success on Thursday, Feb. 2, 2023. The webinar will focus on internal and external factors affecting the development of effective business development plans. In addition, he will provide tips to prevent possible errors-and-omissions claims. This webinar has been approved for continuing-education credits in Connecticut (2LRE, 5 PC), New Jersey (7 GEN) and New York (7 BR, C1, C3, LA, LB, LSB, PA, PC).
N.Y.: Class satisfies state’s updated CE regulations
Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, will teach a webinar New York Law 2022, on Tuesday, Jan. 31, 2023. During this webinar, Magnusson will lead a discussion on ethics and professionalism. She also will review the Insurance Law and the licenses that are held by brokers, agents and consultants, including who needs to be licensed to transact insurance. Additionally, she will discuss diversity, including and elimination of bias in our work environment. And, finally, she will discuss the basics of flood insurance. This class has been approved for continuing-education credits (4 BR, C3, PA, PC), and also satisfies the updated New York state regulations for flood insurance; insurance law, ethics & professionalism; diversity, inclusion & the elimination of bias. Register today.
Register now
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
Thursday, Nov. 2, 2023: Save the date: Capital RAP
