Matt McDonough - PIA Northeast News

Weekly Dispatch: March 13, 2025

by Matt McDonough | Mar 13, 2025 | Weekly Dispatch

Liberty Mutual Insurance announces that it will discontinue Safeco brand in 2026—what that means for independent agents. Government shutdown looms as the NFIP is set to expire: make your voice heard. The New Jersey legislative session is at its midpoint, what bills are PIA monitoring? New bills introduced in New York state that could alter insurance landscape if passed. Vermont approves the revised workers’ compensation loss cost filling by the NCCI. Plus, you can read about state-specific industry news, advocacy updates, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.

N.Y.: New flood insurance law limits requirements for homeowners and lenders

by Bradford J. Lachut, Esq. | Mar 13, 2025 | Advocacy, Featured

New York Gov. Kathy Hochul signed a chapter amendment—A.2056—into law last month, which further limits how much flood insurance mortgage lenders can require. This new law amends legislation passed last session that prevented lenders from demanding flood insurance that...

PIANY supports bill to allow DFS to hire consultants for faster insurance filings

by Bradford J. Lachut, Esq. | Mar 13, 2025 | Advocacy

PIANY is backing a new legislative proposal that would allow the Department of Financial Services to hire consultants to assist in reviewing insurance rate and form filings. The bill, S.5321, sponsored by Sen. Jamaal Bailey, D-36, would streamline the approval process...

Top legislative priority advances out of committee—would ease E&S insurance requirements in Connecticut

by Bradford J. Lachut, Esq. | Mar 12, 2025 | Advocacy

The effort to modernize Connecticut’s excess-and-surplus lines insurance process has taken a major step forward. The Joint Committee on Insurance and Real Estate has officially released, H.B.6981, with PIACT’s proposed changes fully incorporated—a crucial win for...

Vt.: NCCI 2025 WC loss cost decrease approved

by Dan Corbin, CPCU, CIC, LUTC | Mar 12, 2025 | Featured, Technical

The Vermont Department of Financial Regulation approved the revised workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance—consisting of an overall 7.4% decrease. In addition, a decrease of 11.3% of the overall assigned...

N.Y. bill would create captive insurance program for commuter vans

by Bradford J. Lachut, Esq. | Mar 11, 2025 | Advocacy, Featured

A new bill, S.6084, was introduced in the New York state Senate, and it would create a captive insurance program specifically for commuter vans—also known as Dollar Vans. If passed, this law would make it easier for commuter van operators to obtain affordable and...

N.J.: Key bills PIANJ is following this session

by Bradford J. Lachut, Esq. | Mar 11, 2025 | Advocacy, Featured

The 2024-25 legislative session in New Jersey is past its midpoint, and PIANJ is tracking numerous bills that could impact the insurance industry significantly. From motor vehicle liability to home improvement contracts and personal injury protection, these proposed...

N.Y.: Bill targets anticoncurrent causation clauses in homeowners insurance

by Bradford J. Lachut, Esq. | Mar 11, 2025 | Advocacy, Featured

New York state lawmakers are taking aim at a controversial insurance policy provision that has left many homeowners frustrated after disasters. A new bill, S.6205, introduced by Sen. James Skoufis, D-42, would limit the use of anticoncurrent causation clauses in...

Tariffs and car insurance rates: what to expect when you’re expecting protectionism

by Matt McDonough | Mar 11, 2025 | General News

Even if your clients and colleagues have only a passing interest in politics and world affairs, you have probably heard them talk about the tariffs proposed by President Donald Trump. While it is generally understood that these tariffs mean an increased price on goods...

PIANY supports bill to carry over CE credits

by Bradford J. Lachut, Esq. | Mar 10, 2025 | Advocacy, Education

New York state insurance agents and brokers may soon have a more flexible and practical way to meet their continuing-education requirements, thanks to a new bill introduced in the state Legislature. Senate bill S.6122 and Assembly bill A.6652, sponsored by Sen. Jamaal...

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