It is National Hurricane Preparedness Week (May 5-11, 2024) and with the 2024 Atlantic hurricane season set to be “very active,” now is the time to make sure you and your insureds are prepared for the next few months. Also, be sure to keep in mind what PIA...
Building loyal customers and agency growth
In the fiercely competitive world of insurance—where every customer represents a hard-won victory—the cost of acquiring new clients looms significantly higher than retaining existing ones. Shockingly, research reveals that in any industry it can be up to five times...
Major overtime rules updates: What employers need to know about new salary threshold
The U.S. Department of Labor issued a final rule earlier this month that would expand overtime protections under the Fair Labor Standards Act for millions of workers across the country. Are you up to date with the latest changes to the FLSA regarding overtime pay? If...
The U.S. DOL’s 2024 rule and amendments: the new landscape of retirement investment advice
On April 23, 2024, the U.S. Department of Labor took significant steps to redefine the landscape of retirement investment advice through the release of the Retirement Security Rule. This regulation redefines who qualifies as an investment advice fiduciary under the...
The FTC’s new rule on noncompete agreements: What does it mean for agencies?
In a move poised to transform the labor landscape across the United States, the Federal Trade Commission has introduced a final rule that bans the use of noncompete agreements nationwide. This sweeping regulation—expected to significantly impact both employers and...
Clients don’t want insurance, they want convenience in their experience
When it comes to delivering on the promise of an improved customer experience, property/casualty agency principals often feel like they are caught in the middle of a tug-of-war. Pulling the rope on one end are younger digital-native customers, as well as baby boomers...
CID issues bulletin on aerial imagery and underwriting in response to consumer complaints
On March 19, 2024, the Connecticut Insurance Department issued a bulletin to address the use of aerial imagery by insurance carriers in underwriting homeowners insurance, specifically in relation to decisions about roof condition. This bulletin responds to a rise in...
N.Y.: Have you met TED: Part Deux
Back in January, I wrote about the release of the New York Gov. Kathy Hochul’s Executive Budget—in particular, the release of transportation, economic development and environmental conservation items, referred to as the TED. Fast forward to the end of April and New...
Renting a car for your vacation in Canada? Here’s what that means for your insurance
Have you thought about visiting Canada? Our friendly neighbor to the north is an extremely popular travel destination for Americans. The Seattle Times, has reported that 9.1 million Americans traveled to Canada in 2022. While Mexico took the lion’s share of American...
PIANY-priority excess-line reform bill reported out of committee, heads to Senate floor
Over the last several legislative sessions, PIANY has been pushing for reforms to the way business is placed in the excess & surplus marketplace to ensure that agents and consumers have access to the insurance producers they need. During the 2021-22...