Weekly Dispatch: July 18, 2024
Triple-I/Milliman releases a forecasting report indicating the property/casualty industry will achieve profitability in 2025. In New Hampshire, a presidential declaration releases aid in four counties. New York’s Department of Financial Services adopts new guidance combatting discrimination in artificial intelligence. Vermont flooded by rain from the remnants of Tropical Storm Beryl: state suspends some regulations to aid in recovery, requests federal assessment of damages. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, accolades, education opportunities and upcoming events in this issue of the Weekly Dispatch.
New York implements new law for fair insurance practices in affordable housing
On April 20, 2024, Gov. Kathy Hochul signed into law Chapter 56 of the Laws of 2024, marking a decisive change in how insurance companies can interact with property owners who house tenants utilize federal housing vouchers. According to an investigative report by the...
Navigate the maze: Understanding commercial insurance coverage for rehabilitation services
Addiction rehabilitation centers face unique risks and challenges in their operations. It’s important to ensure that your rehabilitation center clients have the right insurance coverage to protect against these risks. This guide will help your clients understand the...
N.Y.: Legislative setbacks: Excess-line reform, staged construction accidents, and more
The 2023-24 legislative session in New York saw a flurry of activity, with legislators in both houses passing hundreds of bills. Despite this progress, several bills on PIANY’s radar did not pass the Legislature. Some bills passed one house but not the other, while...
Adirondack Insurance Exchange announces departure from New York insurance market
In a significant development for New York state's insurance industry, Adirondack Insurance Exchange has announced its decision to exit the state's insurance marketplace. This move comes as AIE faces ongoing financial difficulties and a deteriorating capital...
AmGUARD Insurance Co. withdraws from personal-lines marketplace, effective July 8
In a significant move impacting the insurance landscape, AmGUARD Insurance Co., has announced its decision to withdraw from the personal-lines marketplace for admitted business nationwide, effective July 8, 2024. Most notably, this decision will affect homeowners and...
Weekly Dispatch: July 11, 2024
News Last chance to take PIA’s 2024 Market Trends Survey! PIA Northeast members are reaching out to the association about all sorts of things they are seeing in the industry as we navigate this hard-market cycle. PIA Northeast would like input from agents and brokers...
N.J.: Supreme Court rules all commercial property owners are liable for sidewalks
Recently, the Supreme Court of New Jersey reversed a lower court decision in the case of Alejandra Padilla v. Young Il An, holding that all commercial property owners, including owners of vacant commercial lots or lots where there is no active business being...
N.Y.: New pet insurance legislation: Implications for independent insurance agents and clients
New York’s pet owners and their beloved companions are set to benefit from newly passed legislation that formalizes the regulation of pet insurance in the state. While pet insurance has been available for years, this landmark move introduces a clear and structured...
N.J.: Clarifying duties and liabilities of private beach owners under S.1709
Sponsored by Sens. Declan J. O’Scanlon, Jr., R-13, and Paul A. Sarlo, D-63, S-1709 would clarify the duties and liabilities of private beach owners and lessees regarding injuries suffered by beachgoers. The legislation would provide that private beach owners or...
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