Important carrier updates: Market withdrawals and insolvency impact
Amid growing concerns about the financial health and stability of the insurance marketplace, the personal-lines sector has experienced significant disruption, driven by carrier withdrawals and a rise in insolvencies. These developments are further constricting an...
Weekly Dispatch: Oct. 31, 2024
Happy Halloween! Be sure to read the seasonal consumer content PIA Northeast News & Media released this month. Triple I reports that underwriting profitability for commercial auto insurance is declining. The Connecticut Insurance Department created a new council to tackle climate threats and resilience. New Jersey has several new bills that would impact residents and businesses. The deadline to comply with the most recent New York cyber security regulations is this week. Plus, you can read about state-specific industry news, advocacy updates, technical resources, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
N.J. legislative roundup: The latest from Trenton
The latest legislative moves in New Jersey include new bills that would boost outdoor dining, would make driving schools more flexible, and would protect property owners. Additionally, in the past few weeks, New Jersey has rolled out a lineup of bills that would...
Insur-pocalypse Now: Where’s your coverage?
The once-great country of the United States of America: A FanDuel™ Subsidiary,[1] and the world at-large are no more. City streets that once teemed with Starbucks-bound workers, dog walkers, and perpetual street construction have been replaced. A mishmash of punks,...
N.J.: 2025 WC overall rate level decreases 6.9%
The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.9% to become effective Wednesday, Jan. 1, 2025, applicable to new and renewal policies. The NJCRIB distributed Circular...
Buyer beware: The haunting Ackley Manor case
The Halloween season is well underway. It’s a time for spine-chilling tales and eerie encounters with the supernatural. When I am looking to scratch my supernatural itch, I don’t reach for Frankenstein or Dracula—I reach for my good old copy of the Appellate Division...
Weekly Dispatch: Oct. 24, 2024
Preliminary loss estimates indicate Hurricane Milton could cost private insureds $17-$50 billion. Connecticut government officials hold joint conference with financial service executives on disaster relief for late August flooding. PIANY sent letter to New York Gov. Kathy Hochul to encourage her to sign the PIA-priority windstorm definition bill. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
Join PIANJ’s E&O and hard market panel
In today’s challenging insurance landscape, managing errors-and-omissions risk is crucial. The hard market has brought with it unprecedented operational challenges—from staffing shortages, to shifting carrier appetites—and insurance agents must adapt quickly to avoid...
Upcoming compliance deadlines for N.Y. cyber security regulation: MFA, annual training
PIA Northeast published a seven-part series earlier this year that dove into the intricacies of the amended cyber security legislation in New York state. One article discussed the expansion of the entities that fall under the limited exemption for covered entities. As...
Play it smart this football and winter season
We are nearing the middle of football season, and the excitement of watch parties and the camaraderie of cheering on your team with friends and family continues. While football season is a time for fun, it can also introduce risks—not just on the field, but for...
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