Weekly Dispatch: May 30, 2024
NOAA has forecasted an above-average Atlantic hurricane season. A new DOL rule is facing pushback from business groups. The Connecticut Superior Court, Hartford judicial district, placed PHL Variable Insurance Co. and subsidiaries into rehabilitation. Commercial auto liability minimums to increase in New Jersey on July 1. In New York, the DFS issued a new circular letter on property/casualty carriers offering loss mitigation tools. Mandatory flood risk disclosure bill passes the Vermont Senate. 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.
N.Y.: Renewed push for Grieving Families Act faces familiar challenges in 2024 legislative session
After the New York state Legislature passed the Grieving Families Act in two consecutive sessions in 2022 and 2023, Gov. Kathy Hochul vetoed the legislation both times. Now, this bipartisan bill may be making a renewed push at the end of the 2024 legislative session....
N.J. commercial auto liability minimum limits increase 7/1
The minimum limits for commercial automobile insurance customers in New Jersey will increase effective Monday, July 1, 2024. Under P.L. 2023, c. 276, intrastate commercial vehicles with a gross vehicle weight of more than 26,000 pounds are required to carry...
Vt.: Mandatory flood risk disclosure for real estate transactions passes state Legislature
Recently, the Vermont Legislature passed a significant piece of legislation to enhance transparency in real estate transactions and rental agreements concerning flood risk. The measure, which is part of a larger piece of legislation (H.687), would mandate that...
Weekly Dispatch: May 23, 2024
A draft of the Farm Bill has been released, which includes a piece of PIA-priority legislation. New Jersey is the first to announce a series of climate resilience reforms that feature a comprehensive update of land resource protection regulations. New York state introduces a series of new bills into the Senate and Assembly. Vermont’s Department of Financial Regulation will participate in a climate data call. 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.
N.Y.: Proposed legislation would expand business interruption coverage
Business interruption was the insurance buzzword for much of the COVID-19 pandemic. Many business owners closed their businesses without experiencing physical damage to their property. Insureds who sought coverage for interruption of their businesses...
Understanding N.Y.’s proposed anti-concurrent causation clause legislation
The New York state Senate is considering a bill, introduced by Sen. Neil Breslin, D-46, which would amend the Insurance Law concerning anti-concurrent causation clauses (S.9421). These clauses often create confusion and frustration for policyholders during claim...
N.Y.: Senate and Assembly insurance committees to consider parametric insurance
Last year, in a previous blog article, I explored the concept of parametric insurance and how its novelty presents an attractive insurance option for both insurers and consumers—especially when traditional insurance products may fall short in managing and mitigating...
N.Y.: Senate, Assembly insurance committees to consider dog-breed law amendment
Following victories for pet-loving homeowners in 2021 and 2022, when Gov. Kathy Hochul signed Chapter 545 of the Laws of 2021 and Chapter 679 of the Laws of 2022—which prohibited insurance companies from refusing to issue, renew or increase premiums, as well as...
Mary Anne Cecchetto returns as PIA Northeast’s director of membership
Over two months ago, PIA Northeast welcomed back Mary Anne Cecchetto as the new director of membership. Cecchetto has nearly 38 years of experience in the insurance industry, serving as a sales & retention representative for 14 years and 13 years as a membership...
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