National Hurricane Preparedness Week and what PIA is doing for you
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...
Weekly Dispatch: May 2, 2024
New rules from the Department of Labor and Federal Trade Commission set to rock the labor landscape of the United States. Do your insureds understand the risks posed by hurricanes? PIA has resources that can help. Recent cyberattack in New Hampshire reminds all to be vigilant about cybersecurity. New Jersey receives funds to implement solar projects. PIA Northeast receives an update about Kemper withdrawing from New York’s market. Plus, you can read about state-specific industry news, compliance issues, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.
Major overtime rules updates: What employers need to know about new salary threshold
The U.S. Department of Labor issued a final rule last 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 not, now...
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...
Weekly Dispatch: April 25, 2024
Triple-I Report: the economic drivers of the U.S. property/casualty industry are shown to be growing faster than the gross domestic product. If you have insureds who plan on traveling to Canada, do they know how rental car insurance works there? Connecticut Insurance Department releases new bulletin on aerial imagery and underwriting. Aid is available for two New Hampshire counties from January flooding. New York state has passed its finalized budget—what it means for TED items. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, accolades, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
New CID bulletin on aerial imagery and underwriting, responding to 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...
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