I’m not sure if you noticed, but prices went up in 2022. After decades of low inflation, the dams burst last year—and the United States experienced the highest inflation since the Carter Administration. In order to combat this historic inflation, the U.S. Federal...
N.Y.: Risk retention placement reports due March 15
New York State Insurance Law Section 5904 requires producers placing New York state business with risk retention groups not chartered in the state to report this business by March 15, 2023. To comply with New York State Insurance Law Section 5904(c), if a business has...
Real-life data breaches, experienced by real-life PIA member agents
Small businesses—which can include PIA members—are tempting targets for cyber crooks. They are just as vulnerable to data breaches as big companies, but they have fewer defenses. Members who have walked clients through the cyber claim process or who have been hacked...
N.J.: An overview: Harford v. Z&D Realty LLC
The U.S. District Court, District of New Jersey held in the case of Harford Mutual Insurance Co. v. Z&D Realty LLC that insurance companies do not have an obligation to investigate whether insurance applicants were truthful on the applications and that...
Escalating reinsurance renewals
Reinsurance refers to the system in which an insurer moves all or some of a risk to another insurer to give protection in case of risks on the first insurance. In the last few years, reinsurance firms have proven themselves as essential in steering the direction of...
Economic momentum in U.S. auto, home, and business insurance
According to the Insurance Information Institute, the insurance industry is seeing more economic momentum in U.S. auto, home, and business insurance than the entire U.S. economy. Mortgages and other personal loans will cost less, allowing for economic development in...
Fringe benefits and other reimbursements that are nontaxable
Comprehensive knowledge of what is taxable and nontaxable benefits is incredibly important for business owners, as well as heads of human resource departments. Employees are attracted to worthwhile benefits bundled in with their earned income and this only aids in a...
PIANY priority legislation signed into law, placing business in excess-lines simplified
Gov. Kathy Hochul this week signed S.8127 into law. It simplifies the process for placing business in the excess-lines marketplace. The new law, sponsored by Sen. Neil Breslin, D-44, and Assemblymember Pamela Hunter, D-128, reduces excessive reporting requirements....
N.Y.: Governor vetoes changes to workers’ compensation
Gov. Kathy Hochul vetoed a potentially disruptive change to New York’s workers’ compensation laws. The bill would have changed the definition of temporary total disability in a way that would have increased workers’ compensation premium costs for businesses across the...
N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs
The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...