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 Friday, March 15, 2024. To comply with New York State Insurance Law Section 5904(c), if a...
While PIANJ may have faced challenges in advancing the association’s top priority—a ban on the use of step-down provisions in personal auto policies—your association’s efforts during the 2022-23 session were not in vain. The organization has seen widespread success in...
At the end of the 2022-23 legislative session in New Jersey a series of insurance-related bills that will impact personal- and commercial-lines clients were signed into law by Gov. Phil Murphy. These bills range from mandating safety measures in housing construction,...
It is an understatement to say that the world is changing. The way we communicate with others, purchase goods and services, engage in entertainment, have all changed at an unprecedented rate leaving many businesses trying to comprehend what they will need to maintain...
While the insurance industry has yet to publicly and explicitly acknowledge global warming and the importance of protecting the environment, actions taking place within the industry—which are related to industries and governments—are indicative that a shift is...
In today’s rapidly changing world, traditional insurance products may fall short when it comes to effectively managing and mitigating risk. However, to fill those voids a new type of insurance product has emerged—parametric insurance. Parametric insurance covers the...
PIANY Director of Government & Industry Affairs Bradford J. Lachut, Esq., along with other industry representatives, testified this morning on extreme weather and the resiliency of the property/casualty insurance marketplace. The hearing was jointly hosted...
The findings of this year’s PIA Market Trends Survey have indicated that the insurance industry is in a hard market cycle. Now, let’s look at how the professional insurance agents who took the survey responded regarding changes in insurer and underwriting behavior,...
Professional insurance agents may be aware that the insurance industry is amid a hard market. This means you also may have noticed that your insureds’ premiums have risen, and insurance coverage is more restricted, among other changes. PIA Northeast conducted a survey...
As the rise in retail theft continues to plague businesses nationwide, the impact on the retail landscape is clear. The COVID-19 pandemic has created a unique set of circumstances that have contributed to the surge in retail thefts—affecting both large and small...
