PIACT to discuss industry careers with Goodwin students

Goodwin College will host an introductory event, Wednesday, July 23, 2014, at 5:30 p.m. for current and prospective students in its East Hartford Campus Community Room about their new Career Initiative, a unique program tailored to students and prospective business professionals interested in entering the insurance field, including preparation for the state insurance agent licensure exam. PIA representatives, including President Peter Frascarelli, CPIA, and CTYIP President Nick Ruickoldt, CPIA, will be there to discuss career opportunities in the industry and at member agencies with students. Information about the Goodwin/PIACT partnership is available here and here. Watch your PIACT publications for post-event details.   

PIA National offers webinar on federally facilitated marketplace registration

PIA National will host a free health-care webinar on the agent and broker federally facilitated marketplace registration for the 2015 plan year. The webinar is open to PIA members and will be held Tuesday, Aug. 12, 2014, from 3-4:30 p.m. For more information, or to find out how to register for this webinar, click here.  

PIA National issues update on NFIP changes

As PIACT previously reported there have been a number of changes to the National Flood Insurance Program. PIA National issued a special bulletin that outlines all the changes and what they mean for agents. To read the bulletin, which includes information on changes to the BW-12 reforms and other bulletins, click here.  

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PIACT offers CE-approved Webinar on NFIP changes

PIACT’s latest Webinar will help agents writing flood insurance for their clients sort out the latest changes with the NFIP. The Webinar will discuss the provisions of recent legislation, including what has been delayed and reversed. Additionally, the Webinar will review the June 1, 2014, flood-manual changes. The course will be held Tuesday, July 29, 2014, from 10-11:45 a.m. Earn CTCE: 2 Flood. For more information or to register, click here.  

PIA, Floodbroker.com offer sales tool that helps agents sell more flood insurance

PIACT and Floodbroker.com offer PIA-member agencies a unique sales tool to facilitate the sale of flood coverage and provide critical documentation of the agency’s efforts to do so. This exclusive agreement provides PIA-member agencies with a customized link installed on their own agency’s website to encourage current and prospective clients to consider and purchase flood coverage. The web portal leads consumers to flood insurance information, and with a simple application it will generate a quote for the customer, as well as a qualified lead for the agency to engage. More …  

NFIP refund procedures clarified

The Federal Emergency Management Agency has clarified the procedures for refunding amounts due insureds in its Bulletin W-14037.  

Non-compete litigation is on the rise

If an employee entered into a non-compete agreement, leaves his or her job and goes to work for a competing company, how enforceable is the agreement? While non-competes may be disputed in court, a new procedural mechanism is on the rise: More potential employers are seeking declaratory judgments to have the non-compete declared unenforceable, likely drawing a motion for a temporary restraining order against the original employer and quickening a resolution. More … PIA understands that non-compete law is confusing, and provides members with a resource kit to help them understand the restrictions. To read more about non-compete covenants and agreements, access QS90572 in the PIA QuickSource library.  

PCI/ISO release p/c insurer first-quarter report

The Property Casualty Insurers Association of America and the Insurance Services Office Inc. issued a joint press release on the private U.S. property/casualty insurers’ performance during the first quarter of 2014. Net income after taxes fell to $13.8 billion in first-quarter 2014 from $14.3 billion in first-quarter 2013, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus falling to 8.4 percent from 9.6 percent. Insurers’ pretax operating income fell to $13.7 billion in first-quarter 2014 from $15.8 billion in first-quarter 2013. Underwriting results prompted the combined ratio to deteriorate to 97.3 percent for first-quarter 2014 from 94.9 percent for first-quarter 2013.   

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Technology Info Central: Stay on the cutting edge

Do you have the time to surf the web for the latest technology issues? PIA understands that, as a busy insurance professional, the answer to this question is usually "No." Through PIA Technology Info Central you can stay apprised of the latest news, access to vendors, Real Time initiatives, tech tips and more. To access the tool kit, log on to the PIA here.  

Additional upcoming Webinars

In addition to the upcoming PIA Webinar on the changes to the NFIP (mentioned above), PIACT will offer the following Webinars in the next few months: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Sept. 4, from 10 a.m.-1 p.m., CTCE: 3 PC); Agency Underwriting Profitability and Contingency Bonus Maximization (Thursday, Sept. 18, 10-11:45 a.m., CTCE: 1 PC); and Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., CTCE: N/A). ^{^FF^UM}—This course has been approved for E&O loss-prevention credit by Fireman’s Fund and Utica Mutual. Call the PIA E&O Department for details at (800) 424-4244. For more information or to register, click here.   

Incapacity of a key employee

The sudden incapacity or death of a key employee is a traumatic time, both personally and professionally. Planning for such events is never enjoyable and it often is at the bottom of a business owner’s to-do list. However, careful advanced planning can minimize the disruption an incapacity or death can have on a business’s operations. For the agency owner, there are numerous issues to be aware of related to an entity’s status as a corporation, an LLC or a partnership—and its status as an insurance sales business also imposes a set of unique considerations. For an overview of these considerations, access QS90726 in the PIA QuickSource library.  

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