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PIA praises Senate passage of bill to reauthorize TRIA

PIA praises the U.S. Senate for passing the Terrorism Risk Insurance Program Reauthorization Act (S.2244). The bill passed overwhelmingly on July 17 by a vote of 93-4. It extends the Terrorism Risk Insurance Act program in its current form for seven years, but increases industry co-shares by one-third under a five-year phase-in period. "PIA applauds the Senate for passing legislation that reauthorizes this vital program that provides for a financial backstop in the event of a terrorist attack," said PIA National Director of Federal Affairs Jon Gentile. "We are pleased that the Senate bill extends TRIA for a full seven years and that it seeks to ensure the widest possible availability and affordability of terrorism insurance for consumers. We urge the House to quickly follow suit so that Congress can get to work resolving differences between the Senate and House versions of the legislation." To read PIA National’s full statement, click here. To read the latest on TRIA, click here.   

CID releases surplus-lines tax notice

The Connecticut Insurance Department released a bulletin last week reminding surplus-lines licensees that a quarterly premium tax return is due on or before Friday, Aug. 15, 2014. More …   

CID provides information for producer renewal

If you are a producer, the CID provides the information needed to renew your license online. The Online Renewal Notification is mailed to your resident address at least 60 days prior to your license’s expiration date. Licenses must be renewed online, up to 90 days prior to your expiration date. More …   

Two courts reach different decisions on PPACA subsidies

In a recent ruling that affects the Patient Protection and Affordable Care Act, the U.S. Court of Appeals for the District of Columbia decided that the government can’t give subsidies to anyone buying insurance on the federal exchanges. The federal government has made subsidies available, in the form of tax credits, to people with annual incomes of up to 400 percent of the federal poverty level, or $94,200 for a family of four. In another ruling, a panel of three judges in Virginia reached the opposite conclusion hours later, arguing that, while the language of the law is ambiguous, the IRS had the discretion to write rules for the PPACA. What this means for agents: If the Washington ruling stands, more than five million people who have signed up for health insurance under the PPACA may not be able to afford the coverage without the tax credits. This ruling also may have an effect on the individual mandate portion of the PPACA. Under the PPACA, individuals are required to purchase insurance or pay a fine. However, individuals can apply for a hardship exemption if health insurance premiums would exceed 8 percent of their household income, a scenario that is more likely if individuals do not have access to subsidies. More …   

Flood insurance refunds to start Oct. 1

The Federal Emergency Management Agency announced that National Flood Insurance Program policyholders who are eligible for refunds should start receiving them on Oct. 1, 2014. The refunds are based on the changes in the Homeowner Flood Insurance Affordability Act, which modified or repealed provisions of the 2012 Biggert-Waters flood insurance law. FEMA estimates that 13.8 percent of policyholders should receive a refund. More …   

PIA helps members retain clients

Are you looking for a way to reach out to your clients? Think PIA first. PIA Creative Services can create unique marketing materials for your agency. From logos and letterhead to trade-show materials and personal- and commercial-lines newsletters, self-mailer brochures and postcards, if you can think it, PIA Creative Services can make it a reality. These materials are the perfect tools for sales or retention in your agency—all at a fraction of the cost of an outside marketing firm. For more information, email Mike Lee at mlee@pia.org or click here.   

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Need an ACORD form?

PIA members can access ACORD forms directly under the ACORD Advantage Program. Through this program agents have two choices: They can access nonfillable, printable ACORD forms in PDF version, as well as a link to the form instructions. If you already are registered for the ACORD site, click here. If you have not yet registered, click here. For more information on the fee-based Advantage Participant Program, which offers fillable forms, contact ACORD directly at (800) 444-3341. Be sure to mention that you are a PIA member to get your discount ($20). Returning ACORD subscribers also will receive the PIA discount, although no midyear subscription discounts are available.   

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 …   

Next week: PIACT to host 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.   

Additional upcoming Webinars

In addition to the upcoming PIA Webinar on the changes to 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.   

Connecticut independent contractor vs. employee

Connecticut Workers’ Compensation Law avoids providing a specific definition or method to determine when an individual is an independent contractor or an employee. Many facts must be reviewed pertaining to a particular situation/relationship before determining the status of that individual. To aid producers, PIA provides a tool kit that offers information to assist producers and their clients in the determination of employee status. To request yours, access QS06075 in the PIA QuickSource library.   

Save the date: PIACT-YIP’s Golden Gala Awards Night

Mark your calendar now: Thursday, Sept. 25, 2014, from 5:30-8:30 p.m., at Race Brook Country Club, Orange, will be the PIACT-YIP’s Inaugural Golden Gala Awards Night. Come walk the red carpet as CTYIP honors individuals and companies with a passion for insurance excellence. This industry-wide awards gala will recognize extraordinary contributions, including technological advancement, innovation, lifetime achievement and more. Event sponsor: Renaissance Alliance. For more details and to register, click here. To nominate a deserving candidate for an award, click here.   

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