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  July 24, 2014

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.  

Cuomo announces funding to help governments rebuild after Sandy

Gov. Andrew M. Cuomo announced funding to cover local governments’ costs to repair and rebuild infrastructure damaged by Superstorm Sandy. As part of the Federal Emergency Management Agency’s Public Assistance program, local governments and public entities are required to cover 10 percent of the costs incurred as a result of federally declared disasters. For local governments and public entities eligible to receive Sandy funds outside of New York City, the total match cost is more than $175 million, of which $145 million will go to Nassau and Suffolk counties. More …  

ELANY reports on FACTA compliance

The Excess Line Association of New York was asked if implementation of the federal Foreign Account Tax Compliance Act, which went into effect July 1, 2014, will have any effect on the filing and compliance process for excess-line transactions with ELANY, whether online or by paper filings. FATCA is a tax law, which may impact excess-line policies procured from alien insurers. The alien insurer must be able to demonstrate FATCA compliance or the excess-line broker, as the withholding agent, must retain 30 percent of the premium if the alien insurer, alien broker, or intermediary (where applicable) is not FATCA compliant. FATCA will have no impact nor cause any changes to filing excess-line transactions with ELANY or compliance with New York excess-line law. 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. More … What this means for agents …  

Employers: EEOC issues guidelines on how Disabilities Act applies to pregnant workers

Employers should be aware: New guidelines issued by the U.S. Equal Employment Opportunity Commission clarify that discriminating or harassing a pregnant worker is a form of sex discrimination and it is illegal. To help employers understand the new guidelines, the EEOC has issued enforcement guidance on pregnancy discrimination and related issues, along with a question-and-answer document about the guidance and a fact sheet for small businesses. More …  

Flood insurance refunds to start Oct. 1

FEMA announced that National Flood Insurance Program policyholders who are eligible for refunds should start receiving them on Oct. 1, 2014. The implementation is reportedly going well. 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 …  


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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, to 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.  

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 tools to help agents sell more flood insurance

PIANY 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 …  

Upcoming NEO series offered through PIANY

PIANY offers its New Employee Orientation series, which are online courses designed for new insurance producers. Insurance professionals with less than 12 months’ experience, who do not have their insurance license, should consider taking New Employee Orientation for Agency Personnel. They will build a foundation of insurance knowledge; explore the "big picture" of insurance (including terms and key concepts); discover how the agency delivers service to customers; and learn the importance of errors-and-omissions prevention techniques. Commercial Lines Coverage Basics is designed for new employees with 9-12 months’ experience. Employees log on to the course via the computer each week to get the training they need. There’s no travel, no interruption to daily agency activity and, best of all, no time out of the office. Both sessions begin Monday, Aug. 11, 2014. NYCE: N/A. For more information or to register, click here.  


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Next week: PIANY to host Webinar on NFIP changes

PIANY’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. NYCE: 2 BR, C3, PA, PC. For more information or to register, click here.  

Additional upcoming Webinars offered by PIANY

In addition to the upcoming PIA Webinar on the changes to the NFIP (mentioned above), PIANY 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., NYCE: 3 BR, C3, LB, C1, LSB, LA, PC, PA); Agency Underwriting Profitability and Contingency Bonus Maximization (Thursday, Sept. 18, from 10-11:45 a.m., NYCE: 2 BR, C3, LB, C1, LSB, LA, PC, PA); An Intro to Cloud Computing and Managed Network Services, Data Security, Business Continuity (Tuesday, Sept. 23, from 10-11:30 a.m., NYCE: N/A); Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., NYCE: N/A); E&O Hotspots … 2014 and Beyond^FF^UM (Thursday, Oct. 16, from 10 a.m.-1 p.m., NYCE: 3 BR, C3, LB, C1, LSB, LA, PC, PA); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., NYCE: 1 BR, C3, PC, PA); and Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NYCE: 3BR, C1, C3, LA, LB, LSB, PA, PC). ^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.  

PIANY-YIP: Casual Reception, July 31

PIANY-YIP will host its Casual Reception on Thursday, July 31, 2014, at Tropix on the Mile, Freeport, from 5:30-8 p.m. All are welcome at this dockside event, which will feature a cash bar, unparalleled networking opportunities and an extended happy hour for PIANY-YIP attendees. For more information, email edergurahian@pia.org.  

Auto insurance and split households

Members often ask PIANY about peoples’ liability and the protections they have for vehicles that are owned and insured (or uninsured) independently by resident relatives. In PIA’s QuickSource document No. QS31032Facing the owner-who-is-not-the-named-insured dilemma, PIA explains how inadequate protections can occur and in QuickSource document No. QS31033Auto insurance and split households, addresses liabilities and exposures for the automobile’s owner. Both of these documents can be accessed through PIA’s QuickSource document library.  


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