NCCI files WC loss-costs and rates decrease

The National Council on Compensation Insurance recently submitted a workers’ compensation loss-cost filing that proposes an overall pure premium level decrease of 5.9 percent for the voluntary market. This includes a -7-percent change for experience and trend, a 0-percent change for benefits and a +1.2 percent change for loss-based expenses. Also filed is a proposed overall decrease in assigned-risk rates of 5.5 percent, which includes a +0.4 percent change in the loss-cost multiplier. The filing is proposed to be effective Jan. 1, 2015, for new and renewal voluntary and assigned-risk policies, and is pending review by the New Hampshire Insurance Department.  

Sevigny calls for long-term care insurance rate cap, NHID extends public comment period

As reported in last week’s issue of your association’s Reporter, New Hampshire Insurance Commissioner Roger A. Sevigny proposed to place limits on future price hikes on long-term insurance rates. Under the commissioner’s proposal, rate increases would be capped at 50 percent for people who are 50 years old and younger, and at 2 percent for insureds who are 90 years old and older. The amendment also would expand contingent non-forfeiture benefit to all long-term care policies, no matter when they were issued. Residents now have until Friday, Aug. 15, 2014, to submit feedback. More …  

PIANH congratulates Deb Stone

PIANH congratulates Deb Stone, whom the NHID announced has been appointed as director of financial regulation. Stone, who formerly served as an actuary and director of market regulation at the NHID and who has spoken at PIANH conferences, brings nearly 30 years of insurance-industry experience to her new position. PIANH President Scott Johnston congratulated Stone on her new position in a letter, expressing your association’s desire to work with her to ensure that New Hampshire’s insurance marketplace remains competitive for consumers.  

Obama signs 'Fair Pay and Safe Workplaces' Executive Order

President Barack Obama signed the "Fair Pay and Safe Workplaces" Executive Order last week, requiring certain bidders on federal procurement contracts for goods and services to disclose Labor Law violations occurring within the three-year period preceding the bid. The Executive Order aims to hold corporations accountable for law violations; crack down on repeat violators; promote efficient federal contracting; protect responsible contractors; and more. For a list of applicable labor laws, click here.  

Ride sharing to be a featured topic at NAIC meeting

Insurance industry groups will discuss ride-sharing regulations, and other topics at the National Association of Insurance Commissioners’ Summer National Meeting. The discussion will take place on Saturday, Aug. 16, 2014, from 11 a.m.-1 p.m., during the NAIC Summer National Meeting in Louisville, Ky. This event will feature a panel of experts, including representatives from ride-sharing and car-sharing companies, insurance regulators, insurers and consumer representatives. It will be moderated by California State Insurance Commissioner Dave Jones. Panelists will address insurance and policy issues related to the emerging commercial ride-sharing and car-sharing industries. Commercial ride-sharing companies, such as Uber and Lyft, and car-sharing companies, such as RelayRides and Zipcar, have gained in popularity in dozens of U.S. cities over the past few years. More …  

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Forecasters: Below-normal hurricane season expected

The National Oceanic and Atmospheric Administration expects three to six hurricanes to form during the peak hurricane season (mid-August to mid-November). The organization said the Atlantic hurricane season will continue to be quieter than originally predicted—seven to 12 named hurricanes. Nevertheless, in the event that a hurricane makes its way up the East Coast, PIA will update its Storm Info Central with all the current information related to the storm.   

NFIP offers agent-training webinar

The National Flood Insurance Program will offer a flood-insurance webinar, geared toward training agents and brokers. FEMA Mapping Changes, will take place on Thursday, Aug. 21, 2014, from 11 a.m.-1 p.m., and will repeat throughout September. This webinar, along with other training webinars, are free, but registration is required. To learn more about NFIP agent training, click here. For a complete list of NFIP-hosted webinars or to register, click here.  

July ACORD forms update

In the latest ACORD forms update, new countrywide form 502 (2015/01) Bid Bond Request Form is introduced with an effective date of Jan. 1, 2015. This and other ACORD forms are available under the ACORD Advantage Program. Already registered for the ACORD website? Enter your username and password here.  

Ask PIA: Extended rental period

Q. My client has two cars insured on a personal automobile policy. His son is away at college, so the two vehicles have been adequate for him and his wife. His son is coming home for the summer, and my client wants to rent a third car for two-and-a-half months. He would drive the rental car, and his son would drive one of their own vehicles. Will he have coverage for the rental car under the personal auto policy? A. The duration of this contemplated rental leads to the understanding that the insurer would exclude coverage. For a more comprehensive answer to this question, click here. To access our entire Ask PIA library of frequently asked questions and expert answers by PIA’s technical staff, click here.  

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PIANH offers E&O assistance to members

Your PIANH membership gives you access to an industry expert on errors-and-omissions questions. These issues are of utmost importance to your day-to-day agency operation—don’t let these important questions keep you up at night. Let PIA’s E&O Consultant Robert Sullivan, Esq., who has expertise in the defense of insurance agents and brokers in professional liability and complex insurance litigation, help you. To pose a question, email resourcecenter@pia.org or fax your inquiry to the PIA Industry Resource Center at (888) 225-6935. Additionally, your association also offers quality E&O insurance coverage for insurance agents and brokers. For an immediate, no-obligation quote, click here. To see a listing of PIANH’s E&O-related courses, many of which offer a discount on your E&O coverage, click here.  

Branding with co-op advertising

In today’s competitive marketplace, professional, independent insurance agents need to keep ahead of the competition with their marketing efforts. One way agents can do this is to partner with their insurance carriers that offer co-op advertising dollars to place ads in their local media outlets to increase the visibility of both the insurance agents and the carriers. PIA offers a step-by-step guide on how co-op advertising works and how to implement these ideas within your agency (see QS90569 in PIA’s QuickSource library). PIA National also offers ads through its "Local Agents Serving Main Street America" Branding Program. You can work with PIA’s Creative Services to develop personalized ads at a fraction of the cost of other ad agencies. To learn more, contact mlee@pia.org.  

Need CEU and don’t want to leave your office? Think PIA first.

PIANH 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., NHCEU: 3 GEN PRO); Agency Underwriting Profitability and Contingency Bonus Maximization (Thursday, Sept. 18, from 10-11:45 a.m., NHCEU: 2 GEN PRO); Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., NHCEU: N/A); E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Oct. 16, from 10 a.m.-1 p.m., NHCEU: 3 GEN PRO); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., NHCEU: 1 GEN PRO); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NHCEU: 3 ETHICS PRO); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., NHCEU: 1 GEN PRO). ^{^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.  

New Hampshire independent contractor vs. employee

Many facts must be reviewed pertaining to a particular situation/relationship before determining the status of that individual with regard to workers’ compensation insurance. The NHID released a bulletin to assist in making the appropriate status determination. To obtain a copy of the bulletin, access QS28046 in the PIA QuickSource library.  

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