Sen. Menendez sends letter to FEMA about NFIP changes

In a letter to Federal Emergency Management Agency Administrator Craig Fugate, U.S. Sen. Robert Menendez, D-N.J., outlined his suggested reforms to the National Flood Insurance Program’s claims process. These changes include the following: raising penalties for insurance companies that underpay during the claims process; reopening nearly 300 Sandy claims that were denied because policyholders missed a deadline; and creating an independent insurance advocate position, which is found in the Homeowners Flood Insurance Affordability Act, to help policyholders through the claims and appeals process. More …   

FEMA wants at least $5.8m in Sandy aid repaid

FEMA sent out $1.4 billion in disaster aid in the wake of Superstorm Sandy. Now, the agency says some recipients may need to pay back the government. As FEMA scrutinizes approximately 4,500 households it suspects received improper payments, it says that as of early this month, around 850 aid recipients have been asked to return a collective $5.8 million. More …   

TRIA renewal may be delayed past November elections

Even though the U.S. Senate has passed its own version of the Terrorism Risk Insurance Act renewal, The U.S. House of Representatives has not considered an extension bill (H.R.4871) passed by the House Financial Services Committee in June. Congress is expected to recess on Sept. 19, 2014, through the midterm elections in November. The current version of TRIA will sunset Dec. 31, 2014. More …   

U.S. House to vote on insurance capital bill

The U.S. House of Representatives plans to hold a vote this week on legislation to amend the 2010 Dodd-Frank law to provide the U.S. Federal Reserve with greater flexibility in setting new capital rules for insurance companies. What this means for agents: This change would grant the Federal Reserve flexibility in the treatment of insurance companies under the Dodd-Frank Act. More …   

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NCCI publishes anniversary rating date resource

The National Council on Compensation Insurance has published online a resource, which offers a detailed explanation of anniversary rating date and how it affects a workers’ compensation insurance policy. It also includes frequently asked questions and examples.   

OSHA: New rules for reporting worker injuries

The U.S. Department of Labor’s Occupational Safety and Health Administration announced a final rule requiring employers to notify OSHA when an employee is killed on the job or suffers a work-related hospitalization, amputation or loss of an eye. The rule, which also updates the list of employers partially exempt from OSHA record-keeping requirements, will go into effect on Jan. 1, 2015, for workplaces under federal OSHA jurisdiction. More …   

Update on Tower

In a discussion with a Tower representative, PIA learned that privately owned Bermuda-based reinsurer ACP Re Ltd., has completed its $143 million acquisition of Tower Group International Ltd. As part of the deal, National General acquired of the new and renewal rights to Tower’s personal-lines business. It also acquired the attorney-in-fact who manages two reciprocal exchanges, Adirondack Insurance and NJ Skylands insurance companies. AmTrust acquired the renewal rights to Tower’s commercial-lines businesses. PIA will have more on the transaction as the details of the deal are released.

Nationwide announces restructuring to one brand

Nationwide has announced it is aligning all of its property & casualty agency businesses of its former Nationwide Insurance and Allied Group operations under one new office—Nationwide P&C Agency Operations. The company also is restructuring its commercial- and personal-lines product organization and sales organization.   

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Getting ready for annual performance appraisals? Think PIA first

Many businesses conduct annual employee performance reviews and update or create job descriptions for their agency employees at this time of year. To help PIA members, PIA’s HR Info Central offers the tools you need, from sample job descriptions right down to performance appraisal tools (e.g., a sample meeting checklist, self-evaluation form to goal-setting forms) to complete the process. Designed specifically for the HR manager in your agency, PIA HR Info Central offers access to a wealth of tools, including: information to assist you in developing your agency personnel manual; an HR administrator’s guide; common forms, information on federal and state labor laws and more. If you are interested in more information, register for the PIANJ Webinar: Agency Staffing, Performance and Job Evaluation on Thursday, Oct. 2, 2014, from 10-11 a.m. NJCE: N/A.   

PIANJ’s 15^th Annual OktoberEdfest, Oct. 29-30

PIANJ’s 15^th Annual OktoberEdfest will take place Oct. 29-30, 2014, at the Crowne Plaza, Edison. During this event, participants can choose from seven classes, earn up to 17 credits and catch up on what’s hot in the insurance industry. Courses include: Certificates and Additional Insureds: Navigating the Maze; Personal and Commercial Lines Claims—Covered or Not?; Exploring Cyber Liability Exposures and Traditional Insurance; Ethical Issues in E&O^{^FF^UM}; Current Trends and Evolving Risks: Cyber Liability, Product Recall, Construction Defect and Environmental Contamination; Executive Liability Insurance and Advanced Umbrella/Excess Liability. This event is made possible by our sponsors. Platinum sponsors: Harleysville and Liberty Mutual Insurance. Gold sponsor: Franklin Mutual Insurance and Silver sponsor: Selective. Don’t forget to save money with PIA’s package pricing. To view the schedule or to register, click here. ^{^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: (800) 424-4244.   

PIANJ to hold Webinar on agency profitability

Growth and profitability is critical for the long-term success of any insurance agency. Most agencies focus their attention to sales, production and overall growth, not paying a great deal of attention to the profit levels of the business they are writing or bonus opportunities. PIA’s Agency Underwriting Profitability & Contingency Bonus Maximization Webinar will address how to analyze, monitor and manage an agency’s underwriting profitability properly. Most importantly, it will provide tools and strategies to maintain/grow a profitable book of business and activities to reverse adverse loss trends should an agency find itself in this situation. The course will be held Thursday, Sept. 18, 2014, from 10-11:45 a.m. Earn NJCE: 2 GEN. For more information or to register, click here.   

PIANJ offers resources on paid family leave

Employers in New Jersey are subject to numerous laws governing an employee’s ability to take unpaid leave to address medical conditions, pregnancy and military service. In particular, the federal government and the state of New Jersey have passed laws granting employees the ability to take periods of medically related unpaid leave, which include the federal Family Medical Leave Act and the New Jersey Family Leave Act, respectively. To learn more about New Jersey’s family-leave laws, access QS29221 in the PIA QuickSource library.   

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