Sign up now: Fall CE Fest

PIACT’s fourth-annual Fall CE Fest Wednesday, Oct. 8, 2014, 9 a.m.-4:30 p.m., at the Crowne Plaza, Cromwell, brings something for everyone. Earn seven continuing-education credits and catch up on what’s hot in the insurance industry. Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, brings her expertise to the table for two dynamic education sessions: Commercial Lines Property Exposure Pitfalls (NHCEU: 4 PC) and Commercial Casualty Exposure Pitfalls (NHCEU: 3 PC). For more information, or to register, click here.  

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FEMA wants at least $5.8m of 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 …  

FEMA extends limited waiver of the Single Adjuster Program

In Bulletin W-14051, FEMA reiterates earlier guidance to WYO Principal Coordinators and the National Flood Insurance Program Direct Servicing Agent with regard to a limited waiver of the Single Adjuster Program, which was given in Bulletin W-12050. During this limited waiver period, FEMA no longer required or authorized one adjuster to concurrently adjust both wind and NFIP flood losses. The original waiver announced in Bulletin W-13040 was in effect for one year, beginning Aug. 13, 2012, and was extended through Dec. 31, 2014. The purpose of this bulletin is to extend this limited waiver for an additional time period beginning on Jan. 1, 2015, and ending on Dec. 31, 2015.  

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 passes insurance capital bill

The U.S. House of Representatives passed 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 yesterday. More … 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 …  

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

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 business. 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 PIACT Webinar: Agency Staffing, Performance and Job Evaluation on Thursday, Oct. 2, 2014, from 10-11 a.m. CTCE: N/A.   

Tomorrow: PIACT to hold Webinar on agency profitability

Agency 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 CTCE: 1 PC. For more information or to register, click here.  

Additional upcoming PIACT Webinars

In addition to the Webinars on agency profitability and staffing, PIACT will offer the following Webinars in the next few months: Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., CTCE: 1 PC); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., CTCE: 3 LRE); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., CTCE: 1 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.  

Award nominees announced for PIACT-YIP’s Golden Gala Awards Night

The event of the season is just around the corner: 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 PIACT-YIP honors individuals and companies with a passion for insurance excellence. Award nominees are as follows: For the Market Innovation award, Peter M. Bakker Agency, Fairfield County Bank Insurance Services LLC and Sinclair Insurance; for the Digital Agency of the Year award, Merit Insurance, Paradiso Insurance and Scott Insurance; for the Industry Awareness award, Carillo and Howland Inc., the Russell Agency LLC and Sachs Walsh Insurance; and for the "Green and Groovy" award, Berliner-Gelfand Insurance, DiMatteo Group and Rabbett Insurance Agency. Timothy G. Russell, CPCU, PIA National Director and principal of the Russell Agency LLC, will serve as master of ceremonies. David LaManna, of Thomaston Insurance, will present the Jim Goodman Lifetime Achievement award to past PIACT-YIP and PIACT President Jim Goodman’s agency. Event sponsor: Renaissance Alliance. For more details or to register, click here.   

Stopping the growth of mold

PIA’s Industry Resource Center has received numerous member inquiries asking specifically how the Insurance Services Office Inc. endorsements impact mold coverage in the various lines of insurance. In response to inquiries, PIA’s technical staff created a kit that addresses mold exposures in the homeowners, commercial property and commercial liability areas, as well as any rating issues that are applicable. To obtain a copy of the kit, access QS90289 in PIA’s QuickSource library.  

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