Are carriers making it more expensive to run an agency?

PIACT’s two-minute survey for October asks agents questions about their cost of doing business. This month’s six-question survey includes the following: Do you believe that carriers’ actions are making it more expensive to run an independent insurance agency? Yes | No | I don’t know  

Public comment requested on retirement plan

State Comptroller Kevin Lembo and State Treasurer Denise L. Nappier, co-chairs of the Connecticut Retirement Security Board, request public comment and information regarding a state-sponsored retirement plan for private-sector employees. The board, created as a result of Public Act 14-217, must conduct a market feasibility study and report its findings by Jan. 1, 2016. A comprehensive proposal for implementing the plan is due by April 1, 2016. The feasibility study will include a market analysis, recommend a plan design based on the results of such analysis, an assessment of the financial feasibility and a recommended plan design. Written public comments are due Monday, Nov. 3, 2014, and will be followed by a public hearing Wednesday, Nov. 19, 2014. More …  

Public comment requested for NCCI voluntary loss-cost, assigned-risk rate filing

Connecticut Insurance Commissioner Thomas B. Leonardi announced a 30-day period of public comment on the National Council on Compensation Insurance voluntary loss-cost and assigned risk-rate filing. The Connecticut Insurance Department does not intend to hold a public hearing concerning the filing; however, interested parties may provide comments concerning the subject filing to Insurance Associate Examiner Thomas Taggert. NCCI proposed that the CID approve a -0.6 percent change to the current voluntary loss-cost and a -0.5 percent change to the current assigned-risk rate level, which would take effect Jan. 1, 2015. More …  

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Winter personal-lines newsletters are available for your clients

Now is the time to order your winter issue of Insights and Updates to send to your clients. This newsletter is perfect for your personal-lines clients and features the following topics: the risks of ride sharing; how to prevent ice dams; heating your home with a fireplace vs. traditional gas; the liability of sledding on private property; and travel during the busy holiday traffic. This newsletter, in which you also can include your agency’s privacy notice, can be personalized and sent through PIA Creative Services. For more information, contact dcramer@pia.org or call (800) 424-4244.  

Who you gonna call? Think PIA first

PIACT has served its association members for 75 years, with nearly 80 employees housed in a 28,000 square-foot headquarters building—working every day on your behalf! The PIACT Technical Hotline Service staff, with more than 250 years of industry experience, can assist you with legislative, legal, technical or coverage-related questions that have you baffled. PIA’s highly qualified technical specialists answer an average of 82 member inquiries each week. Have a question? Click here.  

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Upcoming PIACT Webinars

PIACT will offer the following Webinars in the next few months: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Oct. 16, from 10 a.m.-1 p.m., CTCE: 3 PC); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., CTCE: 1 PC); Are You Linked In? What it Can Do for You and Your Agency (Friday, Nov. 14, from 10-11 a.m., CTCE: N/A); Exploring the Personal Umbrella/Excess Policy (Friday, Nov. 21, from 10 a.m.-1 p.m., CTCE: 3 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.  

Homeowners’ choices reviewed

Most insurance companies will give homeowners a choice in selecting one of two approaches to insuring their property. The two approaches commonly are referred to as named peril and open peril policies. The named-peril policy covers perils such as fire or windstorm, which cause a loss to property. If coverage applies only when a named peril occurs, then all perils that have not been named are excluded. The open-peril policy differs because instead of naming the perils, the exclusions are identified, leaving the realm of potential perils open to the imagination, but still in the confines of those events in which no coverage is intended. To obtain a resource kit outlining the Insurance Services Offices Inc. homeowners forms, access QS90475 in PIA’s QuickSource library.  

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