PIANJ thanks its members at start of holiday season

At this time of year, we take stock of all for which we are grateful. PIANJ thanks our members and supporters and we wish you and yours a warm and prosperous holiday season.   

Home elevation contractor insurance requirements released

The Department of Consumer Affairs has posted a regulation for public comment dealing with, among other things, the insurance requirements for home elevation contractors. This regulation is in response to the passage of S-942 (now C.56:8-138.2), a bill that requires all home elevation contractors to carry a minimum level of insurance coverage and to register with the state and certify that they have the requisite amount of experience in the elevation of homes, back in August. More … The regulation will be open for public comment until Jan. 2, 2015, which can be made here. PIANJ will be submitting comments.   

SONJ recognizes PIANJ for its support

Special Olympics New Jersey recognized PIANJ during its 2014 Awards Dinner last Friday, at the Hilton Hotel and Executive Meeting Center in East Brunswick. At the event, SONJ acknowledged your association as a partner that has contributed to its success. In its more than 30-year relationship with SONJ, PIANJ and the PIANJ-YIP have raised more than $3.3 million for the organization. More …   

2015 NJIUA dwelling rates increase

The New Jersey Insurance Underwriting Association has been approved by the Department of Banking and Insurance to implement an overall Dwelling Program rate increase of 1.5 percent, effective Jan. 15, 2015, for new business, and March 15, 2015, for renewal business. Included is a very small increase for the fire peril of less than 1 percent, but there are increases of 5.4 percent for extended coverage and 6.1 percent for vandalism. There are no changes for commercial lines or crime coverage at this time. For more, click here.   

During the winter storm season, use PIA’s Storm Info Central

The relatively quiet Atlantic hurricane season officially ends Nov. 30, and PIANJ reminds its members that winter is coming. PIA’s Storm Info Central offers you one spot for all your winter storm-related resource needs—from the latest updates to QuickSource documents. If there is something you are looking for that you do not see here, contact PIA’s Industry Resource Center at resourcecenter@pia.org or use the Ask PIA button on the PIA website and we will address your specific question.   

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DOL clarifies: Employers cannot reimburse employees who participate in health exchanges

Earlier this month, the U.S. Department of Labor issued FAQ Part XX11 on the implementation of the Patient Protection and Affordable Care Act. The FAQ clarifies that employers cannot reimburse employees who participate in a health exchange. What this means for agents: If you are thinking of complying with the PPACA requirements by engaging in this practice, the DOL is aware of this tactic and has given it careful scrutiny.   

FEMA to appeal judge’s order on Sandy claims

As PIA reported last week, there has been a call to address potential widespread manipulation of flood insurance claims of Sandy victims. This week, the Federal Emergency Management Agency is appealing Magistrate Judge Gary Brown’s order to release flood insurance documents to determine whether engineers and adjusters conspired to deny Superstorm Sandy claims. More …   

FEMA clarifies loss settlement issues

FEMA has released Bulletin W-14058 to provide clarification in 1.) the application of the Replacement Cost Loss Settlement and Actual Cash Value Loss Settlement provisions; 2.) the use of flood insurance claims proceeds; and 3.) FEMA’s Underwriting and Claims Operation Review Tool.   

NAIC forms cyber security task force

The National Association of Insurance Commissioners formed a special task force last week, aimed to help coordinate insurance issues related to cyber security and providing recommendations regarding NAIC’s efforts to protect information housed in insurance departments and NAIC, and collecting information on cyber-liability policies. More …   

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Need a market? Think PIA first

PIA’s MarketBase^TM Program, with more than 2,100 risk categories offered by more than 120 different firms, offers association members the information needed to place those unusual or hard-to-place risks. From our online database to our phone-in and email options, PIA MarketBase^TM is your source for market leads.   

PIA Webinars on ethics, NFIP, cyber liability, etc.

PIANJ will offer the following Webinars in the next few months: Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NJCE: 3 ETHICS); The National Flood Insurance Program Revised and Updated (Tuesday, Dec. 9, from 10 a.m.-noon, NJCE: 2 NFIP Flood); Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., NJCE: 1 GEN); Coverage Abbreviations: OCP, K&R, COP/MOP, OCIP/CCIP, KMI (Tuesday, Jan. 6, 2015, from 10 a.m.-1 p.m., NJCE: 3 GEN); Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM} (Tuesday, Jan. 20, from 10 a.m.-1 p.m., NJCE: 3 GEN); and Cyber Liability—Why the Need? (Friday, Jan. 30, from 10-11 a.m., NJCE: 1 GEN). ^{^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 at (800) 424-4244 for details. For more information or to register, click here.   

NJYIP Industry Wide Holiday Social, Dec. 4, 2014

Register today for the 11^th Annual NJYIP Industry Wide Holiday Social on Thursday, Dec. 4, 2014, at the Grain House restaurant in Basking Ridge. Each year, this event is attended by more than 100 industry professionals. This is the premier holiday event of the season you won’t want to miss. For more details, click here.   

Rebating and referral fees

Rebating is one of the easiest and most common ways for an insurance producer to break the law without realizing it. As a general proposition, insurance producers may not offer any special favor, advantage or inducement to prospective insureds or insureds, in exchange for their initial insurance business or their continued business. While the law is clear on these prohibitions, sometimes applying the law in a business context is more complicated. To learn more, access QS29231 in the PIA QuickSource library.   

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