N.J. law toughens penalties for texting, talking

S-69, which was signed into law Thursday, increases the penalties for motorists who use handheld cell phones to talk or text. The new law increases the fine to a minimum of $200 and a maximum of $400 for a first offense. A second offense carries a minimum fine of $400 and a maximum of $600, and a minimum of $600 and a maximum of $800 for third or subsequent offenses. More …   

N.J. towns to receive additional reimbursement for Sandy

According to the Federal Emergency Management Agency, New Jersey towns that already have been reimbursed for Sandy recovery projects will receive an additional 15 percent for them. More …   

DOBI proposes rule amendments to enhance department flexibility, efficiency

The Department of Banking and Insurance intends to propose a new subchapter (N.J.A.C. 11:1-15A.1 et seq.) to memorialize and codify Gov. Chris Christie’s Executive Order #2, which is intended to foster regulatory flexibility, and in the words of the executive order "the opportunity to energize and encourage a competitive economy to benefit businesses and ordinary citizens." This proposed subchapter will address definitions, standards and practices that cannot be waived regardless of circumstance, as well as prescribing standards for the issuance of waivers to further results that avoid "undue hardship on the applicant, create disruption in the marketplace for a type of insurance, result in noncompliance with a conflicting rule, or lead to an unfair, overly burdensome, or incongruous result." PIANJ is monitoring this rulemaking process and will keep PIANJ members updated.   

Ask PIA: Duty to anticipate an insured’s coverage needs

Q. In New Jersey, does an agent or broker have the duty to anticipate an insured’s coverage needs and attempt to provide them with suggested coverages? A. In most cases, no. The case of President v. Jenkins (853 A. 2d 247 - NJ: Supreme Court 2004) speaks to this issue. In the case, one of the issues examined was the scope of a producer’s duty of care. Analyzing one specific aspect of the case, the New Jersey Appellate division concluded that "absent ’expert proofs establishing an industry norm or customary practice,’ [broker] did not owe [insured] a duty ’to affirmatively ascertain the existence of any gaps in [his] coverage and to advise him accordingly.’" The NJ Supreme Court affirmed the lower court’s judgment in favor of the broker. For a 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.   

HHS webinar on federally facilitated health exchanges for PIA members

New Jersey is working with the federal government to establish a federal health-care exchange—there will be no state-based exchange in New Jersey. On Tuesday, July 9, 2013, from 1-2:30 p.m., the U.S. Department of Health and Human Services will partner with PIA to conduct a PIA-member webinar on the implementation of the Patient Protection and Affordable Care Act. This webinar is critical for members in states with federally facilitated exchanges. HHS will address a number of areas, including agent and broker exchange training, market reforms and an overview of the enrollment process. If you are interested in receiving detailed registration instructions, here. More …   

HHS launches Health Insurance Marketplace educational tools

The Obama administration kicked off the Health Insurance Marketplace education effort with a new, consumer-focused HealthCare.gov website and the 24-hours-a-day consumer call center to help Americans prepare for open enrollment and ultimately sign up for private health insurance. More …   

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Check preliminary flood hazard data

FEMA has released a new authoritative source for Preliminary Flood Hazard Data (preliminary data). Moving forward, preliminary data will be available to the public in a centralized and easily accessible location, along with FEMA’s other flood mapping products and tools. As data is released, FEMA will populate in the new preliminary data search tool.   

FEMA adds clarifications, revisions to Oct. 1 program changes

FEMA Bulletin W-13038 provides additional clarifications to Bulletin W-13016 dated March 29, 2013, Bulletin W-13026 dated May 3, 2013, and additional information regarding the changes that the NFIP will implement effective Oct. 1, 2013. FEMA has added or updated edits to improve the logic for certain transactions related to implementation of the Biggert-Waters Flood Insurance Reform Act of 2012 and has provided a second questions-and-answers document for concerns that were not addressed in previous bulletins.   

NFIP specific rate guidelines updated

The fact sheet for the National Flood Insurance Program’s Specific Rate Guidelines has been updated and included in Bulletin W-13039a.   

NCCI releases Residual Market Management Summary 2012

The National Council on Compensation Insurance has released online its Residual Market Management Summary 2012, providing facts and figures to understand what is happening in the workers’ compensation residual market plans and reinsurance pools that are serviced by NCCI. Key indicators include: projected premium grew from $512 million in 2011 to $798 million in 2012 for all reinsurance pools serviced by NCCI; operating results for all pools serviced by NCCI remained stable and manageable; NCCI residual market staff and the servicing carriers continue to perform well; and score high marks for customer satisfaction.   

ISO and PCI release first-quarter 2013 underwriting results

Private U.S. property/casualty insurers’ net income after taxes rose to $14.4 billion in first-quarter 2013 from $10.2 billion in first-quarter 2012, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus climbing to 9.6 percent from 7.2 percent. Insurers’ 9.6 percent first-quarter annualized rate of return approached the long-term average for the period. Since the start of ISO’s quarterly data in 1986, insurers’ first-quarter annualized rate of return has averaged 10 percent and has ranged from as low as negative 2.6 percent in 1994 to as high as 17.9 percent in 2005. The increases in insurers’ net income and overall rate of return were driven by a $4.8 billion swing to $4.6 billion in net gains on underwriting in first-quarter 2013 from $0.1 billion in net losses on underwriting in first-quarter 2012, according to a press release by ISO and the Property Casualty Insurers Association of America. The swing to net gains on underwriting in first-quarter 2013 reflects a combination of premium growth, increases in reserve releases and a decline in weather-related catastrophe losses.   

June ACORD forms update

In the latest ACORD forms update, the following countrywide forms are revised: 25 (2014/01) Certificate of Liability Insurance; 28 (2014/01) Evidence of Commercial Property Insurance; 30 (2014/01) Certificate of Garage Insurance; 31 (2014/01) Certificate of Marine/Energy Insurance; 125 (2013/09) Commercial Insurance Application; 143 (2013/09) Transportation Section; 144 (2013/09) Glass and Sign Section; 145 (2013/09) Accounts Receivable/Valuable Papers; 146 (2013/09) Equipment Floater Section; 147 (2013/09) Installation/Builders Risk Section; 148 (2013/09) Electronic Data Processing Section; 190 (2013/09) Supplemental Property Application; 196 (2013/09) Medical Professional Liability Insurance Application; 401 (2013/09) Agriculture Application; 410 (2013/09) Small Farm/Ranch Application; and 825 (2013/09) Professional/Specialty Insurance Application. The Forms Instruction Guide is revised for 24 (2009/09) Certificate of Property Insurance and 35 (2011/09) Cancellation Request/Policy Release. In addition, revisions have been made to New Jersey-specific forms 132 NJ (2013/07) New Jersey Workers’ Compensation Insurance Plan, Instructions and Rules and 133 NJ (2013/07) New Jersey Workers’ Compensation Insurance Plan, Application for Designation of an Insurance Company.   

PIA and the ACORD Advantage Program

PIA members have access to ACORD’s Advantage Program, which offers free printable ACORD forms including instructions. Or, as a paid subscriber, PIA members have access to computer-fillable forms and other benefits (under the ACORD Participant Program) for $159 annual fee (that’s a $20 discount). For more information on how to subscribe, click here. If you have questions about the ACORD Participant Program, contact ACORD directly at (800) 444-3341. Returning ACORD subscribers also will receive the PIA discount, although no midyear subscription discounts are available.   

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NEO series: New Employee Orientation for Agency Personnel and Personal Lines Coverage Basics

Give your rookies the training they need to succeed—without interrupting your daily sales and service activities. If you have a new employee on board or are planning a new hire, this course is for you. This program is designed for unlicensed employees who have been with the agency less than a year. Your employees log on to the course via the computer each week to get the training they need. There’s no travel, no interruption to daily agency activity and, most importantly, no time out of the office. Through this "virtual classroom," your new hire can connect with other rookies, bounce questions off the facilitator, and learn in manageable pieces in the comfort of their home or office! NJCE credit: N/A. This is an online computer course for unlicensed/new employees. The next courses will be held Monday, July 8, 2013, and Monday, Aug. 12, 2013. For more information, or to register, click here.   

Webinar: The Latest in E&O (and What Can Be Done About It)

Every year, the agent’s errors-and-omissions landscape seems to take some new twists. The Latest in E&O (and What Can Be Done About It)^FF^UM, Tuesday, Aug. 20, 2013, will review what has changed over the years. Included will be extensive discussion on the major E&O issues that agents face and the new plaintiffs that are bringing litigation against today’s agent. A series of best practices will be provided to help agents face these various challenges. Throughout the Webinar, actual E&O cases will be used to enhance the understanding of the material. The new three-hour format, allows participants to receive their E&O loss-prevention and CE credit in one session. Earn NJCE: 3 GEN (88893428). ^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.   

Save the date: PIANJ’s 30th Annual Golf Classic

Come out and celebrate the 30th anniversary of the PIANJ Golf Classic! We are returning to Cherry Valley Country Club Monday, Sept. 30, 2013, and we’ve kept the same low price while maintaining the exceptional amenities that have made this a signature event for 30 years. All the proceeds from the event will provide support to Special Olympics New Jersey programs that serve thousands of New Jersey children and adults with intellectual disabilities. Event includes 18 holes of golf with cart, lunch buffet, course refreshments and cocktail reception, specialty contests and prizes, a silent auction, a chance raffle, a golfer’s dream raffle, professional photos of your foursome and more. For more information, including quickly dwindling sponsorship opportunities, contact Lauren Bunce at lbunce@pia.org or call (800) 424-4244.   

PIANJ-YIP Summer Reception on July 25, register now

Join PIANJ-YIP for an evening of ocean breezes, fun, food, networking and more during its Summer Reception, Thursday, July 25, 2013, at Rooney’s Oceanfront Restaurant, Long Branch, N.J., from 6-8 p.m. The cost for the event is $55 per person for PIANJ-YIP members; and $60 per person for nonmembers. The cost includes: two-hour open bar and light fare. Pre-registration deadline: Tuesday, July 23, 2013, after this date, you may only register at the door.   

We’re your source

Through PIANJ’s Industry Resource Center, you have access to an experienced technical staff with more than 100 years of industry experience. So, the next time you want to know about a new law, whether a carrier is acting appropriately, or if you need a coverage interpretation—Think PIA fist and let PIA’s technical staff be your guide. Call PIA’s Industry Resource Center at (800) 424-4244 or email your inquiry to resourcecenter@pia.org. Hundreds of previously asked questions and in-depth answers by PIA’s technical staff also are available through Ask PIA.   

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