July 27
Major Questions Surround I-PIRP Assessment Process
By F. Joseph Wertz This past year, New York State extended the pilot of the Internet Points Insurance Reduction Program (IPIRP) despite major questions regarding the studies supporting its effectiveness. There has been no conclusive proof that the I-PIRP actually improves driver safety and reduces the risk of accidents, yet the I-PIRP pilot program has […]
Every So Often…..
Every so often, we get it right. Among the many e-mails received here following my piece in this space on June 29th, there were several that expressed pleasure at our critique of Sen. Warren’s presumptuous advice to Gov. Cuomo on his selection of the next DFS chief. She’d like it if the Governor were to […]
Summer Refreshments
Every once in a while it seems like a good idea to take a refresher course on the wonderful world of insurance regulation from our state regulators, to our national overlords, to the international financial wannabe wizards: a little bit of summer school, if you will, to catch up on all the developments that we […]
Two Big Cases: Fedex Ground vs Drivers and Supreme Court on Fiduciary Liability
Courts have a way of shaking up the insurance industry. We are going to look at two cases today that may change the rules in two areas: independent contractors and fiduciary liability. FedEx Offers to Pay $228 Mil to Settle Independent Contractor Case An average of almost $100,000 each, that’s what FedEx Ground has offered […]
Capitalizing on a Changing Market: Sava Insurance
By Kelly Donahue-PiroChange is a challenge for many agency owners but not for Donna Yother from Sava Insurance. In fact when you meet her one of the first things she generally tells people is that she loves change. Donna has not sat still in her 30 years in the insurance business. Located in New London, […]
Consumer Costs at Stake: The Case for an Organized Approach to Principle-Based Reserving
By John R. Hurley The National Association of Insurance Commissioners (NAIC) has been developing a different approach to life insurance reserving and pricing for almost 10 years. The current system used by each state, the Standard Valuation Law (SVL) involves pricing and reserving assumptions fixed by law and regulation and applicable to all life insurance […]
Marketing to Millenials
In general, it is said that Millennials display a great deal of confidence. This is a result of a combination of a few different things. The focus they receive from their parents and high expectations placed upon them, not to mention their new-found independence along with the advent of cell phones, the internet, social media […]
PIANY: 2015 NYS Legislative Wrap Up
The New York State legislative session that originally was slated to end on Wed., June 24 was extended by lawmakers in Albany through the week to address important issues including longterm rent-control regulations; mayoral control of New York City schools; and the 421-a tax abatement. Gov. Andrew M. Cuomo, Senate Majority Leader John Flanagan, R-2, […]
PIA launches E&O Risk Management Tool Kit for Agents and Brokers
GLENMONT, N.Y.—The Professional Insurance Agents associations in Connecticut, New Hampshire, New Jersey and New York launched a PIA member-only benefit this week—the Agents and Brokers E&O Risk Management Tool Kit. This tool kit can help PIA members prevent or mitigate errors-andomissions damage and offers them tools and information to protect their agencies. “A champion of […]
