2019
2019 Issues - Click to View
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Northeast PIA Launches ‘Work with an Agent’
Insurance Advocate Cover Story
The Professional Insurance Agents of Connecticut, New Hampshire, New Jersey, New York and Vermont launched “Work with a Professional Insurance Agent/Local is Better” local marketing campaign. This resource offers PIA members in the five states access to informative pieces to promoting their agencies, capitalizing on their local community-centered strengths, with consumer focused materials and consumer content for use in a variety of media. It also illustrates to the insurance-buying public the benefits of an independent agent (i.e., working with someone who can offer insurance choices; who has a unique understanding of his or her clients’ and communities’ needs; and who often can offer the most affordable rate).
Straight Laced
Linda Lacewell has been nominated Superintendent of the New York State Department of Financial Services. She would succeed Maria Vullo in the role. Ms. Lacewell most recently served as Chief of Staff and Counselor to the Governor. In that role, she oversaw Executive Chamber operations, as well as ethics and law enforcement matters. Ms. Lacewell […]
Not to be Ignored: The New I-9 “Smart” Form
Just as employers and HR professionals were beginning to get comfortable with the parameters of the old Form I-9, U.S. Citizenship and Immigration Services (USCIS) rolled out a new I-9, which must now be used. The new Form I-9 Employment Eligibility Verification is in two versions a “smart” PDF version (which is called “Form I-9”) and a […]
How I See It – 2019 & Forward
Our business is changing. Unless you have been living under a rock you know that already. Change in and of itself is not good or bad. Instead, good or bad is determined by the results of that change. Insurance consumers want speed and simplicity in purchasing and handling their insurance needs. They also want to […]
So What if ACA is Unconstitutional?
By Jane M. Orient, M.D. Stocks of hospital and Medicaid-contracted managed-care companies plunged on the announcement of Judge Reed O’Connor’s ruling that the Affordable Care Act (ACA) is unconstitutional. Some advisors consider this a “buying opportunity,” expecting that the ruling will be reversed on appeal. This shows who the important stakeholders are. Medicaid managed-care contractors […]
DFS’ Cybersecurity Regulation and the Compliance Deadline
The Department of Financial Services’ (“DFS”) cybersecurity regulation, 23 NYCRR 500 (referred to in this article as the “Cyber Regulation”), became effective on March 1, 2017 with a two-year implementation deadline approaching on March 1, 2019. In a nutshell, the Cyber Regulation is designed to protect consumer data and to defend against security attacks. To […]
Contra Proferentum Does Not Apply to a Clear and Unambiguous Policy
No Coverage Before Policy In Effect People who sue insurance companies seem to forget that an insurance policy is a contract – not an entitlement provided by a government. Insurance contracts must be read as a whole document and all clear and unambiguous terms must be applied as written. In Atlantic Specialty Insurance Company v. […]
ISO Looks at New Risks Posed by Societal Trends
• Nanotech • Cannabis • Opioids
MSO Elects Fulton, Makes Staff Changes
MSO, Inc. (The Mutual Service Office, Inc.) is pleased to announce the addition of Karen S. Fulton (pictured right) to its board. Ms. Fulton is the retired President and CEO of ARI Insurance Company (an Amtrust Caompany), and its predecessor, ARI Mutual Insurance Company. She previously served as Vice President and Controller of American Reliance […]
Insurance Legion of Shame
Welcome to the Insurance Fraud Legion of Shame. The year’s convicted extreme schemers were chosen by the New York Alliance Against Insurance Fraud. Driven to deceive. Michael Danilovich (NYC) masterminded a massive fraud ring that stole $279 million in false injury claims from bogus and setup car wrecks. It was one of the largest such […]
When Provider Bills Under a “By Report” Code, Insurer Must Demand Supporting Documents if it Wants Them
Pavlova a/a/o Cosby Reavis v Allstate Ins. Co. In this no-fault suit, plaintiff medical provider billed for services under CPT code 20999, which is a “by report” code. The insurer denied the claim on the grounds that the provider did not supply documentation backing up the need for the services. The Appellate Term held that […]
The Healthcare Revolution: More Choices, Not More Taxes
By Marilyn M. Singleton, M.D., J.D. Paris is in flames over a fuel tax increase that would pile 30 cents onto the $7.06 per gallon price paid by citizens whose average monthly salary is $2,753.This burdensome “carbon tax” on the middle class is intended to help meet Europe’s commitment to reduce carbon dioxide emissions and thereby […]
PIP Insurers Must Pay More Than Policy Limit When Denied Claims are Lost After Policy Exhaustion
First Am. Alliance, Inc. v Ameriprise Ins. Co. In this no-fault suit, plaintiff medical provider billed for services under CPT code 20999, which is a “by report” code. The insurer denied the claim on the grounds that the provider did not supply documentation backing up the need for the services. The Appellate Term held that […]
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Eager for Their Inheritance
We are surrounded by stuff that will outlast us. The house and the furniture will go to someone else when you’re gone, and because common ceramics are the man-made thing lasting the longest, that coffee mug that says “Grumpy Old Fart” will still be around in thousands of years. Chances are your vintage vehicle has already outlived at least one or two owners, and if those former caretakers of your slick machine could see the snot-nosed kid that has the keys now, do you think they would approve?
Hear and There
Happy to hear from Dan Palmieri, John Di Forte, Joe Coughlin and so many friends over the holidays. Had a lovely dinner with friends and their spouse in Palm Beach: Jim Wrynn, Vince Laurenzano, Marty Carus, and Marsha Cohen. There is life in Palm Beach…up to about 9:00PM.… Am I missing something or is the […]
Offer Letters and Employment Agreements: Is There a Difference?
A common question that often arises when hiring new employees is whether to use an offer letter or an employment agreement. Both the offer letter and employment agreement serve the same basic purpose – to memorialize in writing the terms and conditions of employment. But each also serves additional purposes and understanding the differences will […]
Tips for Safer Winter Travel
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Winter weather means potentially hazardous travel conditions, leading to injuries and property damage. The winter driving hazard impacts all types of clients, from individuals to major corporations, including lost wages, reduced productivity and out of service personal and business vehicles due […]
NAIC Names 2019 Committee Leadership
WASHINGTON—The National Association of Insurance Commissioners (NAIC) has named its 2019 committee chairs and vice chairs. The association also assigned members to the organization’s standing committees based on preferences, experience and requirements established by the NAIC’s Bylaws. “The 2019 NAIC committee leadership reflects deep expertise and a strong commitment to service across all our committees,” […]
Senator Breslin Introduces ELANY Supported Bill Favoring Brokers
Senator Breslin has filed Bill # S-769, supported by the Excess Line Association of New York that implies simplified requirements for agents and brokers placing business in the state’s E & S lines marketplace. The bill would “excuse retail insurance brokers and any unaffiliated wholesale excess line insurance brokers from making a diligent effort when […]
NAIC Names 2019 Consumer Liaison Representatives
WASHINGTON—NAIC recently named 34 consumer liaison representatives for 2019. The 20 funded and 14 unfunded consumer representatives began their terms Jan. 1. Seventeen of the funded consumer representatives participated in the program in 2018. Established in 1992, the Consumer Liaison Program promotes consumer interaction with the NAIC’s members, the insurance industry and interested parties through […]
AmTrust Names Execs, Launches AmTrust Forward to Position for Long-Term
NEW YORK– AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) has stepped up its strategy and plans with the launch of AmTrust Forward and with the naming of several executives. “Our vision for AmTrust is to be a leading specialty commercial P&C insurer. We believe we can achieve this by focusing on local markets and […]
Preferred Mutual Announces Executive Team Appointments
NEW BERLIN, NY – Preferred Mutual (“Preferred Mutual”) Insurance Company President and Chief Executive Officer, Christopher P. Taft, recently announced several key promotions within the company’s management team. “As we look to our future,” Taft commented, “we have identified the opportunity to capitalize on enterprise perspectives in order to drive our strategic initiatives by building […]
Millennials: A Generation Receptive to Financial Guidance
By Joseph B. Fitzgerald While any advisor would be excited to acquire his or her next high net-worth client, too often the search for high-earners means an advisor might miss out on an opportunity to cultivate relationships and work with younger generations. Advisors should keep millennials, ages 22 to 37, top of mind as they acquire […]
PIANY Commends Legislation Proposed by ELANY
GLENMONT, N.Y.—The Professional Insurance Agents of New York State is pleased to be the first to support the Excess Line Association of New York’s introduction of a bill that would simplify requirements of agents and brokers placing business in the state’s excess & surplus lines marketplace. The bill, S-769, filed in the New York Senate, […]
NYIA Elects 2019 Officers and Board of Directors
Albany, N.Y.—The New York Insurance Association (NYIA) announces the election of its 2019 officers and board of directors. The following officers were elected for a one-year term ending Dec. 31, 2019: Chair: Elizabeth Heck, president and chief executive officer, Greater New York Mutual Insurance Company, New York, N.Y. First vice chair: Mark Prechtl, executive vice […]
A Clear and Unambiguous Exclusion Can’t Beat a Great Lawyer
Bar Negligent for not Seeking Arrest of Drunk & Disorderly Customer ?It is axiomatic among plaintiffs’ personal injury lawyers that the more serious the injury the less the need for legal niceties. In a case of the wrongful death of a young woman at the hands of a violent, intoxicated and unlicensed driver a clear […]
Court Orders Sanctions Inquiry Against Attorneys Who Sued Wrong Insurer
Natural Therapy Acupuncture, P.C. v Omni Indem. Co. Plaintiff medical provider brought suit against Omni Indemnity. Omni was granted summary judgment after it proved that it did not issue a policy for the subject accident, but that a different insurer did. Plaintiff appealed. The Appellate Term affirmed the dismissal of the suit, and ordered both […]
New Years Wish: No More Morally Superior Phonies
By Marilyn M. Singleton, M.D., J.D. My new year’s resolution is to expose the hypocrisy of the morally superior politicians whose election strategy was to pretend they cared about crafting policies in the country’s best interest. Take “the wall” on our southern border. Ignoring the opinion of the border patrol agents (51 percent of whom […]
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Regulation Acceleration
With the 2018 mid-term elections over, the Democratic Party leadership has indicated that the House Financial Services Committee will broadly focus its legislative agenda toward protecting consumers and investors, preserving financial sector stability, and encouraging responsible innovation in financial technology. Meanwhile, we expect that the Republican-controlled Senate will continue to focus its legislative agenda on remaining refinements not already addressed in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) passed in 2018. Beyond the divided Congress, we note that the regulatory agencies are now all led by President Trump appointees who have discretion, subject to Congressional oversight, to calibrate their supervisory policies and programs.
At the Intersection
Cannot resist using this space, in which insurance and its intersection with social trends comes to you fortnightly, to note that social civility and successful insuring are related, even interdependent on so many levels. When I read of an utter disgrace – such as the bills providing for late term, I mean late, late term […]
New Year Update on New York State and New York City Employment Laws
Recently, both New York State (“NYS”) and New York City (“NYC”) have enacted a significant number of new employment and labor laws. The update summarizes the key laws insurance industry employers should be following and the penalties for violations. While NY is a leader in this area of progressive employment practices, neighboring states have similar […]
PIANJ Supports Producer Duty-of-Care Bill
Trenton, N.J.—The Professional Insurance Agents of New Jersey submitted written testimony to support S-2475, which would prohibit application of a fiduciary standard to insurance producers, before the state Senate Commerce Committee on Jan. 17. The bill is sponsored by Senate President Stephen M. Sweeney, D-3, and Senate Commerce Committee Chair Nellie Pou, D-35. The bill […]
The Human Touch
There are plenty of people ready to write off the independent agent as a dinosaur headed for extinction but nothing can be further from the truth. If forced to admit it all these naysayers know that independent agents have one overpowering secret and that is the human touch they provide. It’s no secret that the […]
Ready for Spring?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor – MSO, Inc. Whether the groundhog does or doesn’t see his shadow, spring will arrive before long. With warming temperatures come potential hazards to your insureds. Helping clients navigate and prepare for the issues that come with the spring thaw is […]
SterlingRisk Hires Guthart as President, CMO
Woodbury, NY—Sterling-Risk Insurance, one of the nation’s top independently owned insurance brokerages, has hired Steven Guthart (pictured right) as President and Chief Marketing Officer. Guthart brings more than 30 years of industry experience and technical expertise to SterlingRisk, having built robust senior carrier relationships during his tenure as President, Brooklyn Operations, with HUB International Northeast […]
Physicians Ask Senate Finance to Address Kickbacks, Other Factors Driving Up Drug Costs
Citing unaffordable costs of common, essential drugs such as insulin, the Association of American Physicians and Surgeons (AAPS) provided testimony for the Jan 29 Senate Finance Committee hearing on high drug prices. The answer is not a government-run pharmaceutical industry, but rather unleashing the “competitive market forces that provide abundant options and push prices down […]
Insurance Professionals Honored with PIANY Scholarships
GLENMONT, N.Y.—The Professional Insurance Agents of New York announced Kevin O’Neil and Timothy McGrath each received the prestigious Bernard I. Kozel Memorial Scholarship, Jan. 31, 2019, at the Metropolitan Regional Awareness Program at the Roosevelt Hotel in New York. O’Neil is an account executive and McGrath is a producer for Marian Farese Insurance in West […]
If You Do the Crime You Must Do the Time
Guilty Of Disability Fraud ?Insurance criminals today define the Yiddish word “Chutzpah!” Their unmitigated gall to challenge a conviction for fraud is without bound. They appeal and waste the time of courts of appeal. More often than not the attempt fails, even in the very liberal Ninth Circuit Court of Appeal. In United States Of […]
NAIC on… Cannabis and Insurance
Insurance Advocate In The News
NAIC – The Center for Insurance Policy and Research Demand for cannabis is increasing dramatically. More than half of U.S. states have legalized some form of medical or recreational marijuana, and the demand for cannabis is increasing dramatically. The division between state and federal status makes it difficult for businesses to receive inclusive, affordable coverage […]
NYDFS Issues Numerous Disciplinary Actions
Crackdown on Health Plans’ Non-Compliance with Contraceptive Coverage The New York State Department of Financial Services (“DFS”) closed out the last quarter of 2018 issuing numerous disciplinary actions, with failing to disclose information on an original or renewal application, as the most common violation, with nominal fines. DFS issued heftier fines, however, where licenses expired […]
ShelterPoint Life Receives Insurance Team of the Year
Insurance Advocate Magazine Recognizes ShelterPoint Life’s Achievements in Proactive Educational Outreach and Preparation for Paid Family Leave ShelterPoint Life Insurance Company (“ShelterPoint Life”), New York’s largest statutory disability (DBL) insurance carrier1 received the Insurance Advocate magazine’s “Insurance Team of the Year” award on Thursday, January 25th, 2018 in recognition of ShelterPoint Life’s extraordinary preparation, education, […]
Tax Reform
A look at Trump Tax Reforms offers mixed benefits to U.S. life insurers, according to Fitch Ratings. The cut in the corporate income tax rate to 21% from 35% could boost life insurers’ cash flows and earnings, depending on how much of the tax saving insurers pass to customers through higher crediting rates or lower […]
“Fast & Convenient” vs. “Real Value”
I spent some time over the holidays thinking about our business and how it is changing. It’s true that technology is having a major impact on how effectively and efficiently an agency can work with their clients and prospects. Consumers are definitely interested in getting things done quickly and easily. That is a challenge that […]
Is the Sexual Harassment Debacle a Good Thing or a Bad Thing?
by Marianne Clyde At first glance the answer might seem simple. But as we look deeper into the issue, we can see that it is both: good and bad…and neither. One problem that becomes apparent as issues such as these arise, is that most people jump on the bandwagon of one opinion or the other. […]
How Will Artificial Intelligence and the Changing Nature of Work Effect the Ethical Paradigm?
What follows is a thoughtful perspective on issues implicit in the advent of A.I. in insurance. We applaud Mr. Di Forte for his willingness to raise hard philosophical questions, worthy of all our time. Ed. by John R. DiForte Ethics and Morals For the purpose of this discussion morals are the personal truths that allow […]
NJIUA Relocates
New Jersey Insurance Underwriting Association (NJIUA) has leased 7,500 square feet of Class A office space at 570 Broad Street in downtown Newark, N.J., which is owned by The Berger Organization. NJIUA, which had been at 744 Broad Street for over 30 years, signed a seven-year lease with options in the 15-story office building. According […]
Insurance Policy Exclusion Must Be Enforced
Public Policy Only Applies if it Injuriously Affects a Material and Substantial Part of the Public Insurance exclusions, and all provisions of an insurance policy, must be enforced as long as they are clear and unambiguous unless the exclusion is in violation of the state’s public policy. Arguing that an exclusion of a policy is […]
In Loss Transfer, Joint and Several Liability Does Not Apply; Each Defendant Pays Only His Own Percent of Fault
In the Matter of the Arbitration of Certain Controversies between TECHNOLOGY INSURANCE COMPANY against PROGRESSIVE MAX INSURANCE COMPANY Edited by Lawrence N. Rogak This action to vacate an intercompany arbitration award arose from a collision between a school bus and a private car. A passenger on the school bus was an employee of the bus […]
Mental Health and Kim Jong Un’s Nuclear Button
By Jane M. Orient, M.D. The media is going berserk over an exchange between North Korean dictator Kim Jong Un and President Trump about their respective nation’s nuclear arsenals. Yale assistant clinical professor Bandy X. Lee, M.D., M.Div., is invoking an “emergency” to justify her long-distance opinionating on President Trump’s mental health. Congressmen are inviting […]
Service Line Coverage Pros and Cons
Guest Author
Advertorial, MSO Inc.
STANDARD INSURANCE POLICIES exclude coverage for underground property including pipes and other service lines, such as utility, phone and internet wiring. However, the homeowner may be surprised to learn that damage to these lines is their responsibility. The cost to dig up and repair service lines can be significant – in some cases $15,000 . […]
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When Brand Loyalty Gets Palpable
Some Facts:
– It costs 9 to 11 times more to recruit a new customer than to keep an existing one.
– An increase in loyalty of only 7% can lift lifetime profits per customer by as much as 85%.
– Often, an increase in loyalty of just 3% is equivalent to a 10% across-the-board cost reduction program.
– Brand Keys’ 2019 Customer Loyalty Engagement Index Notes “Lasting Loyalties”Brand Keys 24th annual Customer Loyalty Engagement Index (CLEI), conducted by the New York-based brand engagement and customer loyalty research consultancy has identified “loyalty” as a profit-generator for brands that know how to create it and market it.Agency M&A Breaking Records at Breakneck Speed
Mergers and acquisitions of insurance agents and brokers last year broke several records in 2018, according to OPTIS Partners’ annual report. OPTIS logged a record 626 deals in the United States and Canada in 2018, including 330 transactions in the second half of the year and 148 transactions during the fourth quarter. There were 611 […]
Top Nine Mistakes Employers Make in Employment Applications
Employment applications – almost every employer in the country uses them. They don’t seem as if they would be a basis for liability, but they do contain a number of minefields of which employers should be aware. A general theme of federal and state laws, regulations, and guidance is that employers should avoid asking an […]
AGENTS and CARRIERS: JD Power Survey Identifies Level of Satisfaction
J.D. Power has just issued its 2019 U.S. Independent Insurance Agent Satisfaction Study. The second annual study, developed in alliance with the Independent Insurance Agents & Brokers of America (IIABA), evaluates the independent P&C insurance agent’s business outlook, management strategy, and overall satisfaction with personal lines and commercial lines insurers in the United States. According […]
Actuarial Foundation Receives One of its Largest Grants from the New York Life Foundation
The Actuarial Foundation has announced that it has received a $300,000 grant, one of its largest, from the New York Life Foundation. With a 25-year legacy of enhancing math education and financial literacy, The Actuarial Foundation will use these funds to support two education initiatives: The Hardest Math Problem, a new math competition, and the […]
Largest Insurance Convention in CT on the Horizon
HARTFORD, Conn.—Professional Insurance Agents of Connecticut’s Annual Convention, the largest industry networking and education event in the state of Connecticut, will be held at Foxwoods Resort Casino Mashantucket, March 7-8. “The PIACT Annual Convention is the must-attend event of the year for all industry professionals throughout the region,” said PIACT President Ken Distel. “The convention […]
MSO Honored by Emmanuel Cancer Foundation
MSO, Inc. (The Mutual Service Office, Inc.) will be honored by the Emmanuel Cancer Foundation for MSO’s efforts in support of families battling pediatric cancer. For over 28 years, MSO has held a bi-weekly food collection for the Emmanuel Cancer Foundation (ECF) and their food pantry. In addition, MSO’s annual golf outing has raised over […]
Burns & Wilcox Partners With Golfers Expanding Philanthropic Initiative
Burns & Wilcox, one of North America’s leading wholesale insurance broker and underwriting manager, announced the launch of its signature philanthropic initiative called Champions & Charities with brand ambassadors Webb Simpson and Jimmy Walker. Through the program and in partnership with the Burns & Wilcox brand ambassadors, the company will give a minimum of $50,000 […]
N.Y. Bill Round Up
Standards For Equitable Payments of Insurance Commissions, Insurance for Historical Motor Vehicles and more By PIANY Multiple bills have been introduced in the state Legislature that may affect you, your agency and your clients. Three of the bills were introduced by the Chair of the Senate Insurance Committee, Neil Breslin, D-44. The fourth bill was […]
The IMUA Rises Against Hunger
The Inland Marine Underwriters Association (IMUA) announced that this year’s 89th Annual Meeting will include an afternoon devoted to The Rise Against Hunger project. IMUA’s 2019 Annual Meeting will be held in Leesburg, VA at the Lansdowne Resort & Spa, May 19-22, 2019. It includes two days of educational opportunities for both seasoned and newer […]
LICONY Celebrates 51st Anniversary
On February 7, the Life Insurance Council of New York (LICONY) staff and member companies came together at MetLife for a full day of activities and to celebrate LICONY’s 51st Anniversary. The day included a full briefing to the membership on LICONY’s Legislative program and Regulatory agenda for 2019. Assembly Insurance Committee chair Kevin A. […]
Jumping Into Medicare For All With Eyes Wide Shut
By Marilyn M. Singleton, M.D., J.D. The unveiling of the ballyhooed House of Representatives Medicare for All Act of 2019 bill will be met with chants of “equal healthcare for all!” While the country will be forced into a government-run program, the limousine liberals and champagne socialists will keep their array of medical care choices […]
Question Exists as to Whether Snow Tubing Park’s Negligence Increased the Dangers
Jamjyan v West Mtn. Ski Club, Inc. Edited by Lawrence N. Rogak In this personal injury suit, plaintiff alleged she was injured while snow tubing. The facility moved for summary judgment under the “assumption of risk” doctrine. The Court held that an issue of fact exists at to whether the facility’s personnel increased the ordinary […]
iCAS Announces Board of Directors with Experts from Data Science, Analytics
The CAS Institute (iCAS), a subsidiary of the Casualty Actuarial Society (CAS) offering specialty credentials to quantitative professionals in data-intensive sectors, recently announced its first board of directors. Previously governed by the board of the CAS, iCAS will now be led by a dedicated six-member board that reports to the CAS Board. The iCAS Board […]
Aquiline Announces Agreement to Acquire Relation Insurance Services
Aquiline Capital Partners LLC, a New York and London-based private equity firm investing in financial services and technology, has entered into a definitive agreement to acquire Relation Insurance Services, one of the largest independent insurance brokers in the United States, from private equityfirms Parthenon Capital and Century Equity Partners. Since its founding in 2007, Relation […]
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HOLD STILL: This Won’t Hurt a Bit!
116th Congress Tries Healthcare Cures as Rhetorical Fever Soars
The 116th Congress has rolled out new health care legislation. The Republicans squandered their chance to repeal the ACA or otherwise bring medical care back into the hands of patients and physicians. One could look at the push for Medicare for All as an acknowledgement that the ACA was not a success. The House Medicare for All caucus is in the process of revising the prior Medicare for All bill that had been floating around since 2003. Apparently, the new bill will track Bernie Sanders’ Senate bill, S. 1804 which is more fleshed out.Remembering ARIAS Founder, Insurance Law Leader, T. Richard Kennedy
A great friend and a true catalyst in the insurance and reinsurance communities, Dick Kennedy was a leader in the field of insurance law and in reinsurance dispute arbitration. Thomas Richard Kennedy (1935-2019), founder of the ARIAS, the national reinsurance and insurance arbitration society, passed away peacefully at the Avow Hospice House, in Naples, Florida […]
Nine Simple Steps to Avoid Employment Lawsuits
You’re striving to operate as efficiently as possible to increase your company’s profit margin. But then someone in the company steps on a legal landmine and you spend $50,000.00 to win a lawsuit. If you fight and win or lose, you could spend $150,000.00 or more, even on a weak case. You CAN take steps […]
PIANJ Applauds State Senate, Assembly for Passage of Producer Duty-of-Care Bill
Trenton, N.J.—The Professional Insurance Agents of New Jersey applauds the state Senate and the state Assembly for passing its top-priority bills S-2475/A-2034, unanimously on Feb. 21 and Feb. 25, respectively. The bills, which would prohibit application of a fiduciary standard to insurance producers, will be sent to Gov. Phil Murphy for his consideration. The bills […]
Insurance Saves
Seems like a weird title, doesn’t it? But when you really explore what insurance is all about it makes sense. Insurance protection saves lives and businesses. Helps families and businesses continue to function after serious and sometimes tragic events. Brings people healing and hope when things look desperate. Allows every facet of life and business […]
How Smart is Your Home?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The Internet of Things (IoT) is a term used to describe everyday objects that are connected to the Internet. Gone are the days when “high tech” meant a remote control for your tv or garage door. “Smart” technology offers convenience, energy, […]
Applied Underwriters Petitions NJ Regulators for Confirmation of Captive Reinsurance and its Use in its Widely Accepted Workers’ Compensation Format
The action holds that regulators have misinterpreted the longstanding, essential role that reinsurance plays in a widely used workers’ compensation insuring format and has attempted to restrict the program in direct violation of section 531 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which precludes state insurance regulators from rewriting the terms of an out-of-state reinsurance contract. The Petition requests confirmation that Applied’s program is a valid captive reinsurance arrangement under New Jersey law and should be affirmed at a time when the format’s desirability among businesses is growing as a preferred risk transfer vehicle among Applied’s many New Jersey based clients and their employees. The Petition protects the clients of independent agents who have implemented the Applied programs as a sound, wise choice, an alternative to “off the shelf” policies in which the buyer has little influence on costs and little benefit from favorable outcomes.
Fall from Cherry on Top But No Cake
Business Exclusion Clear and Enforceable When a farmer allows individuals access to the farm so they can pick cherries off trees in the orchard and buy the cherries at a lesser price than pre-picked cherries it is doing the business of farming. That is a reason why most farmers will buy a business liability policy […]
Exterior Public Stairways are “Sidewalks” and Require Prior Written Notice of Defects
Hinton v Village of Pulaski The Court of Appeals rules here that an exterior public stairway which connects a sidewalk with a municipal parking lot is the equivalent of a sidewalk, and therefore the municipality that owns it must have prior written notice of a defect as a condition precedent to liability for injuries.—LNR The […]
Summary Suspension of a DFS License
Typically, when an insurance agent, broker, or other licensee is investigated by the New York State Department of Financial Services (“DFS”), even if there is a violation of applicable insurance laws or regulations but the conduct does not rise to the level of “untrustworthiness” and/or “incompetence,” DFS may offer a compromise, by way of a […]
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Puff, The Magic Drag-On Insurers
The cannabis business continues to expand throughout the United States with 33 states that allow some use of medical cannabis, 10 states that allow adult use of cannabis and most others that allow for limited medical use of CBD (cannabidiol). In fact, only four states bar the use of all cannabis products. While the federal Controlled Substances Act (CSA) continues to identify cannabis as a Schedule I drug, the Obama and Trump administrations have ushered in an era that provides some assurance to the cannabis industry that personal use of marijuana and operation of state-regulated cannabis businesses will not be the targets of federal prosecution. In turn, the expansion of the legal cannabis industry requires that it be able to manage risk through insurance for property and liability losses.
AT ISSUE: NJDOBI and Businesses’ Use of Captives, Reinsurance
When Applied Underwriters filed a petition against the New Jersey Department of Banking and Insurance (NJDOBI) on March 5th, the company placed the ability for businesses in the state to choose captives for risk retention squarely on the table. At its core, the issue is about the limiting of choices available to New Jersey business […]
The Reasonable Accommodation Trap
Many employers mishandle workplace disability issues and, acting out of what they believe to be “common sense,” become victims of savvy employment lawyers who exploit the nuances of disability law. Here are common mistakes to avoid. Failure to recognize that an accommodation request was made. A best practice is to have a policy that requires […]
Thought Police (Oops, Medicare) For All
by Marilyn M. Singleton, M.D., J.D. The new Medicare for All bill (H.R. 1384) has come and hopefully will go the way of the pet rock. Everybody now knows the basics: the government will take care of all medical, dental, vision, pharmacy, and long-term care services with no out-of-pocket expenses. The bill prohibits parallel private […]
Connelly Elected President of PIACT
HARTFORD, Conn.—Mark R. Connelly, CIC, of Fairfield, Conn. (pictured right), was elected president of the Professional Insurance Agents of Connecticut, at the association’s Annual Convention, March 7-8, at Foxwoods Resort Casino in Mashantucket, Conn. Connelly is president and CEO of Fairfield County Bank Insurance Services LLC, in Ridgefield, Conn. An active member of PIACT, Connelly […]
Prast Elected President-Elect of PIACT
HARTFORD, Conn.—Gerard Prast, of Wallingford, Conn. was elected president-elect of the Professional Insurance Agents of Connecticut Inc., at the association’s Annual Convention, March 7-8, at Foxwoods Resort Casino in Mashantucket, Conn. Prast is vice president for XS Brokers, which has offices in Quincy and Worcester, Mass., West Hartford, Conn., Philadelphia and Orlando, Fl. An active […]
PIACT Names Officers for 2019-20
HARTFORD, Conn.—The Professional Insurance Agents of Connecticut Inc., elected officers today during the association’s Annual Business Meeting held at the Foxwoods Resort Casino in Mashantucket, Conn. Following are the new officers who will lead PIACT in 2019-20: President: Mark R. Connelly, CIC, of Fairfield, Conn. Connelly is president and CEO of Fairfield County Bank Insurance […]
PIACT Re-elects Six to Board of Directors
HARTFORD, Conn.—Six Connecticut independent insurance agents were re-elected to serve on the board of directors of the Professional Insurance Agents of Connecticut today at the association’s Annual Convention held at the Foxwoods Resort Casino in Mashantucket, Conn. The following individuals were re-elected to serve for a three-year term: Marissa Barbera, of Westport, Conn. Barbera is […]
PIACT Young Insurance Professionals Elect O&D’s
HARTFORD, Conn.—Officers of the Professional Insurance Agents of Connecticut Inc. Young Insurance Professionals were elected today during PIACT’s Annual Convention, at Foxwoods Resort Casino in Mashantucket, Conn. Kathleen Bailey, CPIA, ACSR, CLCS, of The Russell Agency, in Southport, Conn., will serve as president; Anthony DeSalva, of Georgetown Financial Group, in Georgetown, Conn., will serve as […]
Consider the Alternative: Why Alternative Investments Have a Place in Your Portfolio
By Aaron Hodari, CFP®, CIMA® Think about the characteristics that make a strong portfolio: diverse, cost-efficient, tax-efficient, risk-managed. These qualities should be true of every portfolio, no matter the size or an individual’s risk profile. The clients we meet with all want a portfolio that checks these boxes, but doing so is easier said than […]
Arbitration Awards Need Abuse to Be Overturned
Arbitrators have Substantial Discretion to Determine the Scope of Their Contractual Authority to Fashion Remedies Arbitration is controlled by strong public policies favoring arbitration as a speedy and relatively inexpensive means of dispute resolution. For that reason arbitration awards are almost never overturned unless the aggrieved party can prove the arbitrators exceeded their powers, acted […]
Insurer Need Not Provide Rationale for Provider EUO Demand
Dynamic Balance Acupuncture, P.C. v State Farm Ins. In this no-fault suit, State Farm moved for summary judgment on the grounds of the provider’s failure to respond to two EUO requests. Civil Court denied the motion, finding an issue of fact as to the reasonableness of the EUO requests. The Appellate Term reversed, holding that […]
Workers’ Comp Schedule Rating Plans Can Be Used to Increase or Reduce Premiums
By Donald T. Decarlo and Roger Thompson In 2017, of the 38 states where the National Council on Compensation Insurance (NCCI) -the insurance rating and data collection bureau specializing in workers’ compensation for the majority of states- made rate filings, 36 of those filings were for decreases; many of which were double digit decreases. […]
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Giving Forth: Insurers Lead National Effort for Social Well-Being
Insurance Industry Charitable Foundation Releases Millennial Ideas Summit White Paper. We prefer “Giving Forth” to “Giving back,” although they mean the same thing, charitable contribution by insurers to our society’s well-being in this case.
White and Griffin Honored
Charity is the topic of this issue and comes to our cover just as we receive notice that scholarships and financial aid awards, providing students the best academic opportunities available regardless of financial means, will be the subject of a dinner honoring two outstanding friends. The College of Mount Saint Vincent, long an organization that has […]
Court Rules that Insurance Agents Can Be Independent Contractors Instead of Employees
A United States federal court recently found that insurance agents working under independent contractor agreements for a major insurance company were employees for purposes of pursuing pension and other benefits under the Employee Retirement Income Security Act (“ERISA”). The court found that the insurance agents were properly classified as independent contractors. It recognized that the […]
The Advantages of Storytelling
Recently I have been taking a writing course and in the course they make the point that storytelling has been the most effective method of communication, forever. I believe the art of storytelling is extremely important in getting people to see and understand the need for insurance protection. Most people want to protect themselves, their […]
Getting the Hybrids on the Road
By Tony Laudato, Vice President, Partnership Solutions Hannover Re The continued decline of standalone long-term care policies seems inevitable, and the life insurance gap among Americans continues to widen. Hybrid policies offer an obvious solution, and are becoming increasingly popular – but the right approach will be needed for insurers to fully cast off their […]
Annuity Basics
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor υAs the baby boomer generation retires, and life expectancies increase, many have questions about whether they will have enough money to last throughout their golden years. Health care and nursing home costs can be substantial. In many cases, gone are the […]
Starr Insurance Companies’ Construction Team Wins Insurance Underwriting Team of the Year Award
New York, N.Y.—Starr Insurance Companies today announced that Starr’s construction experts received the Insurance Underwriting Team of the Year Award at Business Insurance’s U.S. Insurance Awards on March 21. Starr received the award for its September 2018 launch of Starr CIP Enterprise, a mono-line general liability construction wrap-up insurance policy sold through a small and […]
Court Grants PIANY and Big I NY Request in NYDFS Regulation 187 challenge
ALBANY, N.Y.—The New York State Supreme Court in Albany ruled in favor of a consolidation motion filed by the Professional Insurance Agents of New York State and Big I New York in the ongoing lawsuit over amendments to New York State Department of Financial Services (DFS) Insurance Regulation 187. The court granted a motion to […]
The New Normal in Claims Management
Random No Longer Rules: Premonition Analytics and the New Normal in Claims Management In just a few short years, big data and analytics have fundamentally shifted the way claims departments litigate claims. How are these technologies changing how experts assess risk in the courtroom? In the movies, plucky heroes are forever setting off to solicit […]
Liability Insurance and Gun Control
Imagine if gun owners in New York are legally required to carry liability insurance? Well, the New York State Senate seeks to impose this requirement by way of Senate Bill S2857A. In fact, if implemented into law, gun owners would be required to purchase one million dollars of liability insurance, and to continuously maintain such […]
Ignoring an Administrative Order is Expensive
1011 Fake Claims Results in more than $500,000 Penalty When a chiropractor is caught billing insurers for services not performed he should never fail to appear to defend himself at an administrative hearing. Of course, if he or she has no defense delay is possible but dangerous. In The Matter Of Proceedings By The Commissioner […]
Plaintiff’s 2001 Judgment Gets Paid with Compound Interest Despite 14 Year Delay in Enforcement
B.Z. Chiropractic, P.C. v Allstate Ins. Co. In this declaratory judgment action arising out of a No-Fault suit, the Court rules that plaintiff’s delay of 14 years in enforcing a judgment it obtained in 2001 does not toll the accumulation of interest at 2% per month, compounded, as per the Insurance Department regulations in effect […]
Doctor Robot for You, Real Doctor for Me
By Marilyn M. Singleton, M.D., J.D. A couple of years ago, computer programs, algorithms, and glorified Google searches were touted as the replacements for a physician’s analysis of a patient’s medical condition. Compressed medical research is quite useful for clinicians who are presented with novel situations and have no readily available colleagues with whom to […]
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60% of Drivers Who Use Marijuana in Legal States, Drive Under the Influence
Based on a survey of 811 drivers who use recreational marijuana in 10 recreational states and Washington D.C.
More drivers than ever are grappling with decisions about when it is — and isn’t — OK to drive after consuming marijuana, which is now legal for adults to use recreationally in 10 states and Washington, D.C.Laws and best practices for drivers who drink alcohol have been established by decades of science, but research on the effects of marijuana on driving is far more limited.
No Demographic Study, Thank You
If my guess is correct, most of our readers are late middle-aged or a bit younger, predominantly descendants of white European men and women, reasonably affluent, owners of agencies, other insurance-related enterprises, insurance attorneys or holders of important jobs in the field. In short, a great readership: at nearly 130 years of continuous publishing, the […]
How to Comply with the New Sexual Harassment Laws
Both New York State and New York City, in response to the #MeToo movement, have passed a series of complicated laws which have made it difficult for insurance industry executives to follow. Neighboring states have, or will soon have, similar laws. This article addresses what needs to be done to comply with BOTH New York […]
Letter From Martin Carus, former DFS Life Bureau Chief
Guest Author
Letter To The Editor
Dear Steve: Looking over the 3/11/19 issue, I came upon page 27 where Looking Back features the LICONY award to Bill Flynn. Brings back memories. I had just taken over the Life Bureau and Sal Curiale, the Superintendent at the time, lest we forget, called me and asked if I had a tux. I did […]
Understanding the Difference Between Extended and Manufacturer Warranties
By Tom Scott, Vice President of Business Development, Consumer Products at Fortegra Generally defined, a warranty is a contract between a company and a consumer in which it’s agreed that the company will replace or repair a consumer’s purchase if it breaks within a specific time period. Structured as such, all warranties basically point toward […]
Deloitte Study: Only 19 Percent of Business Leaders Say They are Ready to Lead the Social Enterprise – Despite Increased Importance
Organizations leading the social enterprise are moving beyond mission statements to help bring meaning back to the workplace and human identity back to the worker NEW YORK, N.Y.— Amid rapid technological, economic and social change, it is important for organizations to move beyond mission statements and social impact programs to put humans at the center […]
Insurance Brokers’ Association of NY Elects Justin Foa President
NEW YORK, NY—Justin Foa, CPCU, President and CEO of Foa & Son International Insurance Brokers (pictured right), has been elected to serve as president of the Insurance Brokers’ Association of the State of New York. Mr. Foa was elected to the Board of Directors in 2010, appointed to the Executive Committee in 2015 and sworn […]
Insurance Policies Must Be Read as They are Written
“Arise out of ” or “Relate in Any Way” People who write contracts with conditions requiring that one party provides insurance protection for another must be able to read and understand all of the terms, conditions and limitations of a policy of insurance. Failure to do so will usually result in litigation that is, more […]
Plaintiff’s 20-Year Delay in Enforcing Judgment Does Not Toll Interest
Berenblit v Aetna Cas. & Sur. Co. In this no-fault suit, plaintiff obtained a judgment on default in 1998. But it was not until 2017 that plaintiff sent the judgment to the marshal for enforcement. When defendant was served by the marshal, it moved to vacate the judgment. Civil Court did not vacate the judgment […]
No-Fault Insurer Need Not Justify its Demand for EUO
Bronx Chiropractic Care, P.C. v State Farm Ins. Appeal from an order of the Civil Court of the City of New York, Kings County (Devin P. Cohen, J.), entered December 16, 2016. The order granted defendant’s motion for summary judgment dismissing the complaint. Affirmed. In this action by a provider to recover assigned first-party no-fault […]
Hoaxes, Scams, and Your Medical Care
By Marilyn M. Singleton, M.D., J.D. Hoaxes and scams have been dominating the news lately. We have a marginally known actor faking a hate crime supposedly to raise his Hollywood profile. His attempt to claw his way to the middle could have resulted in race riots, injury, and death. His punishment? All charges dropped. The […]
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M&A is Hotter Than Ever Among Agencies
The Numbers Tell The Story
An eye-opening OPTIS Data announcement reports 151 announced insurance agency mergers and acquisitions during the first quarter of 2019, i.e. one more deal than was announced in Q1 2018.The data covers U.S. and Canadian agencies selling primarily property-and-casualty insurance, agencies selling both P&C and employee benefits, and those selling only employee benefits. The report breaks down buyers into four groups: private equity-backed/hybrid brokers, privately held brokers, publicly held brokers, and all others.
FinTech Draws High Achievers
Former Superintendent of the New York State Department of Financial Services (DFS), Maria T Vullo (pictured below), has joined the FinTech Innovation Lab New York as a Regulator-in-Residence. FinTech Innovation helps early—and growth—stage enterprise tech companies accelerate product and business development through engagement with top financial services and venture capital executives. In her three years […]
Higgins’ Initiative Takes Hold
AGENTS: LET’S GET IT “OUT THERE” NOW Ed Higgins of the Thousand Islands Agency has worn a lot of hats, almost all as a leader and advocate for independent agents, past President of Big I New York, an instructor and author of bright ideas for agents seeking to sustain their businesses, grow them and prosper […]
Saving the Insurance Consumer
Insurance consumers desperately need to be saved… Saved by those of us who care about their engagement with our industry. As the world has changed, more direct advertising to consumers is occurring in multiple media forums. Self-service engagement has been touted as having the advantage of an investment of “15 minutes or less.” Price is […]
Road Rage
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Aggressive driving, also known as road rage, is becoming an increasingly more common occurrence, and too often leads to accidents, injuries and even death. Most people probably do not realize that road rage accidents are often excluded from coverage under a […]
PIANY Presents Distinguished Insurance Service Award to Miret, Posthumously
GLENMONT, N.Y.—The Professional Insurance Agents of New York State, awarded Emilio Miret its Distinguished Insurance Service award, posthumously, at the association’s Long Island Regional Awareness Program, held May 1 at the Crest Hollow Country Club, Woodbury, N.Y. This award recognizes an individual who has established a history of service, dedicated leadership and attention to the […]
Thomas Named PIANY’s Long Island RAP Industry Professional of the Year
GLENMONT, N.Y.—The Professional Insurance Agents of New York State presented Maria Thomas with its Industry Professional of the Year award at the annual Long Island Regional Awareness Program. Thomas is vice president of Brokerage Sales & Client Relations for Friedlander Group. Thomas has worked in the insurance industry for 35 years, including both brokerage and […]
Ohio National Life Insurance Company’s Termination of Trail Commissions
The issue of termination of trail commissions has been a popular topic in insurance industry news since Ohio National Life Insurance Company terminated trail commissions. More specifically, by letter dated September 21, 2018, Ohio National wrote to various agents and broker-dealers “to provide notice of termination of any and all selling agreements” [effective December 12, […]
No Good Deed by an Insurer Goes Unpunished
Recommendation of Contractor by Insurer not Employment of Contractor I’ve been involved in insurance claims for more than 51 years and it is invariable that even when an insurer does everything required of it by a policy of insurance the person insured is seldom totally pleased, the person insured wants more than the policy promises, […]
Doctor’s Refusal to Disclose His Interest in Other Facilities Leads to Dismissal of Lawsuit
Queens-Roosevelt Med. Rehabilitation, P.C. v Response Ins. Co. In this no-fault lawsuit, the doctor who owned the plaintiff medical facility appeared for two EUOs, but refused to answer questions about other professional corporations he owned. The Appellate Term held that the insurer’s questions were valid, and based on the doctor’s non-cooperation, his lawsuit was dismissed.—LNR […]
Congress Should Prioritize Healing, Not Hypocrisy
By Marilyn M. Singleton, M.D., J.D. May is Mental Health Month and it should inspire us to think about family, community relationships, and our growing disconnectedness. It is not an invitation for Congress and other troublemakers to lose their collective minds. While folks of all colors and lifestyles are quietly living and working together and […]
Creating the Educated Consumer
What makes purchasing protection from an independent agent the best? Trust, choice and professional advice. Responsible insurance buyers want to work with someone they trust – who has their best interest at heart. That’s something you can’t get from a faceless, no personality online insurance provider and certainly not from artificial intelligence because trust is […]
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IMPACT: Life Insurance Bolsters State, Residents, Businesses
“The report we received today illustrates that New York’s life insurance companies are an economic pillar of New York,” said Mary A. Griffin, President and CEO of LICONY. “The state’s life industry offers valuable protections, invests in infrastructure and is a major employer. Despite these contributions, some of the data shows a lack of growth in the industry in the last 15 years. We urge policymakers to work with New York’s life industry to foster new growth and help us offer valuable life products in ways that appeal to the modern consumer.”
White, Griffin Honored at CMSV Gala
The College of Mount Saint Vincent hosted its Scholarship Tribute Dinner at Cipriani 25 Broadway on May 1—and in doing so, raised a record $580K, providing academic scholarship opportunities for students, regardless of economic background. This year, the College honored two individuals for their strength of character, leadership, business acumen, and devotion to the common […]
Is Your Employee Handbook Up-to-Date?
New York State insurance industry executives need to ensure that your Employee Handbooks and other policies are up-to-date with recent legislation mandating new requirements for New York employers. Are Your Anti-harassment Policies Up to Date? Both New York State and New York City enacted more stringent requirements related to sexual harassment prevention and training. While […]
2nd Annual Surplus Lines and Reinsurance Forum Returns to the ULC; Draws 100
The 2nd Annual Surplus Lines and Reinsurance Forum was held on Wednesday, May 22, 2019, at the historic Union League Club in New York City. This year’s event was cosponsored by ELANY, IFNY and Stroock & Stroock & Lavan. The event’s co-chairs, Francine L. Semaya, Esq., Board member of the Insurance Federation of New York, […]
The Four Corners Rule Strikes Again to Require Defense Not Owed
Careful Pleading Requires Defense When Evidence Does Not Courts like those in Florida that apply the four corners rule of insurance contract interpretation of the duty to defend allow a plaintiff’s lawyer to skillfully draw a complaint that will require the defendant’s insurer to defend even when it is clear from existing evidence that there […]
Playing Political Games Does Not Improve Patient Care
By Marilyn M. Singleton, M.D., J.D. Now that it is the political season where divisiveness rules the day, the bevy of President wannabes’ interest in maternal health is suspect. After all, none of them have joined the many maternal health advocates who praised the President for signing into law the Preventing Maternal Deaths Act which gives grants to […]
Denial’s Use of Non-Statutory Language Does Not Make it Invalid
Denial’s Use of Non-Statutory Language Does Not Make it Invalid Insurance Law 5106(c) pemits a de novo review of a No-Fault master arbitrator’s award over $5,000. In this case, Allstate appealed from an arbitration award to a medical provider on both medical necessity and fee schedule issues. Supreme Court ruled in favor of the provider […]
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Big I Confab Targets Five Key “Takeaways” for New York Agents
Big I New York brought together the independent agency community at Go Big 2019. This sold out event featured sessions on agency valuation and cybersecurity, a panel of carrier leaders, and an industry marketplace. Five key takeaways were pulled to share from this insightful day.
Mills Appointed; Lacewell Ties in New Staff
Congratulations to hard hitting Howard Mills as The Doctors Company, the nation’s largest physician-owned medical malpractice insurer, announces his appointment to its Board of Governors. Howard is the former global insurance regulatory leader of Deloitte, who served as superintendent of the New York State Insurance Department (now known as the Department of Financial Services) and […]
Why Belong?
As I celebrate 20 years with Big I New York I have been reflecting on who we are and our mission. Although the name has changed several times over the years we were always known as the Big I and it is great to see that is now how we are officially known. Regardless of […]
NYIA Navigates New York Regulations, “Waters” Ahead at Lake George Annual Conference
The New York Insurance Association was joined by over 200 insurance industry professionals in Bolton Landing, New York, for the group’s 2019 NYIA Annual Conference: Navigating New York Waters. The conference featured educational sessions on a variety of timely topics and included networking opportunities with industry experts, representatives from the New York State Department of […]
PIANJ Honors Capone as Company Person of the Year
ATLANTIC CITY.—Gary J. Capone, CPCU, ARM, vice president of field services for Franklin Mutual Insurance Co. in Branchville, N.J., was awarded the New Jersey Professional Insurance Agents Company Person of the Year at its Annual Conference held at Harrah’s Resort and Casino in Atlantic City, June 9-11. Nominated by PIA member agents, this award is […]
Harris to Receive Professional Agent of the Year from PIANJ
TRENTON, N.J.—Andrew Harris Jr., CIC, AAI, of Jackson Township, N.J., received the Professional Insurance Agents of New Jersey’s Professional Agent of the Year during the association’s annual business meeting on June 9 at Harrah’s in Atlantic City. Harris is president of Liberty Insurance Associates Inc., in Millstone Township, N.J. Active in PIANJ, Harris was elected […]
PIANJ to Give Starr Community Service Award
TRENTON, N.J.—Beth Starr received the Community Service Award from the Professional Insurance Agents of New Jersey at the association’s annual conference held June 9-11, at the Harrah’s Resort and Casino in Atlantic City. She is the Director of Corporate Partnerships for Special Olympics New Jersey in Lawrenceville, N.J. This citation is given in appreciation for […]
Why is it not Obvious that a Motocross Raceway is Not a Home?
Liability Policy Limited to Insured Residence Premises Houses are often homes. Not all houses are homes. Not all properties with a house are residences or residence premises. Insurance policies never cover every conceivable potential exposure the insured faces. By their terms the policy limits its exposure based on the requirements and needs of the insured […]
In de novo Proceeding, Attorney Fees are Fixed by Court, Not Regulation 68
Matter of Country-Wide Ins. Co. v TC Acupuncture P.C. Master arbitration awards in NY PIP may be reviewed de novo by a court. In such cases, the claimant’s attorney fees are not based on the limits in Regulation 68, but instead are determined by the court based on a “reasonableness” standard.— LNR Order, Supreme Court, […]
Free Medical Care: A Deal With the Devil?
by Marilyn M. Singleton, M.D., J.D. Listening to the campaign promises spewed out by the bevy of folks running for president brings the old but enduring story of Faust to mind. Despite being successful, Faust wanted more knowledge and possessions. To that end, he made a deal with Mephistopheles (aka the Devil) who promised to […]
Commingling of Funds
υAs recent New York State Department of Financial Services’ disciplinary actions show, several brokers have been the subject of disciplinary action for commingling funds insurance premium funds with business operating expense funds and/or using premium funds for personal expenses. Other related actions have involved insurance agents collecting premium payments and failing to timely remit such […]
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PIANJ/PIANY Take Over Atlantic City 80’s Style!
Agents, insurance professionals, and industry experts from New Jersey and New York came together for the PIANJ/PIANY Annual Conference June 9-11, 2019, at Harrah’s Casino Resort in Atlantic City, N.J. The event—a jam-packed two days—brought networking opportunities, a premier trade show and education sessions providing continuing-education credits—as well as a lot of fun for attendees while celebrating PIANJ/PIANY’s 80th anniversary.
And Now For the Good News…
But first…a neat coincidence on June 27th, the morning between the two Democrat candidates’ debates. Newly ensconced Supt. of the Department of Financial Services, Linda Lacewell, spoke before members of the Insurance Federation of New York (IFNY), presenting her agenda in some key areas. She was well received. The new Superintendent was straight forward about […]
Are Credit Checks Illegal?
Even seemingly neutral hiring criteria may inadvertently have an adverse effect on a protected group of people. Using credit histories when evaluating applicants for employment has come under the watchful eye of government agencies, because, among other things, it may have a disparate impact on certain minority job applicants. Insurance industry human resources executives should […]
Three Honored at IMUA 89th Annual Meeting
Tutera Receives IMUA Lifetime Achievement Award James Tutera (pictured left), known as the Dean of Builders Risk Insurance, was presented with IMUA’s Lifetime Achievement Award at the Association’s 89th Annual Meeting. John was one of three individuals recognized by the Inland Marine Underwriters Association (IMUA) at this year’s Annual Meeting. The others included Steve […]
Judge Richard Brown: Insurance Crime Fighter
By Gregory V. Serio When one thinks of a district attorney from New York City, the scene goes to any one of a number of celebrated crime stories from the City That Never Sleeps: murder, mayhem, and madness, it seems, trump virtually everything else. For anyone who ever tried to gain the attention of prosecutors […]
The Sharing Economy’s Impact on the Hospitality Industry
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The sharing economy has a significant impact on many industries, including traditional hotels. A Morgan Stanley report estimated that cannibalization of the hotel industry by such services as Airbnb was about 54% in 2018. Of particular concern is the popularity of […]
Robusto Honored by UJA
UJA-Federation of New York honored Dino E. Robusto, chairman and chief executive officer of CNA Financial Corporation, and John J. Haley, chief executive officer of Willis Towers Watson, at its General Insurance Annual Event on June 11, 2019 at The Pierre in New York City. Event chairs Carl Hess of Willis Towers Watson and Douglas […]
Money Can’t Buy You Health
by Jane M. Orient, M.D. “Healthcare” is supposed to be the big election issue, and politicians promise to give people universal and equal “healthcare,” or prevent the bad guys from taking it away. Everyone of course wants to be healthy, and a $3 trillion industry wants to keep the money flowing. So, I have a […]
Court of Appeals Holds that Control of Medical PC by Non-Physicians is Fraud in Itself
Non-Party Witness Pleading the Fifth May Be Used Against PC in Civil Trial Andrew Carothers, M.D., P.C. v Progressive Insurance Co. In this appeal from a jury verdict holding that a physician’s professional corporation was controlled by non-physicians, the Court of Appeals holds that (1) a finding that non-physicians were the real controllers of the […]
No Damage, No Case or Controversy, No Right to Sue in Federal Court
Assignee has no more Right to Sue than Assignor No fault insurance was designed to save insurers and insureds money by removing automobile accident damages from the tort law system. Like all seemingly good ideas the no fault insurance systems, like Florida’s PIP system, were victims of the law of unintended consequences. One of those […]
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AI Aims at Fraud
The Complete Guide to AI in Insurance Fraud Detection
By Kumar Patel, Founder and CEO of Omnidya.
The insurance industry is rapidly evolving. Emerging technologies are breathing new life into daily operations; and artificial intelligence (AI) has the singular potential to pervade every facet of insurance processes with advanced analytics, powerful predictions, and more robust risk management strategies.
Cuomo Call to Investigate Advertisers Use of Facebook Platform Points in Right Directions
Reasoning that Facebook’s advertising platform enables its advertisers to use personal data such as race, color, religion and a host of other characteristics to discriminate, New York Governor Andrew M. Cuomo called on the Department of Financial Services to investigate reports that state-regulated advertisers are using Facebook, Inc.’s advertising platform to discriminate against protected classes. […]
Failure to Comply with Wage Notice Provisions of New York Law Brings Steep Penalties
With the recent flurry of litigation surrounding the technicalities of complying with wage statement requirements, many insurance industry executives are taking the opportunity to review their compliance with wage statement and wage notification laws. The New York law is part of a growing trend to ensure greater wage transparency. Neighboring states are developing similar laws […]
Are SMB Independent Agencies Dead?
Will small to medium sized independent agencies suffer the same fate as dinosaurs – extinction? There are a number of folks out there predicting their demise. I’m not so sure they are accurate. The opportunity still exists for SMB agencies to be viable but it requires a serious change in structure and operation. Those agencies […]
Workplace Stress in a Nutshell
By Donald T. DeCarlo, Esq. Stress is commonly cited as the cause of an increasing number of workers compensation claims. What is stress? The word “stress” should be defined and the types of stress claims described before we focus on this workers compensation claims trend. Stress means response behavior that is unique and personal, with […]
The Morality of Life and Death and Doctors
By Marilyn M. Singleton, M.D., J.D. June has been a month of reflection on life, death, our values, and the greater good. We commemorated the 75th anniversary of the 1944 Normandy invasion (D-Day), which began the liberation of France from German occupation and turned the tide of World War II. In what must have been […]
Drivers with Poor Credit Pay Twice as Much for Car Insurance — Even With a Spotless Driving Record
How does your credit score affect the price of your car insurance rates? How does that vary by state? Based On A National Analysis Of 61 Million Car Insurance Rates Most consumers know that credit plays a big role in their finances, whether they’re applying for a credit card or considering a car or home […]
A Binder is an Insurance Contract
Once Coverage is Bound Cancellation Requires Compliance with Statutory Requirements Insurance agents and brokers like to write insurance business. They will often bend over backwards to collect a premium and place a policy. When an insured is offered coverage, accepts the coverage, even without payment, a binder (evidence of insurance to be issued in the […]
Storm In Progress Rule – Premises Liability
In this personal injury suit, plaintiff slipped on ice a few steps away from the entrance to a subway station. She sued the Transit Authority and an adjacent delicatessen. Both defendants moved for summary judgment based on the “storm in progress” rule as it was snowing at the time of the accident. Supreme Court denied […]
Title Agents: Bill S.2929A Revisits Regulation 208
Regulations implemented by the New York State Department of Financial Services (“DFS”) last year affecting the title insurance industry regarding “acceptable marketing expenses” are being challenged by proposed legislation in the New York State Senate. By way of background, Regulation 208 was implemented by DFS to combat the alleged “unscrupulous” behavior of title agents in […]
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MIDDLE MARKET: Chubb Identifies Clients’ Top Concerns
Together with the National Center for the Middle Market (NCMM), which is housed at The Ohio State University Fisher College of Business, Chubb has published a summary of findings from the Middle Market Indicator (MMI) report. The latest poll was conducted in the second quarter of 2019, and explores macro trends – both current and emerging – plus business risks within the middle market. The summary measures past and predicted revenue growth, employment growth, economic confidence levels and business investment.
“Cadillac Cash”
Way back when I did some boxing—I was a welterweight then—I learned the expression “Cadillac Cash.” It referred to the monies a new contender or champ would spend from his first real earnings on a new Cadillac. This was well before Mercedes invaded the US luxury market. The monies usually wound up being largely wasted, […]
Failure to Post Notices: Inflation Penalties Coming Your Way
υCongress has found another way to harass insurance industry employers by passing a new law called the “Federal Civil Penalties Inflation Adjustment Act.” It directs federal agencies to increase civil penalties for failure to post required notices of various discrimination laws in places where they are reasonably accessible by employees. As a result, fines have […]
Making Connections in a Connected World
The core principals of selling insurance protection haven’t really changed that much. The tools and speed with which it happens have changed as have the number and aggressiveness of competitors in the marketplace. What has changed for both young (and old) producers is prospecting for new clients. Today’s world of social media and the internet […]
Fire Prevention Starts in the Kitchen
Berkshire Hathaway GUARD Insurance Companies Announces Partnership with Auto-Out Automatic Stovetop Fire Suppressors WILKES-BARRE, PA—Kitchen fires are a common occurrence fueled by the combination of everyday distractions, hot kitchen stove burners, and the grease laden environment of the kitchen. According to the National Fire Protection Association, a home fire occurs every 88 seconds and cooking […]
Elany Congratulates Past Chairwoman Janet Pane on Insurance Business America Honor
ELANY Immediate Past Chairwoman Janet Pane has been named to Insurance Business America’s 2019 Elite Women list. Janet is Managing Director and Head of Global Services & Solutions for Willis Towers Watson. ELANY has benefitted from Janet’s extraordinary vision and energy since she joined its Board of Directors in 2009. Under Janet’s leadership, ELANY instituted […]
The Extended Impact of Opioid Abuse
Guest Author
Advertorial, MSO Inc.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Every day more than 130 people in the United States die from drug overdoses (www.drugabuse.gov). The opioid abuse problem is not limited to the abuser and their family. Opioid abuse impacts all of us, with estimated costs to the United States […]
Excess of Loss or Quota Share Reinsurance When Excess of Loss is the Better Bet
By Joe Chvasta, JD, CPCU Recently, I had the opportunity to compare claims scenarios of an excess of loss proposal with a quota share proposal for the liability coverage of our captive risk association. The results surprised me. Excess of loss is a form of non-proportional reinsurance in which the reinsurer indemnifies the ceding company […]
Maine Superintendent Cioppa Outlines NAIC Concerns
NAIC President Sets Agenda As the NAIC meeting opened in early August, Commissioner Eric Cioppa of Maine keynoted the important regulatory gathering. Here are his remarks. Kurt Vonnegut labeled New York City “Skyscaper National Park” in his novel Slapstick. New York is known for its many unique and beautiful tall buildings. It is also home […]
Insurer’s Actions So Wrong Court Finds Bad Faith as a Matter of Law
Summary Judgment Entered for Insured finding Insurer’s Conduct Tortious Bad Faith It is almost impossible to obtain a summary judgment finding an insurer acted in bad faith allowing an insured to recover tort damages. However, it is not impossible, and the facts stated by the court in Shawnee Tabernacle Church And Az Learning Day Care v. […]
The Latest Court Decision Striking Down Regulation 208 Is A For Title Insurers
On August 2, 2019, Honorable Eileen A. Rakower of the Supreme Court of the State of New York, New York County, resolved certain remaining causes of action concerning the title insurance industry’s challenge to the Department of Financial Services’ (“DFS”) Insurance Regulation 208 which affected marketing and advertising practices and certain premium rate cuts. By […]
Propaganda, Pandering, and Politics
By Marilyn M. Singleton, M.D., J.D. For the next one and a half years we will have to endure the hyperbole, apocalyptic predictions, fake outrage, half-truths, and frank lies of politicians. Some kind soul should take pity on us and pass out beans to put in our ears. Of course, we should expose ourselves to […]
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2019 U.S. Small Commercial Insurance Market: SMALL BUSINESSES “SATISFIED”
Small Business Commercial Insurance Customer Satisfaction Reaches All-Time High Thanks to Investments in Digital, Servicing and Product Expansion, J.D. Power Finds COSTA MESA, Calif.— Small business owners have never been more satisfied with their insurance providers, according to the J.D. Power 2019 U.S. Small Commercial Insurance StudySM released today. The all-time high satisfaction score of […]
Safest Cities in New York, 2019
Overall, New York fares very well in terms of safety compared to the rest of the nation: its violent crime rate is 24th lowest in the country, but the state is just 5th in property crime. New York’s individual cities fare very well on our Safety Index, which is a combination of FBI crime statistics […]
How Not to Get Sued by Your Employees in 2019
Train Your Managers It’s great to have an up to date employee handbook that puts your workforce on notice of your company’s policies and procedures, but training your management personnel is also essential. Managers must be trained on how to address employee absences and inquiries under the Family and Medical Leave Act, Americans with Disabilities […]
Telling the Real Story
There is so much misleading and incorrect information circulating in today’s world. You would think that wouldn’t be the case as the general population has gotten better educated and society has progressed from the days of the snake oil salesman. The truth is, the people who choose to manipulate and deceive have become much smarter […]
Sinkholes – Are They Covered?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Twenty percent of the land in the United States is susceptible to sinkholes, according to the United States Geological Survey (USGS). Sinkholes appear around the world, often without warning, causing nearly $300 million in damages each year. Helping clients understand the […]
DFS Addresses Insurers’ Discriminatory Practices With Respect to Certain Prescription Drug Use
The public health crisis in the United States in connection with opioids and drug overdoses has led to the New York State Department of Financial Services’ (“DFS”) issuance of Circular Letter No. 9 on September 6, 2019, directed at New York State life insurance and accident and health insures in regards to overdose reversal drugs […]
Next-Generation Solutions for Next-Generation Security Risks
By Kumar Patel, Founder and CEO of Omnidya In an increasingly digital age, the greatest risks to consumers are digital – with data breaches topping the list. Cyberattacks are launched on financial service companies 300 times more than companies in any other sector. In 2017, KPMG reported that at least 81% of healthcare and health […]
Intentional Acts, Domestic Abuse and False Imprisonment Excluded
No Excuse, No Coverage, for Intentional and Criminal Abusive Conduct Bad people do bad things. Forcing a woman to have an abortion; beating that woman, and imprisoning her while threatening to kill her mother, cut off her fingers and force her to act against her doctor’s recommendations are all intentional and abusive conduct that is […]
New York’s Timely Disclaimer Statute Does Not Apply to Foreign Risk Retention Groups, Holds Court of Appeals
Nadkos, Inc. v Preferred Contrs. Ins. Co. Risk Retention Group LLC The Court of Appeals holds that a foreign Risk Retention Group’s failure to timely disclaim coverage is not an “unfair business practice,” while its failure to timely disclose the details of its coverage, is. The Federal Risk Retention Group Act of 1986 pre-empts State […]
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AUW founder, Steve Menzies, Acquires Insurance Companies from Berkshire Hathaway in $920MM Transaction
Applied Underwriters, Inc. and its subsidiary North American Casualty Co. (“A” rated, A.M. Best), a group of diversified, national financial services companies, has been acquired by Applied’s founder, Steve Menzies, joined by the Quasha Group led by Quadrant Management. The transaction, valued at $920MM, included the buyout of all other shareholders including the 81% of the 25 year old Company’s stock held by Berkshire Hathaway Inc.
“The combination of strengths that our experience and our enterprises bring to Applied will foster robust organic growth, as has long been Steve Menzies’ approach in making Applied a national leader…”Vaping: A look at the health effects and insurance implications of Vaping
A look at the health effects and insurance implications of Vaping
The rise in vaping-related deaths and illnesses has ushered in a new awareness of the negative effects of electronic cigarettes or “e-cigarettes.”
Entering the market in the early 2000s, e-cigarettes gained global traction in 2014 and have steadily risen in popularity. Earlier this year, several people were hospitalized with a mysterious lung illness attributed to vaping and e-cigarettes. Since then, the numbers have risen steadily with the CDC reporting 805 confirmed cases of lung injury related to vaping. At the time of this article, 17 people have died due to vape-related illness. As a result of this, President Trump has pushed for a ban on certain flavored e-cigarette pods and cartridges. States have followed suit, calling for a temporary ban on these products. Although commonly viewed as a safer alternative to traditional cigarettes, we are now seeing some of the health consequences, and as more is understood about e-cigarettes, vaping, and Juul-ing”, we can expect changes in the health and life insurance industry.Letter from the Publisher
Dear Colleagues, Friends, As the new owners of Business Insurance (BI), we are pleased to communicate Beacon International Group Inc.’s commitment to sustain BI’s uncompromising standards in journalism and service to its readers. Our commitment is born of a deep respect for this critical business sector, one in which I have been involved personally for […]
In Memoriam: Art Marchiselli
It is with great sadness that we mourn the loss of a great friend and insurance advocate, Art Marchiselli (1935-2019). Artie was one of the founding members of NYACT and without his leadership NYACT would not be the organization it is today. His unwavering pursuit of uncovering insurance fraud and addressing auto theft has been […]
The Top Five Don’ts of Employee Handbooks
Haven’t updated that employee handbook in a while? Need to review it to make sure it is accurate? What policies actually need to be in a handbook? These are some of the questions that insurance industry executives regularly face – or at least should face – concerning their handbooks. In this day and age of […]
PIRP Online Programs’ Effectiveness is Disputed; Remedy Urged
Aspiring drivers who have never climbed behind the wheel no longer have to endure a classroom-based class before taking to the roads in New York because of a new pilot program signed into law Friday by Gov. Andrew Cuomo. But critics question the effectiveness of on-line substitutions for drivers education and point reduction programs, and […]
Weddings and Insurance
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Engagements and weddings mark significant changes in someone’s life, making it an ideal time for a review of your client’s insurance coverage. Approximately two million weddings occur in the United States each year. The average cost in 2018 was $24,723. Wedding […]
Despite Underwriting Loss, RRGs Report Financially Stable Results in Second Quarter 2019
A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to […]
PIANY Names Tomassi President
GLENMONT, N.Y.—John R. Tomassi, CPCU, of Clifton Park, N.Y., was named president of the Professional Insurance Agents of New York, at a meeting of the association’s board of directors today, at PIANY headquarters in Glenmont, N.Y. Tomassi is a partner in CLG Insurance in Clifton Park, N.Y. An active member of PIANY, Tomassi served as […]
Berkshire Offering Commercial Coverage in NJ
Berkshire Hathaway GUARD Insurance Companies recently added their Commercial Package product in New Jersey. This offering includes: Commercial Property with limits up to $120 million per location with an enhanced causes of loss form which includes built-in equipment breakdown and inland marine coverages as well as crime coverage; General Liability with base limits of $1 […]
Failure to Advise Insurer of Potential Claim Defeats Coverage
Lawyer Must Report All “Potential” Claims of Malpractice When Applying for E&O Insurance Almost all legal malpractice insurance policies issued in the last 40 years have been claims-made policies that only respond to claims made during the effective dates of the policy. As a result, insurers demand that when a lawyer applies for insurance he […]
Ramos a/a/o Benavides v The Hertz Corporation
U.S. District Court, D. Colorado, 2018 WL 4635972 (Notice of Appeal filed) This lawsuit arises out of a collision between an ordinary passenger car and a Hertz rental car. The Hertz car was being operated by a person with a revoked license, who had borrowed it from the named renter. The renter had declined […]
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Israel Bonds’ Insurance & Financial Services Division Honors Two Influential Industry Professionals
Development Corporation for Israel/Israel Bonds, the underwriter of debt securities issued by the State of Israel in the United States, held its annual Insurance and Financial Services Division Luncheon on Monday, October 28, 2019. Spanning over several decades, the annual event drew more than 200 industry professionals to the St. Regis Hotel in New York, […]
Richard Stewart Remembered
News that legendary former NYS Superintendent of Insurance Richard E. Stewart died at age 85 on October 13 was received with sadness across the industry. He was the Superintendent of the New York State Insurance Department from 1967 to 1971, and became a leader in insurance in the United States and recognized internationally. He initiated […]
Is Knowledge Really Power?
Sir Francis Bacon said “knowledge is power” and in the fast paced and constantly evolving world of insurance it is both a blessing and a curse. It’s a blessing because a knowledgeable and well-rounded independent agent can provide their client with excellent advice and counsel on how to properly protect themselves, their family and their […]
The Meaning of “Intent” in Insurance Law
by Gene Killian If you’re involved in the legal business for any length of time, every once in a while, you’ll come across a case in which the facts are so horrible, and the result so seemingly wrongheaded, that you can’t help but feel that our entire system has failed. A recent decision from the […]
Honoree Calls for Rejection of Cynicism Menzies Calls for “Advocacy Plus Personal Engagement to Make Financial Commitment Meaningful” in Address to Israel Bonds Luncheon
Mr Menzies Remarks: “Before I communicate my thoughts about the mission we are serving today, may I take a moment of personal indulgence to thank the many friends and colleagues here today and back in your offices, who poured out congratulations and best wishes to me over the past 10 days, since I acquired Applied […]
Protecting Children in Cyberspace
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The internet, or cyberspace, has changed our lives – offering real time access to information, education and entertainment. There are also potential dangers in cyberspace, especially for children, including cyberbullying and cyber predators. Helping clients assess the risks of cyberspace, as […]
The Life Insurance Council of New York Concludes Annual Meeting & Planning Conference
LICONY concluded the organization’s long-running Annual Meeting & Planning Conference on October 11th at The Otesaga Hotel and Resort in Cooperstown, NY. The three-day event from Oct. 2-4 was attended by over 130 participants including senior level executives, general counsels and governmental affairs professionals of the life insurance companies of New York. Participants attended content-rich […]
Larry Schiffer Named Dick Kennedy Award Recipient
MCLEAN, VA.—ARIAS•U.S. is proud to announce that Larry Schiffer, Partner, Squire Patton Boggs (US) LLP was named recipient of the newly named Dick Kennedy Award (previously the ARIAS-U.S. Award) for his service, hard work and commitment to ARIAS-U.S. Schiffer was recognized at the 2019 ARIAS-U.S. Fall Conference reception on October 3, 2019. Chairman Emeritus Dick […]
Assault & Battery Exclusion Prohibits Coverage for Defense
Shooting in Bar Injuring Eight Excluded Battery One summer night in 2015, gunshot blasts pulverized the sociable hum of a nightclub in Louisville, Kentucky. Somebody had brought a firearm into the bar, and the ensuing discharge of bullets struck eight people. Six of those people sued the nightclub’s owner, Cole’s Place, Inc. (“Cole’s Place”), in […]
NY Court of Appeals Holds Landlords Cannot Avoid Liability for Snow and Ice on Sidewalks
Xiang Fu He v Troon Mgt., Inc. 2019 NY Slip Op 07643 New York’s Court of Appeals reversed the Appellate Division and held that in New York City, out-of-possession landlords cannot avoid liability to persons injured on snowy or icy sidewalks by delegating responsibility to a tenant or snow removal company. Section 7-210 of the […]
Medical Costs Transparency: As Clear as Peanut Butter
by Marilyn M. Singleton, M.D., J.D. What if purchasing medical products and services were like buying peanut butter? Grocery stores have several brands and varieties: smooth, chunky, old-fashioned, natural, organic, no added sugar, reduced fat, no-stir, and pre-mixed with jelly with clearly marked prices ranging from $1.75 for the store’s generic brand to $7 for […]
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Piany Sets Metro Rap; Supt. Gets Gfin to NY; Big I Applauds Action
The Professional Insurance Agents of New York State (PIANY) will host its first Regional Awareness Program of 2020 on January 30th from 8 a.m.to 5:00 p.m in Manhattan called MetroRAP. More than 400 agents, company representatives, exhibitors and other insurance industry professionals from the greater New York metropolitan region and downstate New York are expected […]
Why NonProfits Need D&O Coverage
Guest Author
Advertorial, MSO Inc.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Directors’ and Officers’ coverage should be included in the insurance portfolio for most businesses. The coverage is sometimes overlooked for nonprofits. The nonprofit sector has undergone increased scrutiny in recent years, in part due to their favored tax status and for […]
Social Security No-Match Letters Are Back!
The Social Security Administration (SSA) has just resumed issuance of Employer Correction Request Notices, commonly referred to as “Social Security NoMatch Letters.” These letters are not as benign as they seem. The NoMatch Letters are being sent to businesses throughout the country that are identified as having a name and Social Security Number (SSN) combination […]
Affinity Insurance Brokerage: A Primer on Compensation to Unlicensed Parties
Guest Author
Attorneys' Notebook, Guest Article
By Bill Megna and Jim Burns of Genova, Burns, llc Affinity insurance brokerage, a sales model whereby an insurance producer gains access to potential insureds through a sponsoring organization, typically an unlicensed entity, is nothing new. Trade associations, fraternal societies and clubs of all sorts have for decades entered into arrangements with licensed insurance producers […]
IFNY Names Rebecca McLean Executive Director
Ms. Rebecca McLean (pictured) of Old Greenwich, Connecticut, has been named Executive Director of The Insurance Federation of New York, a 106-year-old nonprofit organization that serves the insurance field. She assumes the office on January 1, 2020. Since its inception in 1913, the Insurance Federation of New York, Inc. (IFNY) has earned broad-based distinction as […]
Insurance Criminals are Relentless Even After They are Jailed
Court Refuses to Allow Pro Se Plaintiff to Annoy Court Insurance criminals who are arrested and convicted of the crime of insurance fraud – a very rare occurrence – can’t believe that they must serve time in jail. As a result of the conviction they insist on filing multiple lawsuits – usually with no merit […]
“Great Wall” Breached: NY PIP Acupuncturist Fee Schedule Thrown Into Doubt
In New York PIP practice, health care providers are paid according to the Workers Compensation Fee Schedule. But not all kinds of treatment are covered by the Fee Schedule; one of those is acupuncture treatment performed by a licensed acupuncturist. The Fee Schedule has acupuncture rates for physicians and chiropractors (with the chiro rate being […]
Data Mining, Artificial Intelligence, and Angels of Death
By Marilyn M. Singleton, M.D., J.D. Google is universally well known as a search and advertising company. Now Google is tapping into the $3.5 trillion healthcare market. To compete with the Apple Watch, Google acquired FitBit, the wearable exercise, heart rate, and sleep tracking device. Data is king. Voluntarily worn fitness tracking devices are one […]
IICF Raises $1.14M at Benefit Dinner Honoring Markel Corp
The Insurance Industry Charitable Foundation (IICF), the insurance industry’s nonprofit organization dedicated to charity, raised $1.14 million at its 13th Annual Northeast Benefit Dinner, held in mid December in New York City. The event gathered more than 700 insurance professionals for an evening of networking and philanthropy designed to “give back” to the community by supporting nonprofits that serve the New York tri-state region. More than $9 million has been granted to local nonprofit and charitable organizations since 2007.
Starting From Scratch
Recently the question came up whether it was possible to successfully start an agency from scratch. I believe the answer is it is possible just not highly probable. The chances of someone with no previous experience successfully creating a viable insurance agency from scratch are miniscule and fraught with many roadblocks and issues. Having some […]
