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 […]
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 […]
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 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.
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 […]
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 […]
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 […]
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 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 […]
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 […]
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