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January 20, 2010
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| In this Issue
• Paterson Stuffs Proposed Budget with Plenty of Insurance-related Items
• Agents, IIABNY, Big 'I' Put in Writing Objections to Proposed Disclosure Regulation
• Big 'I,' Health Associations Send Letter to Congress with Recommendations
• Capital Event Features Opportunity to Connect with Colleagues, Legislators
• IIABNY Now Offers Insurance Institutes' INS Certificate Program
• IIABA Provides Sample Letter for Insureds about Proof of Insurance for Lenders
• Apply Now for the Dan Fulwider Award
• Don't Miss a Single Issue! Renew Your IA Magazine Subscription
• Tips You Can Use: Properly Protect Your Manufactured Home
| Hot Links Local Events | Education Calendar | E&O Reports |Capitol Reports | The Situation Room | Technology
Word on the Street Podcast | Ask Tim Podcast
| Paterson Stuffs Proposed Budget with Plenty of Insurance-related Items
Gov. David Paterson presented his Executive Budget yesterday. The proposal, which contains the following insurance-related provisions, raises taxes by $1 billion and cuts spending by $5.5 billion, according to some estimates. IIABNY’s legislative office will continue to review in greater detail the budget bills that include these provisions and will provide a more detailed update in the next issue of Capitol Report. Health Care Assessments and Surcharges
Assessments and surcharges totaling $240.2 million on an all-funds basis in 2010-11 would be levied to support health care investments. This includes: increasing the hospital assessment from 0.35 percent to 0.75 percent; increasing the gross assessment on home care and personal care provider revenue from 0.35 percent to 0.7 percent; increasing the nursing home assessment from 6 percent to 7 percent; expanding the HCRA surcharge on services performed in hospitals to surgical and radiological services provided in private ambulatory surgery centers, physicians’ offices and urgent care settings; requiring prior approval of health insurance rate changes; requiring insurance companies to pay legitimate claims for early intervention services; reducing the funding for state subsidy payments for mental health coverage (Timothy’s Law) provided as part of employee health insurance by firms with 50 or fewer employees; reforming Medicaid reimbursement of long term care services; and reforming the Elderly Pharmaceutical Insurance Coverage program.
Owner-Controlled Insurance
The Metropolitan Transportation Authority would be allowed to extend owner-controlled insurance to bus facility and bridge contractors, saving the MTA $500,000 annually. Workers’ Compensation Insurance
Highlights include: collecting surplus funds from workers' compensation insurance carriers; and protecting injured workers' benefits and ensuring that employers who participate in self-insured groups and group administrators fully meet their future fiscal responsibilities
Accident Reporting Threshold
The reportable threshold for property damage resulting from a motor vehicle accident would be increased from $1,000 to $3,000, and redundant reports from motorists involved in motor vehicle accidents would be eliminated. | | | Top of page | | | Agents, IIABNY, Big 'I' Put in Writing Objections to Proposed Disclosure Regulation
IIABNY thanks its members who expressed their views directly to the state Insurance Department before the department’s deadline last week for receiving comments on its proposed producer compensation disclosure regulation. Members should also know that IIABNY and IIABA submitted their formal comments that explain the issues and problems the associations believe will be created by the proposal if it is enacted in its current form. You can read IIABNY and IIABA's comments, which are posted online. With the end of the 45-day comment period, the Insurance Department can formally adopt the proposed regulation as is, make revisions or withdraw it entirely. If the final rule will be substantially different from the proposed rule, the department would be required to file a "Notice of Revised Rulemaking" and accept public comment for at least another 30 days. If adopted without significant changes, the Insurance Department must file the full text of the rule with the Department of State. At the same time, a "Notice of Adoption" would be published in the State Register. Final implementation could be anywhere from four to six months according to the department. In December, IIABNY announced its intent in a letter to state Insurance Superintendent James Wrynn to take legal action if the proposed regulation is adopted without significant changes. To keep informed and follow the developments of this critical issue, go to the "Producer Comp Updates" page on the IIABNY Web site. | | | Top of page | | | Big 'I,' Health Associations Send Letter to Congress with Recommendations
IIABA recently joined forces with other associations that represent insurance agents and brokers in a letter to every member of the U.S. Senate and House of Representatives outlining the producer industry’s priorities for congressional negotiations of the comprehensive health care reform bills. Congressional negotiators are expected to reach a final compromise in the near future. As soon as an agreement is reached, the revised bill will be sent to the House for a simple majority vote and then to the Senate where Democratic leadership will once again need 60 votes to fend off a filibuster from Republicans. Pending passage from both chambers, likely in mid to late-February, the bill will be sent to the president for his signature and then become law. The letter focuses on the harmful consequences of minimum medical loss ratio requirements for insurance companies, structure of the new health insurance exchanges (state vs. federal exchanges) and the important role of agents and brokers in the reformed health insurance marketplace. In addition to the Big "I," the letter was signed by the National Association of Health Underwriters, Council of Insurance Agents and Brokers and National Association of Insurance and Financial Advisors. Collectively, these groups represent more than 500,000 professional health insurance advisors, agents, brokers, consultants and employee benefit specialists. This letter is part of their joint continuing efforts, as a coalition called the Health Insurance & Broker Alliance, to send a loud message to Congress about the important role of agents and brokers in the sale and delivery of health insurance. Read the full text of the letter, which is posted online. | | | Top of page | | | Capital Event Features Opportunity to Connect with Colleagues, Legislators
Albany in February? Why would anyone make that trip? There would have to be a really good reason to go, and there is! Here are three good reasons. Connect with other IIABNY members to improve your skills and the effectiveness of your agency. Connect with legislators and educate them on the important issues that affect your agency and the clients you represent. Connect with old friends and make some new ones at the cocktail reception and dinner.
Not one, not two but three good reasons to attend the Capital Event and L Day on Feb. 8 and Feb. 9. Take the opportunity to improve your skills by attending one of the two professional seminars being offered at 2:30 on Feb. 8. Both seminars offering cutting edge information provided by industry recognized experts in their field. Join Patrick T. Linnert, EVP of Corporate Development at MarshBerry as he presents Produce or Perish: Producer Goal Setting, Compensation and Accountability to Drive New Business Sales. or Join Web 2.0 Social Media expert Rick Morgan of Rick Morgan Consulting as he presents From Apps to Tweets: Best Practices for Using Social Media to Increase Sales. Both of these 2½-hour, non-continuing education credit seminars are guaranteed to offer current and practical information that you can implement in your agency to increase sales. Then, take the time to connect with Michael Barrett, IIABNY’s legislative representative at 5:15 p.m. for a briefing on the critical legislative issues that affect your agency and clients. After attending the briefing, you’ll be ready and able to educate your legislators on what changes are needed and why. A cocktail reception, which follows at 6 p.m., and dinner at 7 p.m. offer the opportunity to connect with other IIABNY members, company representatives and association staff to review and reflect on the day’s events and your common problems and concerns. But it’s also a time for celebration and entertainment! Join us in acknowledging industry leaders during the awards ceremony. Renew old friendships and make new ones. Show your gaming prowess, and share some laughs by playing Wii Sports on the big screen! On Feb. 9, join us in the Albany Capital building where you can have breakfast with your legislator and fill them in on the issues impacting your agency and clients. Our breakfast buffet will run from 8 a.m. to 10 a.m. in the meeting room called the Egg. For those of you who have attended in the past, this is the same room in which we previously had lunch. After breakfast continue to connect with your legislators and discuss issues by visiting legislators in their office. Then, depart for home between noon and 2:30 p.m., depending on your schedule with legislators. Need more convincing or information? Check out who was at last year's Capital Event, then join us for the 2010 Capital Event. | | | Top of page | | | IIABNY Now Offers Insurance Institutes' INS Certificate Program
The Insurance Institute of America and IIABNY have partnered to offer the INS Program in General Insurance in classrooms across New York state. This new approach divides course content into smaller, more manageable segments with an exam at the end of the nine seminars. Each seminar is presented by professional instructors in a classroom format. INS is an introductory-level course recommended for those employed in all functional areas of property-casualty insurance, including managers and customer service representatives, as well as call center and administrative staff. The course is divided into three segments: INS 21: Property and Liability Insurance principles; INS 22: Personal Insurance; and INS 23: Commercial Insurance. We recommend taking INS 21 first. As an added incentive, AAI 81 will be waived if you pursue the AAI designation after earning the INS Certificate in General Insurance. INS 21 – Segment C – Contracts, Loss Exposures & Risk Management will be offered starting Feb. 10 in Ronkonkoma and Feb. 11 in Garden City. The course, which will be led by instructor Jeanne Prill, is approved for seven continuing education credits for PC, BR, C3 and PA licenses, plus one additional credit for passing the optional exam. We recommend that you register and pre-order your course book now if you intend to take the exam. | | | Top of page | | | IIABA Provides Sample Letter for Insureds about Proof of Insurance for Lenders
Producers around the country have reported that some mortgage lenders have rejected the latest editions of ACORD’s evidence of insurance forms for property coverage. The IIABA legal staff has posted on its Web site a letter for producers to give to clients when this problem arises. The letter explains why the producer is unable to use prior editions of ACORD forms and offers the current editions along with an insurance binder as an alternative. The letter is in Microsoft Word format, allowing member agencies to copy and paste it onto agency letterhead. To download the letter, go to the Legal Advocacy section of the IIABA Web site (user ID and password required for login), click on the "Industry Issues" button on the left and look for the section of the page labeled "Certificates of Insurance," where you will find "Proving Proof of Insurance Coverage to Your Lender: ACORD Forms 27 and 28." On a related matter, IIABNY has reached out to the New York Bankers Association to resolve complaints we’ve received about lenders requiring borrowers to provide binders before the lenders set the closing dates. Those efforts are ongoing; we will report future developments as they occur. | | | Top of page | | | Apply Now for the Dan Fulwider Award
Dan Fulwider was the government affairs coordinator and membership liaison for IIA of Iowa and was a huge supporter of Trusted Choice®. According to IIABA, he was also a warm and caring young man whose dedication to his community and the causes he believed in inspired all who knew him. Fulwider passed away last year after a valiant fight with cancer and, in recognition of his community involvement, Trusted Choice has established an annual award of $2,500 for the selected agency to donate to a charity of its choice. More information and guidelines, including an application, are available online. The completed application and any supporting materials are due by Feb. 1. The award will be presented at the 2010 Big "I" Legislative Conference & Convention, scheduled March 3 through March 5 at the Marriott Wardman Park in Washington, D.C. For more information, e-mail Kevin Brandt or Jenner Gohr or call (800) 221-7917. | | | Top of page | | | Don't Miss a Single Issue! Renew Your IA Magazine Subscription
Don’t miss out on one of the biggest perks of being a Big "I" member: a free subscription to the independent insurance industry’s most-read publication, Independent Agent magazine. To renew your subscription, go online or mail in the renewal form that’s attached to the front of this month’s edition of IA. If you have questions or need assistance, e-mail Jill Cosgrove. | | | Top of page | | | Tips You Can Use: Properly Protect Your Manufactured Home
The following insurance tips are from the International Risk Management Institute’s Personal Lines Pilot newsletter. You may use them on your Web site or in client communications subject to IRMI’s license terms. Manufactured homes offer great bargains for many consumers due to a much lower price as compared to site-built homes. And some independent appraisals are now confirming that these homes can appreciate in value just like other forms of housing. Manufactured homes, however, can often pose higher chances of loss from a variety of perils, such as fire and windstorm. This is where safety and sound loss control practices come into play. The following are some fire loss control tips to consider for your manufactured home. Don't overload electrical outlets. Manufactured home fires are caused by problems in the electrical system twice as frequently as in site-built homes. Protect yourself by monitoring your electrical use. When one powerful electrical appliance is in use, for example a microwave, keep the use of others to a minimum. Make sure you have an adequate number of smoke alarms and regularly check the batteries. You should have a smoke detector in each part of the home in which people will be sleeping. Contact a licensed technician to inspect your furnace at least once a year. The blower and filters should also be regularly cleaned to prevent overheating. Make sure that your wiring and appliances are maintained in good working order. Faulty wiring is one of the leading causes of manufactured home fires. If you have a natural gas or liquid propane line coming into your home, make sure you know where the shutoff valve is and how to operate it. Verify that your lot is clearly marked since the fire department will need to be able to see the numbers on your home in case a fire or other emergency occurs.
Other perils to consider are windstorms and tornadoes since manufactured homes are particularly susceptible to high winds. The following are some wind-related loss control tips to consider for your manufactured home. If you don't already have one, consider installing a longitudinal tie-down system at the front and rear of your home. These systems rely less on ground anchors; they also reduce the effects of corrosion and rust on wind uplift resistance. Replace straps or ground anchors that are loose or ones that show signs of rust or corrosion. You should also check for proper installation of ground anchors and stabilizer plates. Install sliding storm shutters on all windows. Prior to severe weather, get together with the other residents at your manufactured home park and your park owner/manager to designate a safe shelter area in the park or community. When severe weather threatens, go quickly to this designated site.
Copyright 2010
International Risk Management Institute, Inc.
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