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Nov 07
DFS Stepping Up Enforcement of New Auto Business Notification Requirement:
by  Scott Hobson on 11/7/2019 4:33 PM
​imageRecently, the NYS Department of Financial Services informed representatives of the insurance industry that the Department will significantly step up enforcement of the requirement that carriers notify DMV of new auto insurance business (NBS) within seven days of the issuance of the policy. The DFS’s position can best be characterized as “zero tolerance” for late reporting.
 
Big I NY, along with insurance carriers and their trade associations, have been regularly engaged with DMV and DFS regarding NBS compliance over the past several years. The DFS’s aggressive enforcement posture marks a significant development which will have impacts across New York’s auto insurance space.  
 
At this stage, it is unclear what actions carriers will take and how independent agents and brokers will be affected. While the NBS reporting requirement applies solely to carriers, all parties in the insurance transaction (agents, brokers, dealers, carriers, etc.) have a role to play in ensuring notice is provided to DMV. We are currently working with members of the insurance industry to identify solutions to improving compliance.
 
Our principal objectives are to protect our members’ ability to provide their customers with the best and most responsive service, and ensure that independent agents are not unfairly disadvantaged with respect to captive and direct writers.
 
We will keep our members apprised of any developments in this emerging issue. In the immediate term, we recommend the following:

  • Carefully review your agency’s practices and procedures to ensure that notice of new business is being provided to carriers with as little delay as possible.
  • ​Check the binding authority requirements on your carrier contracts and make sure that your staff is aware of the requirements as well. It’s not uncommon to have the binding authority section stipulate that binding of coverage needs to be reported within a specific number of days. 
  • If an insured receives a notice from the DMV that there is a lapse in their insurance (through the IIES system), an agent can go into the DMV site and enter the insurance information on behalf of the insured. It’s simple (the agent only needs a copy of the notice received by the insured from the DMV) and the agent can use their own email address so that they get the confirming email as proof.  What this does is to trigger the DMV-IIES to go back to the carrier that currently provides the coverage. This particularly helpful if the carrier is not being responsive to the issue.


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Nov 05
Upcoming Flood Insurance Webinars for Agents
by  Jennifer Lindacher on 11/5/2019 3:15 PM

​

Upcoming Flood Insurance Webinars for Agents

Presented by the National Flood Insurance Program

November 2019 - Register Now!
(Capacity is Limited)

Key Fundamentals of Flood Insurance for Agents
Parts One and Two​

Please register for both parts of this webinar.

Part One: November 13 - 10:00 AM - 12:00 PM CST - REGISTER
Part Two: November 14 - 10:00 AM - 12:00 PM CST - REGISTER

Insurance agent continuing education course approval and credits vary by state. CLICK HERE for information about your state. 

Can't attend these sessions? Watch for more opportunities soon.

 

TWO-PART KEY FUNDAMENTALS WEBINAR

This webinar is a two-part course on the National Flood Insurance Program. It includes the topics listed in the Federal Register notice on training and education requirements related to Section 207 of the Flood Insurance Reform Act of 2004, otherwise known as FIRA 2004.

It brings participants the latest information on reform legislation impacting the NFIP as it reviews the key elements that insurance agents need to know about the NFIP and how it works. It also discusses many of the federal flood program's general rules as well as some more advanced topics. For more information visit our Key Fundamentals of Flood Insurance overview.

Attendees must complete both sessions in order to cover all topics required by the Flood Insurance Reform Act (FIRA) of 2004.

REGISTRATION INFORMATION

To register, please use the links above. These webinars are FREE to attend, but spaces are limited so please register early.

Can't attend these sessions? NFIP Training conducts webinars on flood insurance topics regularly. Watch for more upcoming opportunities. If you are not a subscriber to NFIP agent training bulletins, please sign up here.

CONTINUING EDUCATION CREDITS

Insurance agent continuing education course approval and credits vary by state. Click Here for information about your state. Some states (e.g. California, Illinois, Michigan, Oklahoma, Utah and Virginia) require that both parts of the course be successfully completed in the same offering to receive any credit hours.

Currently, there are no CE credits available in Puerto Rico, Guam or the Virgin Islands.

Both parts of the course must be completed to meet the FIRA 2004 training requirement. Periodic learning checks will be conducted to measure attendee engagement. Learning checks must be completed by each registered attendee to earn CE credit. Only registered attendees are eligible to receive CE credits. No exam is required. As the course provider, we will collect agents' license numbers for the purpose of roster submissions.

State Mandatory Notifications:

Colorado - This two-part course is approved by the Colorado Division of Insurance for Continuing Insurance Education Credit.

Connecticut - Approved by the State of Connecticut Insurance Department for insurance producer continuing education credit.

Florida - Each part of this course has been approved by the Florida Department of Financial Services for insurance continuing education credit.  FL Provider: H2O Partners, Inc. (#365883); Course: Key Fundamentals of Flood Insurance for Agents - Part 1 (Webinar) (#106200); Course: Key Fundamentals of Flood Insurance for Agents - Part 2 (Webinar) (#106202).

New Mexico - This course has been approved by the Insurance Continuing Education Committee as a New Mexico Insurance Continuing Education Course.

South Carolina - This course is approved by the South Carolina Department of Insurance for Continuing Insurance Education Credit.

 

Questions? Contact Aaron Montanez at: producer@h2opartnersusa.com 


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Nov 04
On Mary's Mind - Until We Meet Again
by  Jennifer Lindacher on 11/4/2019 12:26 PM

​By Mary Byrnes​, AAI-M, AU​, Education Department

On the eve of my last day with Big I New York rapidly approaching on November 7th, it seemed like the perfect opportunity to leave you with one last challenge.

Thinking back on a few decades in insurance, it has come to mind how truly blessed I have been to have been mentored by some wonderful people.  Perhaps you might have known them.

Bill Caryl of Caryl & Murray (RIP)-This was my first agency position.  Whether it was asking to take the brokers licensing course, take the AAI course series, try my hand at sales, or whatever, Bill was not only on board, but when I came into the office and said, “Guess what I learned?", he didn't roll his eyes wondering if I thought he was born yesterday.  He was so encouraging.  For those of you that might have known Bill, I'm sure that you remember him as fondly as I do.  He helped set me on a path that will never be forgotten.

Tom Kowalczyk, CPCU, Unigard Insurance Company-Tom was an insurance brain and the Commercial Underwriting Manager in the Syracuse office.  As an underwriter, I'd stick my head in his office and say “Does this form cover….?"  His response, “Did you read the form?  Come back in when you have."  He also figured me out pretty quickly, if he told me that I might not be able to do something, I'd make it my mission to show him that I'd figure it out.  In the 10 years that we worked together, I learned so much because he challenged me. 

Lastly, Jim Tompkins of First Niagara Risk Management (RIP) was a wonderful mentor and an even better friend.  We worked on a few accounts together that were so challenging and interesting.  Both of us just loved the whole process of insurance so we fed off each other.  Co-workers would say that I was so lucky to work with him and they were right. 

These people had such an impact on me, they each changed the course of how I saw the industry and to see the potential in what I could do.  Many of you have played these same roles with people that you have worked with, please know that you are appreciated and as you can see from the memories above, you will never be forgotten.  My challenge to you, it to keep being a great mentor and for those who have been mentored to pay it forward.  The rewards to both the mentor and the mentee are worth it.

It is so exciting to start this next chapter.  I'm going to try joining my husband in retirement, he's loving it, so it's likely we'll enjoy it together.

Thank you for joining me in this column, your feedback has been overwhelming.  Every conversation about it and your take on some of the topics covered were very much enjoyed and appreciated.​

It has been so awesome to get to know so many of you. The emails and notes that you have sent to me since learning of my new adventure are so kind and I am truly grateful.  Best wishes to you all.​

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