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| December 2019 | ||||||||||||||
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Top 3 Articles
Welcome
From the Desk of the President & CEO
IIAV Member Resources
Monty Dise, President   
Holiday Travel Tools and Tips
Some people would call me a road warrior. I started traveling for business 25 years ago as I began speaking for, and consulting with, a wide variety of organizations across the country. In 2019, I took 38 trips to 52 different cities and was away from home 110 days. I guess that gives me the qualifications to know something about how to best survive travel.
State & National News
WASHINGTON, D.C. – The Independent Insurance Agents & Brokers of America (the Big “I”) thanks the U.S. Senate Committee on Banking, Housing and Urban Affairs for passing S. 2877, the “Terrorism Risk Insurance Program Reauthorization Act.”
“The scheduled expiration of the Terrorism Risk Insurance Program (TRIP) at the end of 2020 is approaching, and the Big ‘I’ applauds the Senate Banking Committee for taking action to extend the program on a long-term basis well before the scheduled expiration,” says Charles Symington, Big “I” senior vice president of external, industry and government affairs. “The Big ‘I’ especially wants to thank Senator Thom Tillis (R-North Carolina) and Senator Tina Smith (D-Minnesota) for introducing this important legislation. We would also like to thank Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) for recognizing the critical role that the program plays in the U.S. economy and for working so hard to build bipartisan consensus on the committee.”
RICHMOND – Although the Atlantic Hurricane season ended November 30, the State Corporation Commission’s (SCC) Bureau of Insurance reminds Virginians that it doesn’t take a hurricane to cause flooding. Heavy rains, saturated soil, melting snow and ice, broken dams and a lack of vegetation due to wildfires or other causes are just a few factors that can contribute to flooding.
A recent survey commissioned by the National Association of Insurance Commissioners (NAIC) found that about half of Americans don’t know that homeowners insurance does not cover damage or loss caused by a flood event. The survey, conducted online by The Harris Poll among more than 2,000 U.S. adults age 18 and older, found that 31 percent of Americans incorrectly think damage or loss caused by a flood event is covered by homeowners insurance and 21 percent are not sure if the damage or loss is covered.
On this installment of OnPoint with Peter van Aartrijk, InsurBanc CEO David Tralka talks about some basic do's and don'ts when it comes to borrowing. Borrowing can be a good business decision for agencies looking to expand. But which are the best bets? You may want to hire new producers, invest in technology, or buy a book of business or agency. These choices help ensure agency debt is productive and doesn't leave you over leveraged.
IIAV News
Due to changes in technology from paper files to virtual files and cloud computing, and changes in privacy laws due to the Gram Leach Bliley Act, HIPAA, the Patriot Act and its successors, federal and state specific laws regarding notifications necessary due to data breaches, individual state laws regarding document retention, and individual agency/carrier agreement requirements, a "one size fits all" method of document retention is no longer conducive to good business practice.
With the advent of digitized electronic documentation, the ability to store a vast amount of records in a relatively small electronic space has dramatically changed the ability to retain records. However, along with the ability to store documents electronically comes the vulnerability that people from outside your agency could obtain access to your records for purposes such as identity theft and corporate espionage.
As to insurance agents errors and omissions claims, the retention time period for agency file documentation that could relate to an E&O claim is simple: as long as possible. There are many factors that could have an effect on how long documents could be necessary to help in the defense of claim, including, but not limited to, statute of limitations or an extension of that limitation. At the same time the longer you retain such documents, the greater your exposure in the event of a data breach.
Each agency must determine for itself the time period for its documents to be retained based upon their location, type of business and all of the factors previously mentioned. We recommend that you consult with legal counsel in developing your agency's document retention policy
ALPHARETTA, GA – The Central Insurance Companies have announced the promotion of David Lee, CPCU, to vice president of the Southeast Regional Office, effective Nov. 25, 2019. Lee will replace Senior Vice President Keith Moore who retired on Nov. 22, 2019.
HARRISBURG, PA – The Millers Mutual Insurance (Millers) Board of Directors is pleased to announce the promotion of Jonah Mull, vice president of operations, to executive vice president/chief operating officer, effective Nov. 12, 2019.
WASHINGTON, D.C. – Each year, hundreds of unbelted passengers in the back seat of motor vehicles are killed in crashes. New federal data reveal that, in 2018 alone, 803 unrestrained rear seat passengers age eight and up lost their lives; more than 400 of them might be alive today had they fastened their seat belts. Riders in taxis and ride-hailing vehicles buckle up in the back less often than in private vehicles. In one public survey, only 57% of respondents who traveled mostly in hired vehicles reported always buckling up.
Upcoming Events
Each year, IIAV dedicates countless hours to advocating on behalf of the independent agency system. We're passionate about making sure that your voice is heard among those making laws for our state.
It's some of the most important work we do – and we do it well.
But we'd like to do even better. While we will always advocate for you, we can do so much more with you. We invite you to join us in this effort.
On Wednesday, February 5, 2020, we are teaming up with PIA to speak as one voice and we invite you to be a part of that effort. It's not hard to do, but it is powerful.
Education
IIAV is committed to be Virgina's leading insurance CE provider and we have new content planned for you in 2020! We will continue to provide courses for all agency staff no matter your experience level. Designation course are back in full force with the MLIS being taught in the classroom this year.
Check out all the 2020 has to offer here! Click learn more to see what's coming up for the first of the year.
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