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| July 2022 | ||||||||||||||||||||||||||||
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Welcome
From the Desk of the President & CEO
 I know it sounds trite, but I can’t tell you how many times I’ve heard, “You get more out of being involved than what you put into it.” And yet it’s true, because I hear it over and over again. And why not — when you meet with high level professionals and hear their thoughts, issues and concern, you can’t help but get a lot out of the exchange.
State & National News
During the 2022 Session, the Virginia General Assembly enacted House Bill 1121 (2022 Acts of Assembly, Chapter 690) and Senate Bill 692 (2022 Acts of Assembly, Chapter 689), which permit a qualifying pass-through entity (“PTE”) to make an annual election to pay an elective income tax at a rate of 5.75 percent at the entity level.
IIAV News
While summer evokes different thoughts for everyone, it stands out as a unique and anticipated time of the year. Summer also means different things from workplace to workplace. Some companies allow a relaxed pace during the summer months while others are full-steam-ahead since it’s their peak season.
The IIAV 124th Annual Convention concluded last week with the presentation of the Golden Eagle Award to Tyler Hancock of the Ford & Thomas Insurance Agency in Richmond, and Chris Swain with Progressive as the Company Person of the Year.
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing, “Reauthorization of the National Flood Insurance Program: Protecting Communities from Flood Risk."
As a Big "I" member, you have exclusive access to the Big "I" Flood program with endorsed carrier Selective. When writing your flood book of business through Selective, your agency can access a host of program features.
Q: Do I have to pay non-exempt employees for a holiday if we are closed? Or a special rate If they work?
Cyber insurance can help offset costs of some common cyber risks, like data breaches or ransomware. But cyber risks are growing and cyberattacks targeting critical infrastructure — like utilities or financial services — could affect entire systems and result in catastrophic financial loss.
Any banker who’s lived through a few business cycles will tell you it’s nearly impossible to predict interest rate movements. According to data from the Federal Reserve Bank of St. Louis, the prime rate has changed 348 times since 1955. Over that 67-year period, the prime rate has dipped as low as 3.25% and risen as high as 21.5%.
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