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| January 2024 | ||||||||||||||||
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Welcome
State & National News
IIABA
ACORD has maintained a complete library of industry-specific forms for 50 years. Big I Kentucky members with annual property & casualty gross revenue of less than $50 million receive a complimentary license to use ACORD forms. But this must be renewed annually.
The Virginia Mercury
Research indicates that speed cameras are associated with a 20-25% reduction in fatalities and serious injuries. Counterarguments against speed cameras are easily dismissed when compared to their life-saving advantages. The surge in highway fatalities, with a 77% increase in pedestrian deaths across the U.S. in the past decade, underscores the urgent need for measures like speed cameras. Photo by Michał Jakubowski on Unsplash
IIABA Government Affairs
The Corporate Transparency Act (CTA), which was passed as part of the National Defense Authorization Act in 2021, contains a provision that creates a new federal reporting requirement for most small businesses. The CTA will go into effect on Jan. 1, 2024.
This new burdensome requirement was originally meant to cover nearly all small businesses, including insurance agents. However, the Big “I" was successful in securing an exemption for independent agents and brokers by showing that insurance producers already provide this beneficial ownership information to state regulators and that the additional burden of providing it to the federal government would be duplicative and unnecessary.
The Workplace Advisors
Congratulations!! Your company has grown, business is booming, and you have hired more employees to help you meet the new demand. Not every company is able to say they are having that success. Did you know… As you add employees, the number of employment regulations your company falls under changes as well. So, while you are managing additional payroll, scheduling, and benefit responsibilities, be sure to keep these laws and their regulatory obligations in mind.
Food For Thought
Q: Our power went out midway through our regular shift. We waited a couple of hours to see if it would come back on but eventually sent our employees home for the day. How much time do we need to pay them?
A: FLSA outlines a few factors in determining how much an employee needs to be paid for a partial day's work when, as in this case, their inability to work is not due to their personal need for time off.
IIABA, Independent Agent magazine
New survey from Trusted Choice reveals consumer uncertainty, recent behavior on insurance coverage Trusted Choice released the results of a recently conducted survey that found an overwhelming 69.3% of Americans have put their insurance policies under review, with nearly half (45.8%) citing rising premiums as the catalyst. The survey also found that one-third of Americans are unaware of the external economic factors that affect insurance rates. As premiums increase, Americans are reviewing their insurance policies and evaluating their options. As many as 46% of Americans have considered or have already taken a higher deductible to save money on insurance while 22% have considered going uninsured to save money. Also, a majority (83%) would switch insurance providers for lower premiums, while 59% would switch for better coverage. The study was conducted as the first piece of a larger consumer-facing campaign to elevate awareness of Trusted Choice independent agents in the consumer marketplace. IIAV News
Anna brings over two decades of experience in the insurance and financial industry. She began her career at the suggestion of her local insurance agent. Over the years she’s held various positions to include P&C claims clerk, adjuster, manager, and training professional. Anna’s training experience involves leadership, technical skills, and customer service. Employee empowerment through coaching is her area of specialty. Anna has deep personal roots in Virginia and looks forward to working with the entire IIAV membership. Agency Membership Dues to the Independent Insurance Agents of Virginia and Independent Insurance Agents & Brokers of America (IIABA) are not deductible as a charitable contribution but may be deductible as an ordinary and necessary business expense. To the extent that IIAV and IIABA engage in lobbying, the portion of the membership dues that relate to lobbying expenses is not deductible as an ordinary and necessary business expense. This law was enacted in 1993, effective Jan. 1, 1994 [Section 13222 of the Omnibus Budget Reconciliation Act of 1993 (OBRA 1993)]. The non-deductible portion of Big “I” dues that are not deductible for 2023 is 18%.
If you’re wondering about attending the Insurance Day on the Hill….give this some thought. Think of yourself as an educator. There’s not a sole person at the legislature who understands insurance more than you do and that’s especially the case for the Delegates and Senators. We’ll give you information on the bills that we’re concerned about. You are visiting with YOUR Delegate and Senator and based on your meeting, you may decide to vote for them again….or not. If you have never participated in this event, don't worry! If possible we’ll put together some of the attendees as teams so you’re not going at it alone, but make sure you make a appointment with your legislator or aide so you can get your message across. Here's how to contact them! Pre-registration for Insurance Day on the Hill is requested. Register Now!
Mark your calendar for June 24, 2024 and we’ll “see you at the beach.”
Press Releases
Marion businessman Dennis L. Jennings has been elected to the board of directors of The Bank of Marion, board Chair Charles C. “Charlie” Clark recently announced. “We are pleased to welcome Dennis to our board,” Clark said. “We have worked with him closely over the years and have found him to be very accomplished and knowledgeable in many areas of business. He will certainly be an asset to our board.”
PRNewswire / The Hilb Group, LLC
The Hilb Group has announced the appointment Amanda Harm as Vice President, Carrier Relations and Insurance Strategy. In this role, Harm will report to Hilb Group Chief Operating Officer Jason Angus, and will focus on expanding opportunities for clients and new agency partners. 
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Anna McEachern joins Independent Insurance Agents of Virginia, taking over the position of Director of Professional Development and Events Management. She will address member’s professional development needs through oversight of its education programs and association events. Anna will engage with association members to help them grow and develop in their career. She will represent IIAV’s education foundation Virginia Association of Insurance Agents (VIVA) working with various community-based organizations to focus on the promotion of insurance as a career path and provide basic insurance literacy information. Additionally, Anna will be involved in planning the Annual Convention, Young Professional Agents’ Conference, and Insurance Agents’ Day on the Hill.
Join us on Feb. 7 to help us advocate for the interests of independent agents in Virginia! Meet us at the Downtown Richman Omni Hotel for a breakfast and briefing at 8:00 am. We'll review the issues and arm you with what you need to have a good dialog with your legislators. 
Manley is recognized as an award-winning international keynote speaker, business leader, and author whose work has been featured on NBC, CBS, ABC, and Fox, and in The New York Daily News, Entrepreneur, American Express Open Forum and World News. During Manley’s eleven years with Build-A-Bear Workshop, his leadership direction helped take the revolutionary retail concept from 40 stores to over 400 worldwide, realizing revenue growth from 55 million to over 474 million, and a successful IPO on the NYSE. He built an award-winning reputation for implementing business solutions and support that produced measurable results every day. Manley’s leadership influence contributed to a workplace culture that landed Build-A-Bear on the FORTUNE 100 Best Companies to Work For® List four years in a row.
