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November 2024 | ||||||||||||||||||||||||
Welcome
IIAV Member Resources
We have heard from a number of agents, asking for more information on the CTA and what, if anything is required for them to be compliant when the reporting period takes effect. Many small businesses in the United States will have to report information about their beneficial owners, essentially the individuals who ultimately own or control the business. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. As originally crafted, insurance agents were included in this reporting requirement. However, the Big “I" was successful in securing an exemption for independent agents and brokers by successfully arguing 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 Big “I" was the only producer group that advocated on behalf of agents and brokers to exclude them from this new onerous requirement. When FinCEN released their final rule, they adopted the insurance-producer exemption, and specifically noted that they were persuaded by the argument that the Big “I” made.
Photo by Hunters Race on UnsplashSince 1993 the Best Practices Study has examined top performing agencies across the country. For these agencies, inclusion provides the prestigious status of "Best Practices Agency" and opens the doors to many benefits. The opportunity to be a part of process takes place every three years when the Big "I" and Reagan Consulting request agency nominations from state associations and company partners for a new group of agencies to be appointed and a part of the Best Practices research.
- Indicate your interest via self-nomination form.
- Visit the Best Practices Gateway for a list of supporting company partners, program history and study archives.
State & National News
The U.S. District Court for the Eastern District of Texas just issued its ruling invalidating the entirety of the Department of Labor’s (DOL) overtime rule. As you’ll recall, this rule was finalized in April and updated the minimum annual salary threshold that determines overtime pay eligibility under the Fair Labor Standards Act (FLSA).
In light of Judge Jordan’s ruling, the minimum salary threshold is once again set to $35,568, and the threshold for highly compensated employees is set to $107,432.
DOL may appeal the decision to the 5th Circuit, but a new DOL in two months under the Trump administration will almost certainly abandon its defense of the rule. This does not prevent the DOL under a Trump administration from issuing a rule at some point, updating the salary thresholds (to a lesser extent), which was done under the first Trump administration.
Photo by Suzi Kim on UnsplashMember Note: IIAV would be interested in hearing your thoughts on the insurance implications of this action. Send to rbradshaw@iiav.com. We will publish in the next issue of the Virginia Big I e-newsletter.
A former employee of a propane supplier has been charged in the death of a volunteer firefighter who died while responding to a house explosion in Sterling, Virginia in February, officials said this week. Roger Bentley was indicted Monday on charges of involuntary manslaughter and unlawful release of hazardous materials, Loudoun County Fire and Rescue said in a statement.
Photo by Courtney Wentz on UnsplashFood For Thought
By Mell Tull
The New York Department of Financial Services (DFS) recently issued guidance addressing the cybersecurity risks associated with artificial intelligence (AI) and strategies to combat those risks. Even if you do not do business in New York, this guidance is informative for insurance agents to understand how AI impacts cybersecurity and what strategies can be employed to mitigate these risks. Here’s what insurance agents need to know about the guidance and how to prepare for these evolving threats. Feedback is more than just a performance review tool; it's a gateway to foster communication and trust within an organization. Offering insights into both strengths and areas for improvement can empower employees to enhance their performance and reach their full potential. When managers provide thoughtful, supportive feedback aimed at helping team members improve their work performance, they not only elevate morale but also strengthen team relationships.
Agency Focus
Whether or not a sale is on the horizon, knowing the financial health and value of your agency is vital for every agency owner. For many, the current M&A environment is causing agency owners to contemplate whether now is the right time to buy or sell. Knowing your agency’s value is one of the best ways to prepare for opportunities that may arise either grow by acquisition or to potentially sell. IIAV News
On behalf of IIAV, we would like to extend our heartfelt thanks and recognition to our valued partners for their outstanding support throughout 2024. Their commitment to our mission has been instrumental in helping us provide our members with the resources, education, and advocacy. With their partnership, we’ve been able to enhance the benefits of our membership program, allowing us to provide even more value to independent agents. The IIAV Partner Program demonstrates the ongoing engagement with our association and the commitment to supporting the independent agent community. Through their involvement, they gain greater visibility while also showcasing their dedication to the success and sustainability of the independent insurance industry. This program is designed to highlight and celebrate our most engaged and impactful members. We deeply appreciate our partners’ support and look forward to continuing our partnership in the years ahead.
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