A Reminder – As of 01-01-2019, the maximum wage for an active officer included on a workers' compensation policy for businesses that operate in the State of Connecticut, has stayed at $2,600 per week, same as last years' maximum, per active officer.
The minimum payroll for an active officer has stayed the same at $1,300 per week.
The fixed amount to include for either covered partners or sole proprietors has decreased to $67,500, from last year's minimum of $68,300.
PAYROLL LIMITATION RULES - STATE OF CONNECTICUT
WORKERS' COMPENSATION – IN EFFECT AS OF 01-01-19
Not covered unless they opt in. Fixed Amount is $67,500.
Automatic coverage, if one opts out all must opt out.
Fixed amount is $67,500, per partner, per year.
Automatic coverage may elect exclusion.
Maximum salary $ 135,200 per year. Minimum wage is $ 67,600 per year.
LLC'S SINGLE MEMBER
Treated for coverage, like an individual.
Treated for premium, like a Corporate Officer.
LLC'S MULTI MEMBER
Treated like an officer, automatic coverage, may elect exclusion.
GENERAL LIABILITY – IN EFFECT 01-01-19
Included at fixed amount of $10,400
Included at fixed amount of $10,400 per partner.
Included at actual wage subject to a maximum of $15,600 per year, Minimum of $5,200 per year.
Treated like Corporate Officers.
Treated like Partners.
WASHINGTON.C., December 22, 2018 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I") today released the following statement from Charles Symington, Big “I" senior vice president of external, industry and government affairs on the National Flood Insurance Program (NFIP) extension through May 31, 2019.
“The Big 'I' thanks Congress for passing legislation to extend the NFIP into next year. And we thank the President for quickly signing the legislation to avoid a lapse. Since expiring in September 2017, the NFIP has unfortunately seen multiple stop-gap extensions as Congress debated program reforms. While the need to reform the NFIP is pressing, it is necessary to extend the program to provide stability to the millions of policyholders who rely on it, and to allow the 116th Congress time to build consensus on program reforms. The Big 'I' looks forward to continuing to work with Congress and the administration to support a long-term reauthorization of a modernized program that would increase take-up rates for flood insurance both in the NFIP and in the private market in 2019."
Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products.
It is crunch time for YOUR political action committee – InsurPac! With a newly divided Congress, a new Chairwoman of our primary committee for independent agents & brokers, dozens of new members of Congress that need education on independent agents, an important legislative agenda for independent agents, and more, it is imperative that every single Big I member contribute to your PAC.
Check out this new video on InsurPac. Please distribute it as you talk to your agency employees and colleagues about the need to support their PAC.
Online contributions can be made at www.insurpac.com/form or we can take checks payable to “InsurPac" – personal, LLC or partnership checks are accepted.
December 31 is the deadline for reporting purposes! We need a robust InsurPac to ensure YOUR voice is heard, and understood, on Capitol Hill!
We were so happy to meet the wish kid we sponsored through Make-A-Wish at the IIAC Mid-Year Convention! She traveled to a safari and was able to see animals in their natural habitats. We are proud to partner with Make-A-Wish to help make children's wishes come true!
If you have not yet registered for the new RLI portal please email email@example.com and request a re-generated invite. Once received an email will be sent from firstname.lastname@example.org. Please follow the instructions in this email. The invitation is time sensitive and will expire if not used within 30 days. Upon registering, you will be able to log in at https://myportal.rlicorp.com. Please replace any old bookmarks or favorites with the new portal.
All sub-agents will need a username and password for the RLI site to check policy status, quote and print any forms you may need. Quoting outside the RLI program is no longer possible. RLI has made many improvements to their program but being able to sign into the program is a must to take advantage of these improvements.
Please forward this post to anyone in your office who will need to quote RLI or who processes policies.
Please contact me directly if you run into any issues.
Rose Mullaly | CT RLI Program Manager
Phone: 860-563-6510 | Fax: 860-257-9981
Property & Casualty Pre-Licensing – Class Start Dates: January 8, 2019 – Wethersfield;
Instructor – Barbara Spear, CIC
This course is taught by a highly qualified and professional instructor. Program combines the FREEDOM OF HOMESTUDY with reinforcement of EIGHT DAYS of classroom instruction. Course will cover the following topics while preparing students for the state's examination: Basics (including insurance terms), Introduction to Property (Dwelling, Property Forms, Floaters, Homeowners), Automobile, Workers Compensation, Crime and Bonds, Commercial Insurance (Comprehensive General Liability, Commercial Property Policy, Business Auto, Garage Liability), Law and Ethics. Fee includes (provided all requirements are fulfilled): All study materials and quizzes, Certificate of completion required by the Connection Insurance Department and Pre-Registration for License Exam.
IIAC will allow students to retake pre-licensing courses free of charge for up to one-year from date of completion. If course manual changes during this time, student will be responsible for cost of an updated manual.
Class Fee: $600 Members / Associate Members $925 Non-Members
AAI 81-A – Principles of Insurance – January 24, 2019 - Wethersfield
Instructor – Barbara Spear, CIC
Course is one of nine segments required for the AAI designation. Program is recommended for all insurance production Personnel in any distribution system. It is particularly recommended for those individuals who deal directly with the insurance buying public. Program is designed to acquaint the producer, account executive or customer service representatives with the major coverage's, which generate 90% of most agency's premium volume. Recommended also for those who supervise producer or field representatives and for non-production employees who wish to begin careers in production or who have direct contact with clients. This program is for the advanced P&C individual and entails a commitment with substantial homework that will prepare the candidate for the National Exam. AAI 81-A Principles of Insurance will provide an overview of the insurance business including principles, nature and organization as well as legal issues, risk management and insurance sales and account development.
Class Fee: $175 Members / Associate Members $215 Non-Members
ACSR #1 – Homeowners Insurance – January 31, 2019 – Wethersfield
Instructor – Barbara Spear, CIC
Increase value to your agency with a strong understanding of the property and liability coverages that properly protect your customers.
Topics that will be covered are Homeowners Policy Components and Property Coverages; Additional Coverages, Perils, Exclusions, and Conditions; Liability Coverages and Conditions; and Endorsements. Course is one of five modules required to obtain the Personal Lines ACSR designation.
An exam will be administered at the end of the class to those students working toward their ACSR designation.
Class Fee: $85 Members / Associate Members $105 Non-Members
To sign up, please visit our education page.
HARTFORD, Conn., Dec. 6, 2018 – The Travelers Companies, Inc. (NYSE: TRV) today announced it has established the Travelers Benefit Program — a $5 million fund to assist customers in repairing homes with crumbling foundations in northeast Connecticut. The matter stems from concrete contaminated by the mineral pyrrhotite, which can cause foundations to deteriorate over time.
To help homeowners with the repair costs associated with pyrrhotite-related damage, the state recently created the Connecticut Foundations Solutions Indemnity Company (CFSIC). As some repairs may cost more than the CFSIC will cover, Travelers created the fund to provide additional financial support for its customers.
“Since this problem emerged, we have been committed to finding a solution that will assist our customers dealing with this unfortunate and complex issue," said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “We appreciate the support from Governor Malloy and Attorney General Jepsen, and we collectively believe this fund will provide a significant measure of relief to affected homeowners."
Beginning Feb. 15, 2019, eligible Travelers customers whose repair costs exceed the benefit provided by the CFSIC will be able to enroll in the Travelers Benefit Program. The program will provide current customers up to $25,000 and former customers up to $10,000, subject to program terms.
“Travelers has taken the lead in helping its customers with the financial burden that comes with making the significant repairs associated with pyrrhotite-related damage," said Katharine Wade, Commissioner, Connecticut Department of Insurance. “We applaud Travelers for its efforts and appreciate the company's partnership in working to identify an outcome for Connecticut homeowners and developing a model for other insurance carriers to follow."
To learn more about the Travelers Benefit Program, its eligibility requirements and how to apply for assistance, please visit www.travelers.com/ctconcretefund or contact Travelers at 1.800.527.2416.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017. For more information, visit www.travelers.com.
January is an exciting time of “new" plans where we start off with a clean slate and an open vision of the year ahead. In the world of people management or talent development, it is the perfect time to re-evaluate and set your strategy for the year ahead.
“The time to repair the roof is when the sun is shining."
[State of the Union Address January 11 1962]"
― John F. Kennedy
In our leadership programs, we are often asked about the following four areas: Culture, Remote and Flexible Working Arrangements, Training and Coaches and Mentors. There are many more areas not included in this article such as compensation, incentives and performance reviews. Let's start with these four:
- Can you describe your company's culture to someone?
- Does your website portray your company's brand?
- Are employees proud to work at the company?
- How many refer talent?
- Have you checked GlassDoor lately?
- When was your last employee survey? Were you pleased with the ratings?
- What did you implement in 2018? Was it successful?
- What changes would you like to make?
2. Remote and Flexible Working Arrangements:
- Did you know that 3.9 million American workers now work-from-home at least one day a week? How does your company line-up?
- Did you know that flexible work arrangements have proven to increase employee satisfaction and retention?
- Is there a way to offer employees an opportunity to work from home based on need or frequency?
- Do you have guidelines in place?
- What's your 2019 Flexible Work Arrangement Plan?
3. Training – in-house/outside/employee driven
- Do you have a training strategy?
- Did you know that online training is the fastest growing learning solution offered to employees today? It's affordable, flexible and requires no travel.
- How can you help your managers create performance growth plans incorporating learning and education solutions?
4. Coaches and mentors
- In a nationwide Deloitte survey of 1500 employees reported that the relationship between an employee and his direct supervisor is one of the top three drivers of employee engagement. Plus, 77% of companies that have a mentoring program indicate that it improved both employee retention and job performance.
- What does your orientation/new hire program look like? Do you have a mentoring program attached to it?
- What do you have in place to save/retain your top talent?
- Have you trained your supervisors to coach?
Someone once said – “just start somewhere." Well, if you at least ask yourself the questions above about the four topics, perhaps there are one or two new initiatives you wish to map into your 2019 plan.
Visit our Education tab for our latest training offerings!
Based on consistent input from proactive requests, and feedback from our October ACT Meeting, we will be starting an ACT 'API' Work Group. You've likely heard this acronym bandied about quite often recently – stands for "Application Programming Interface."
Since this is such a wide-ranging subject, we'll use the first couple web meetings to define the scope of APIs in our industry, what we want to achieve, how the industry could/should work together, REST vs SOAP, etc.
If you are interested in participating in this new API work group, simply click here to let me know and I'll add you to our roster. We'll also be looking for two co-chairs for the group. If you're passionate about this subject, just let me know. You don't have to be an expert – I'll admit I'm not.
One point of view: "Your job is either above the API, or below the API. The difference is: above the API you tell the software what to do, below the API the software tells you what to do."
Questions? There'll be a lot, but this promises to be great discussion. Thanks for considering adding your voice to the discussion!
ACT Executive Director
The frenzied pace of merger and acquisition activity on both the carrier and agency sides and the pros, cons and unintended consequences of comparative rating systems were among the topics discussed during an executive panel at the midyear convention of the Independent Insurance Agents.
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