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ACORD Changes Flood Insurance Forms

​Photo by Sue Thompson​. Used under a Creative Commons Attribution-No Derivatives 2.0 license​. Insurance standards setting organization ACORD has announced revisions to two of its published forms pertaining to flood insurance. You should plan on using the new editions starting in December. ACORD is treating both as new forms due to the number of changes.​ACORD 301 (2022/12), National Flood Insurance Program - Flood Insurance Application, replaces the 2015/04 edition. It is designed to work with the NFIP's Risk Rating 2.0: Equity In ACTION rating methodology, introduced last year. ACORD 304 (2022/12), NFIP - Flood Insurance Cancellation/Nullification​, replaces the 2018/08 edition. It is designed to work with the policy cancellation…

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​ Draft Amendments to Cybersecurity Amendments Announced; Big I NY to Submit Comments

​What Happened:On July 29th, the NYSDFS released a pre-proposed draft of forthcoming amendments to 23 NYCRR 500, New York's sweeping cyber regulation. The DFS proposes a wide range of changes to the regulation, including but not limited to:Require covered entities to strictly limit the number of “privileged accounts", aka those able to perform security-relevant functionsMore specific requirements for entity risk assessments, required annually and when there is a material change to risk, as opposed to “periodically."Possibly requiring employees of covered entities to develop their own third-party service provider policies. We have requested clarification on this as it would have troubling implications for individual agents.Expand the…

Continue Reading​ Draft Amendments to Cybersecurity Amendments Announced; Big I NY to Submit Comments

Industry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued

Most Connected Car Drivers Aren't Unlocking Premium Discounts with DataOver 70% of drivers are interested in using connected car data for insurance discounts, but less than a quarter do.Chubb Breaks Records In Q2 EarningsIt was a record-breaking quarter for Chubb, the world's largest publicly traded property & casualty insurance company, which released its second quarter earning.​Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022According to the latest Ivans Index report, workers' compensation was the only major commercial line to see a negative change.New York Begins $30M Program to Help Municipalities Boost Cybersecurity EffortsNew York State is beginning a $30 million…

Continue ReadingIndustry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued