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Industry Roundup: Vaccine Mandate Updates; Hidden Cyber Risk in US Property Insurance; 2021 State of the Commercial Insurance Marketplace

Administration's COVID-19 Vaccine Mandate for Large Employers Moves Closer to ApprovalThe Labor Department signaled that it is close to acting on President Biden's plan to require private-sector workers get Covid-19 vaccinations or be regularly tested, a move that has drawn a mixed reaction from larger and smaller companies.Hidden Cyber Risk in US Property Insurance Has $12.5 Billion Loss Potential A new study jointly conducted by CyberCube, AM Best and Aon has warned that cyber risk accumulating in the US property insurance market could lead to staggering losses of about $12.5 billion.Exploitable Application Flaws Increase Cyber RisksIn March 2021, Microsoft announced it had detected four vulnerabilities…

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What does it take to maintain an internal perpetuation plan at your agency?

Join us to find out! In this session, Reagan Consulting will address the best practices of agencies committed to internal perpetuation in 2021. When: Wednesday, November 3rd2:00pm - 2:45pm ETSpeaker: Tom Doran, Reagan ConsultingReagan Consulting’s research indicates that a vast majority of agencies intend to perpetuate ownership internally. Interestingly, the economics of remaining private can trump a sale to a third-party buyer, even at today’s lofty valuations. Although internal perpetuation remains a great and preferred option for most agencies, the marketplace has changed dramatically over the past 10 years. What worked a decade ago in terms of perpetuation planning and execution may no longer work today. Source

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New Continuing Ed Requirements Take Effect Nov. 12

​The New York State Department of Financial Services (DFS) has formally adopted a rule imposing new continuing education course requirements on insurance producers and adjusters. If your license is due to renew on or after next April 1, you must take the required coursework in order to renew. ​The regulation, which DFS first proposed last July, will take effect on Nov. 12 and applies to licenses renewing on and after April 1, 2022. An agent or broker will be unable to renew a license unless their 15 hours of continuing education include:At least one hour of courses on the provisions of New York insurance law and…

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