Industry News

​Some in Congre​​ss Push for Delay of Risk Rating 2.0In recent months, several members of Congress have expressed concern with FEMA's implementation of Risk Rating 2.0, and in some cases have gone so far as to push for a delay of the program's implementation. Risk Rating 2.0 is FEMA's new pricing methodology for the National Flood Insurance Program (NFIP). It is currently scheduled to be implemented starting on Oct. 1 for new policies and for those seeking to renew policies that will see lower rates under Risk Rating 2.0. It will be implemented for all other renewals starting in April 2022.Autonomous Vehicles: When Will They…

​The New York State Department of Financial Services has proposed a new regulation that would, for the first time, require insurance agents and brokers to take courses on specific topics to meet their continuing education (CE) obligations. If adopted, the new requirements would take effect next April.The proposed regulation​ does not increase the number of CE hours producers must take from the current 15 per two-year license period. That number is set by state law​ and cannot be changed without action by the state legislature and the governor. Instead, the regulation would require producers to include in those 15 hours:At least one hour of courses on…

​HOW DIGITAL INSURANCE​​ TOOLS AFFECT GENERATIONAL BRAND LOYALTYThe use of digital tools in the insurance industry lags behind similar fields. Although more people are digitally managing their insurance policies, there's still room for improvement, particularly among younger generations. While nearly 60% of 18- to 39-year-olds use mobile apps for banking, less than one-third use these apps to manage their insurance.VOLKSWAGEN HIT BY DATA BREACH - O​​VER 3.3 MILLION US AND CANADA CUSTOMERS' DATA EXPOSEDVolkswagen has warned customers that one of its vendors was recently affected by a data breach which potentially exposed the information of some 3.3 million customers in the US and Canada.Customer data…