Industry News

​Government funding measure extends TRIA, NFIP and repeals the 'Cadillac tax.' WASHINGTON, D.C., December 19, 2019— The Independent Insurance Agents & Brokers of America (the Big “I") applauds the U.S. Senate for passing legislation that would reauthorize the Terrorism Risk Insurance Act (TRIA), extend the National Flood Insurance Program (NFIP) and repeal the Affordable Care Act's “Cadillac tax," all as part of government funding legislation. “The Big 'I' would like to thank the U.S. Senate for closing out the year with great news for independent agents," says Bob Rusbuldt, Big “I" president & CEO. “We are grateful that the passage of government funding legislation included…

​The Big "I" and ACORD are launching a new Big "I" member benefit. Starting Jan. 1, 2020, Big "I" members with an annual property & casualty gross revenue of less than $50 million will receive a complimentary license to use ACORD forms.  On Jan. 1, 2020, ACORD will begin charging all ACORD forms users an end-user license fee (EUL), which includes agents, brokers and carriers. Currently, most agents access ACORD forms via their agency management systems or other ACORD-authorized third-party forms redistributors. ​ The Big “I" has negotiated an agreement with ACORD where the Big “I" will cover the cost of the EUL when accessing the forms…

​Some employers may mistakenly believe that they are not required to pay certain employees at the overtime rate for hours worked in excess of 40 per week. While the federal Fair Labor Standards Act generally applies to the question of whether an employee is exempt or non-exempt from requirements such as overtime pay, New York State Labor regulations set a different standard. Big I New York members should verify that they are meeting the state requirements. Effective December 31, 2019, employees whose duties may exempt them from the overtime pay requirement are exempt only if their wages are at or above the following levels: In New…