PIA of Louisiana's 72nd Annual Convention
July 25-28, 2015 • Perdido Beach Resort
Orange Beach, AL
 
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Rates Declining for Louisiana Workers' Compensation
Insurance for Second Successive Year

Commissioner of Insurance Jim Donelon announced that rates for workers' compensation insurance will decrease in Louisiana effective May 1, 2015. Commissioner Donelon recently approved a 2.4 percent decrease in workers' compensation loss costs submitted by the National Council on Compensation Insurance (NCCI). NCCI is a national organization which analyzes workers' compensation data and files loss costs or rates in 35 states.

Most workers' compensation carriers in Louisiana use the NCCI annual loss cost filing to formulate their insurance rates. This loss cost reduction marks a cumulative drop of 37 percent since 2006 and a 56 percent drop since 1995.

"Companies today are paying half as much for the same coverage as they were 20 years ago, and about one-third as much as they were paying just ten years ago," said Commissioner Donelon. "While many states are seeing their workers' compensation costs going down, we are also seeing some states with increasing rates. We are pleased that Louisiana businesses are seeing a second successive year of declining loss costs that are coming as the result of fewer and less severe workplace injuries."

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PIA Praises House Passage of Long-term
TRIA Renewal

Bill Renews Terrorism Insurance Program for Six Years; NARAB II Included in Bipartisan Bill

The National Association of Professional Insurance Agents (PIA) praised the U.S. House of Representatives for passing bipartisan legislation that extends the Terrorism Risk Insurance Act (TRIA) for six years and includes other provisions that benefit Main Street insurance agents.

Following weeks of intense negotiations, the House passed the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244) by a vote of 417-7. PIA calls on the Senate to pass the bill without delay.

"PIA commends the House's passage of a long-term TRIA extension in which everybody wins," said PIA National Executive Vice President & CEO Mike Becker. "Insurance consumers, professional insurance agents, businesses across the country and our national security will all be strengthened and better protected by the renewal of our nation's terrorism insurance program."

"Members had an important job to do and they came together and got the job done," Becker said.

The bill provides much of what PIA has been advocating throughout the year, beginning with a long-term reauthorization of the program. While the trigger for the federal backstop in the event of a terrorist attack will be raised from the current $100 million, its level is limited to an increase of $20 million each year starting in 2016, eventually bringing it to $200 million by 2020. The bill would also raise the federal government's mandatory recoupment from $27.5 billion to $37.5 billion in $2 billion annual increases.

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Upcoming PIA Events
01/07/2015 -- New Orleans Chapter Meeting

01/20/2015 -- Acadiana Chapter Meeting

01/21/2015 -- 1752 Club Annual Meeting

01/22/2015 -- Yips 2015 Annual Winter Conference

01/23/2015 -- Yips 2015 Annual Winter Conference

01/24/2015 -- Yips 2015 Annual Winter Conference

02/03/2015 -- North Shore Chapter Meeting

02/05/2015 -- CISR Personal Lines Misc.
(Lafayette)

02/06/2015 -- CISR Personal Lines Misc.
(Shreveport)

02/10/2015 -- Acadiana Chapter Meeting



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Virtual Exhibit Hall


Check out our
Virtual Exhibit Hall



Senate Poised to Consider TRIA Renewal, Obstacles Remain

Over the weekend, the U.S. Senate reached agreement and passed a sweeping $1.1 trillion spending bill Saturday night to fund most of the federal government through the next fiscal year. That was the biggest item remaining on the Senate's agenda – but not the only one.

Still to be acted upon is legislation to renew the Terrorism Risk Insurance Act (TRIA) (S. 2244 ). The House passed the bill last week. It's not clear when the Senate may take it up. Senators are expected to consider a number of executive branch appointments, some of which are drawing opposition from Republicans, who are still in the minority in the waning days of the Democratic-controlled Senate.

Sen. Tom Coburn (R-Okla.) has placed a hold on the bill. Coburn objects to some of the bill's provisions establishing the National Association of Registered Agents and Brokers (NARAB II). Specifically, the Oklahoma Republican wants the bill to allow states to have the option to opt-out of NARAB if their state legislature determines it is not in that state's best interest. "If NARAB is as popular as proponents say that it is, no state will ever opt-out," Coburn said.

PIA supports both a long-term reauthorization of TRIA and the establishment of NARAB II. Late Friday, PIA circulated a letter to all 100 U.S. Senators urging quick passage of S. 2244.






House Passes "Collins Amendment Fix"

Hours after voting overwhelmingly to pass a reauthorization of the terrorism insurance program, the U.S. House passed a bill designed to clarify that the Federal Reserve Board can apply insurance-based capital standards — rather than bank-centric rules — to the insurance portion of any insurance holding company it oversees.

Late on December 10, the House unanimously approved the Insurance Capital Standards Clarification Act of 2014 (S. 2270). The Senate had passed the amendment as a stand-alone bill June 3. The bill now goes to President Obama for his signature.

PIA supported S.2270. It will modify a provision of the 2010 Dodd-Frank Act written by Senator Susan Collins (R-ME), who testified at an April House hearing that the 2010 amendment on capital standards that she wrote was never meant to apply similarly to insurers and banks.





NFIP Training Webinars for Agents

Each month the National Flood Insurance Program (NFIP) conducts web training on a number of flood insurance topics important to agents. These include:

BASIC AGENT WEBINAR
This course addresses basic flood insurance issues as well as some more advanced components. At the conclusion of both sessions, attendees with little or no prior NFIP experience will understand how to build a flood insurance policy from the ground up.

FEMA MAPPING CHANGES
A practical look at how map changes can affect your policyholders in their roles as insureds and borrowers. Find out how to ease the transition to new flood maps. Learn how mapping changes affect insurance rates, premiums and the mandatory purchase of flood insurance.

REGISTRATION INFORMATION
These webinars are FREE to attend, but spaces are limited so please register early. No continuing education credits are offered for these courses in any state. For additional information regarding flood insurance resources for agents, visit PIA National's flood insurance information page.

TWO-PART BASIC AGENT (FIRA)
Please register for both parts of this webinar.

PART ONE: December 17 — 2:00 - 4:00 PM CST — REGISTER
PART TWO: December 18 — 2:00 - 4:00 PM CST — REGISTER

PART ONE: December 23 — 10:00 AM - NOON CST — REGISTER
PART TWO: December 24 — 10:00 AM - NOON CST — REGISTER


FEMA MAPPING CHANGES
December 17 — 10:00 AM - NOON CST — REGISTER






Thanks to Our 2014 PIA Partners:
                     

Americas Insurance Company


American Strategic Insurance (ASI)


Capital Premium Financing

Markel FirstComp

LCTA Workers' Comp

LUBA Workers' Comp

Prime Rate

Stonetrust Commercial Ins. Co.

VIP Software