PIA of Louisiana's 73rd Annual Convention
July 9-12, 2016 • The Grand Hotel
Point Clear, AL
 
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Notice of the Limited Waiver of the Standard
Flood Insurance Policy ("SFIP") to Extend
the Time for Sending Proofs of Loss in the
State of Louisiana for Claims Related to
Severe Spring Storms Commencing on
April 17, 2016 through April 20, 2016

The National Flood Insurance Program (NFIP) requires a policyholder to send the insurer a complete, signed, and sworn-to proof of loss within sixty (60) days after the date of loss. The proof of loss requirements are set forth in the Standard Flood Insurance Policy (SFIP) Section VII, Paragraph (J) (4) (Dwelling Form and the General Property Form) and Section VIII, Paragraph (J) (4), (Residential Condominium Building Association Policy Form). Requirements for supporting documentation that must accompany the proof of loss are set forth in paragraphs (J) (4) (f) through (J) (4) (i). Properties insured by the NFIP in the state of Louisiana experienced flood losses as a result of a severe spring storm beginning April 17, 2016. In many instances, access to NFIP-insured buildings was not possible due to damage to the infrastructure and high water. These conditions may delay the claims process for many NFIP policyholders, and NFIP policyholders may encounter difficulties filing a timely proof of loss for claims arising from this event. To ensure that NFIP policyholders have sufficient time to finalize their claims, pursuant to Paragraph D of the General Conditions section of the SFIPs and 44 C.F.R §61.13 (d), I hereby authorize an additional 60-day extension of the time period within which a policyholder must submit the requisite signed and sworn-to proof of loss with their NFIP insurer.

With this extension, an NFIP policyholder will have a total of 120 days after the date of loss to provide the completed, signed, and sworn-to proof of loss to the insurer. Notice of the Limited Waiver of the Standard Flood Insurance Policy ("SFIP") to Extend the Time for Sending Proofs of Loss in the State of Louisiana for Claims Related to Severe Spring Storms Commencing on April 17, 2016 through April 20, 2016. This limited waiver and extension shall apply to all NFIP claims for the flood damage related to the Louisiana flooding occurring April 17, 2016 through April 20, 2016. This limited waiver and extension applies to SFIPs issued directly by FEMA or by private insurance companies participating in the NFIP's Write Your Own Program. We anticipate that this additional 60-day extension will enable policyholders sufficient time to present their claims. FEMA will continue to monitor claim activity to determine whether further extensions may be warranted. By granting this limited waiver and extension of the time period to send a proof of loss, FEMA does not hereby waive any other provisions of the SFIP, and all other terms and conditions of the SFIP remain in effect. We ask for your full support. Any questions or comments regarding this extension should be directed to Lloyd Hake, Federal Insurance and Mitigation Administration. Mr. Hake may be reached by email at Lloyd.Hake@fema.dhs.gov.



Upcoming PIA Events
07/09/2016 -- PIA of Louisiana 73rd Annual Convention

07/09/2016 -- YIPS Annual Hospitality Suite

07/10/2016 -- YIPS Annual Hospitality Suite

07/10/2016 -- PIA of Louisiana 73rd Annual Convention

07/11/2016 -- PIA of Louisiana 73rd Annual Convention

07/11/2016 -- YIPS Annual Hospitality Suite

07/12/2016 -- PIA of Louisiana 73rd Annual Convention

07/29/2016 -- CANCELLED - New Orleans Chapter Family Zephyr's Baseball Game

07/31/2016 -- YIPS Education Scholarship Deadline

08/10/2016 -- Baton Rouge Chapter Meeting



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U.S. Department of Labor Announces Release
of Final Overtime Rule on May 18, 2016

When does the Final Rule take effect?
December 1, 2016

The Final Rule
  • Raises the annual salary threshold from $23,660 to $47,476, or from $455 to $913 per week for the executive, administrative and professional white collar exemptions from the overtime provisions under the Fair Labor Standards Act; equal to the 40th percentile of the earnings of full-time salaried workers in the lowest income Census region (currently the South).

  • Updates the new salary threshold every three years beginning January 1, 2020, to ensure the threshold is maintained at the 40th percentile of the earnings of full-time salaried workers in the lowest income region of the country. Based on projections of wage growth, the threshold is expected to rise to more than $51,000 with the first update on January 1, 2020.

  • Raises the "highly compensated employee" (HCE) exemption annual salary threshold from $100,000 to $134,004, equal to the 90th percentile of the earnings of full-time salaried workers nationwide; and provides for updates every three years.

  • Makes no changes to the "duties test" under the white collar exemptions; workers earning more than the salary threshold are still subject to the duties test to determine eligibility for overtime. No changes were made to the duties test for the Highly Compensated Employee exemption as well.

  • Allows bonuses and incentive payments to now count towards up to 10 percent of the new salary level for the executive, administrative and professional white collar exemptions, where such payments are paid at least quarterly; the DOL did not make changes to how employers may use bonuses to meet the salary level component of the HCE salary test.
In addition to the Final Rule the DOL released multiple resources designed to assist employers and employees on the DOL website.

What Can You Do Now?
If you haven't already done so, you may wish to take time to identify impacted salaried, exempt employees who are currently paid a salary of less than $913 per week. To remain exempt, after ensuring these impacted individuals meet the appropriate duties text for the exemption, you will need to increase these employees' weekly salary to at least $913. Alternatively, such employees must be transitioned to non-exempt status. Also, consider the need to update your timekeeping policies and training for non-exempt employees who must track all hours worked, including overtime hours.






Organization Launches Internet Domain Name
Extension for Insurance

Companies in the insurance industry can now register domains with the .insurance suffix through fTLD Registry Services. Applicants will need to be verified as part of the industry before they can purchase the domains, which will be allocated on a first-come, first-served basis. "Insurers should probably grab their domains to avoid having to deal with squatters," said Matthew Josefowicz of Novarica. Insurance Journal









Thanks to Our 2016 PIA Partners:
           
    

American Strategic Insurance (ASI)


Capital Premium Financing


LUBA Workers' Comp

Markel FirstComp

Prime Rate Premium Finance Corporation

Stonetrust Commercial Ins. Co.