PIA of Louisiana's 73rd Annual Convention
July 9-12, 2016 • The Grand Hotel
Point Clear, AL
For More Information or to Order or Place an Ad
PIA of Louisiana's Yearbook, Click Here
Notice of the Limited Waiver of the
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
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
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
the DOL released multiple
resources designed to assist employers and employees on the
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.
Thanks to Our 2016 PIA Partners:
American Strategic Insurance (ASI)
Capital Premium Financing
LUBA Workers' Comp
Prime Rate Premium Finance Corporation
Stonetrust Commercial Ins. Co.