September 24, 2018
CIAB Announces New Members, New Sponsors
The Council announced the addition of 10 new member firms and three new sponsors earlier today. In total, The Council has welcomed 21 new member firms in 2018.
The new members include Andreini & Company, Continental Insurance Brokers Ltd., DMS Insurance Holdings, Higginbotham Insurance, LHD Benefit Advisors, Lykes Insurance, Moreton & Company, Palmer & Cay, Socius Insurance, and Wallace, Welch & Willingham, Inc. The new sponsors are Lincoln Financial Group, OneBeacon Insurance Group, and Ryan Specialty Group.
FEMA Releases Updated Flood Claims Manual
FEMA released its updated claims manual for the National Flood Insurance Program (NFIP). The manual provides improved clarity of flood insurance claims guidance to NFIP Write Your Own (WYO) companies, flood vendors, flood adjusters and examiners, so that policyholders experience consistency and reliability of service. It supersedes the previous Adjuster Claims Manual from June 2013.
As a member of the Flood Insurance Producers’ National Committee (FIPNC), The Council has been an active voice in providing feedback to FEMA on all aspects of the NFIP.
Draft ACA Employer Reporting Instructions Released
The IRS recently released draft instructions for 2018 ACA information reporting under Sections 6055 and 6056 of the Internal Revenue Code. There are a few minor changes this year, including formatting modifications, inflation adjustments to penalties for reporting failures ($270 up from $260), and language that encourages issuers and carriers to report coverage in catastrophic health plans enrolled through the marketplace for months in 2018. (This change only applies to Forms 1094-B and 1095-A). Draft forms issued by the IRS typically incorporate necessary changes, but they cannot be relied upon for filing purposes.
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Where’s Your Data?
Many companies that rushed to comply with the recently implemented European Union’s General Data Protection Regulation (GDPR), got quite a shock. They realized they had little idea exactly what data they had under their control or how it is classified and protected—if it is classified and protected at all—and stored.
Fasten Your Seatbelts
From the Jetsons to Back to the Future to Star Wars, the concept of flying cars is nothing new, but it is only just now becoming a reality. Before we can really get off the ground, though, insurance companies need to figure out how to cover them.
The Trading Game
Big money is being invested in projects that aim to facilitate trade flows into and out of various parts of the world. The World Bank says it spends tens of millions of dollars every year to encourage private and public sector-led trade flows because it results in new investment activity.
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