New DOI Bulletins Urge Carriers to Remain Flexible & Proactive as COVID-19 Crisis Continues
Reiterating the expectations laid out in previous Bulletins, the MA Division of Insurance (DOI) on December 29, 2020, issued Bulletins 2020-30 and 2020-33, stating that insurance carriers and self-insurance groups should continue to be flexible in issuing and administering insurance. “Exploring all appropriate flexibility in arrangements and timing of payments will help protect policyholders while…
WCRIBMA’s COVID-19-Related Changes to the Manual Rules Extended through 2021
The Massachusetts Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) has issued Circular Letter No. 2378, dated December 22, 2020, and titled Revisions to Manual Rules Related to the Covid-19 Pandemic-Extension of Expiration Date. The purpose of this filing is to extend the December 31, 2020 expiration date to December 31, 2021 for rules that were established…
Big Win for Members! CAR Agrees to MAIA’s Recommendation for Agent Commission Rates
We are proud to report that the CAR Governing Committee on Friday 12/4 voted unanimously to recommend that the current agent commission rate be “locked in” for foreseeable future rate filings. This is a significant change that will ensure that agent commissions will increase when premiums increase. MAIA had formally requested this change after our…
Take the Big “I” 2020 Agency Universe Survey
The IIABA (Big “I”) is currently fielding the 2020 Agency Universe Study, “the most comprehensive and important survey of independent agents in the United States,” says President & CEO Bob Rusbuldt. All MAIA/Big “I” members are encouraged to participate. Those who do will receive a copy of the results, and will be entered in a…
SPECIAL UPDATE! Massachusetts Extends Insurance Licenses Through End of 2020
There has been some confusion about license extensions due to COVID-19, and today (Wed., October 7, 2020) the MA Division of Insurance (DOI) issued Bulletin 2020-29 that clarifies the situation. The Bulletin states that all MA insurance licenses that were in good standing as of March 10, 2020, will remain in effect through December 31,…
Thinking of Hiring a New Producer? Watch This Video
Navigating the cost of hiring a new producer is no small feat. Whether the person will be on the road or in the office selling insurance, the upfront costs of that new hire can cause a strain on your agency’s cash flow. In this video, InsurBanc’s Patricia Smith explains how an Agency Producer Development Loan…
WCRIBMA Adds New Features to Class Code Lookup Tool
Agents who write workers’ comp will appreciate the recent enhancements to WCRIBMA’s Class Code Lookup Tool. In addition to the associated phraseologies and current and historical rating information for each class code, users can now get a full description of the operations covered under each classification; all of the applicable filed and approved footnotes that…
Big “I” COVID-19 Survey Reveals Agencies’ Areas of Greatest Need
Earlier this month, the Big “I” conducted a national survey of leadership agencies (including MAIA members) to gauge the effects of the COVID-19 crisis on their day-to-day operations. Top findings from the survey include:
WCRIBMA Revises Rules on COVID-19 Paid Furloughed Employees
The MA DOI has approved the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) revisions to the manual rules (Massachusetts Workers’ Compensation & Employers Liability Insurance Manual and Massachusetts Statistical Manual) related to COVID-19 pandemic.
WCRIBMA Issues Revisions to Manual Rules Related to the COVID-19 Pandemic
On July 10, 2020, the Massachusetts Division of Insurance (“DOI”) approved the WCRIBMA’s attached Filing Memorandum and Exhibits for revisions to the Massachusetts Workers’ Compensation & Employers Liability Insurance Manual and Massachusetts Statistical Manual rules related to COVID-19 Pandemic to become effective for new, renewal and outstanding policies effective on and after 12:01 a.m. on…
Outdated Cash Management Practices Could Be Hurting Your Agency
Does your agency still deposit checks manually? Is your cash-management system up to date? Are you aware of the latest cyber protections? Old habits and outdated office procedures could be hurting your agency. In this recent article from IA Magazine, InsurBanc’s Patricia Smith discusses three ways to improve efficiency and employee productivity in your banking,…
DOI Bulletin: How P&C Insurers Should Handle Claims from the Norwood, MA Weather Event
The severe weather event in the Norwood, MA area on June 28 affected many homeowners who were already facing hardships due to COVID-19. Recognizing this situation, the DOI issued Bulletin 2020-22, outlining procedures and expectations for MA property & casualty insurers with regard to expedited claims handling and underwriting associated with this weather event. If…
CAR Approves Commercial Supplemental Application for Servicing Carriers & ERPs
Commonwealth Automobile Reinsurers (CAR) has approved the use of a supplemental application for Servicing Carriers to collect general risk information for all commercial risks (See CAR Bulletin #1103); and updated the Manual of Administrative Procedures to identify Servicing Carrier and Exclusive Representative Producer and responsibilities with regard to the supplemental application (See CAR Bulletin #1104). …
A Plan for Future Pandemics: National Insurance Leaders Discuss the BCPP
On June 16, The Hill newspaper published an op-ed article titled, “A Plan for Future Pandemics.” Bob Rusbuldt, president and CEO of the IIABA (Big “I”) was one of the writers. The article discusses the merits of the Business Continuity Protection Program (BCPP), “a new customer-focused proposal for a federal program tailored specifically to help…
Agents Beware – COVID-19 Brings Out the Worst in Some Direct Writers
A MAIA member whose agency is on the Electronic Vehicle Registration (EVR) system alerted us to a disturbing trend that’s become more common during the COVID-19 crisis. At least one of the online direct writers (one of the BIG GUY companies) has been selling auto policies, but can’t get new plates for the customers. Their…
DOI Calls for Carrier Flexibility in the Administration of Vacancy Clauses
The Division of Insurance (DOI) has issued Bulletin 2020-17, dated May 18, 2020, which acknowledges the fact that many MA businesses not deemed essential were required to close, and advising all property and casualty carriers in MA that they “should be looking for all ways to be flexible in counting days of vacancy to provide…
Voluntary Revocation of Operating Authority: Q&A from FMCSA
Many companies that operate apportioned, plated tractor trailers registered under IRP have suspended operations, and may be considering voluntary revocation of their operating authority. The Federal Motor Carrier Safety Administration (FMCSA) has received numerous questions about this, and agents may be getting questions about the related insurance ramifications. The FMCSA has created a Q&A sheet,…
Reminder: Insurance Licenses WILL NOT Expire During the COVID-19 Emergency
As long as your MA insurance license was in good standing as of March 10, 2020 (the day Governor Baker declared a state of emergency in MA), it is extended and will remain valid until 90 days after the state of emergency is lifted, even if it would otherwise have expired. Although you MAY renew…
Massachusetts Private Passenger Auto Insurance Refunds in Response to COVID-19
With so many people in MA following stay-at-home orders, many insurers are seeing decreases in loss frequency in their personal lines auto books and setting up processes to refund or credit their customers’ premiums. MAIA has put together a list of Massachusetts Private Passenger Auto Insurance Refunds in Response to COVID-19.
DOI Bulletin: Individual Insurance Licensing During COVID-19
The MA Department of Insurance (DOI) has issued Bulletin 2020-12, which confirms the news we shared last week, that all insurance licenses that were “in good standing” as of March 10 will remain valid for 90 days after the Emergency Declaration is lifted. The DOI encourages licensees to complete CE requirements in advance of their…
CAR Bulletin No. 1097 – Guidance for Servicing Carriers and Exclusive Representative Producers during the COVID-19 Public Health Crisis
CAR Bulletin No. 1097 – Guidance for Servicing Carriers and Exclusive Representative Producers during the COVID-19 Public Health Crisis According to Commonwealth Automobile Reinsurers (CAR) Bulletin 1097, the Registry of Motor Vehicles has requested that CAR issue a bulletin to advise industry participants of the RMV’s new Registration and Title Application (RTA).
WCRIBMA Issues Changes to Workers’ Comp Rates & Codes
WCRIBMA Issues Changes to Workers’ Comp Rates & Codes On March 31, the Massachusetts Workers’ Compensation Rating and Inspection Bureau (WCRIBMA) issued four Circular Letters (Nos. 2362-2365) on the following workers’ compensation topics: General Revision of Rates Applicable to New and Renewal Business; Changes in Manual Rates by Class; Manual Rates and Rating Values; and COVID-19…
Recruiting the Next Generation
Recruiting the Next Generation Insurance Career Month (February) is well underway, and Property/Casualty360 has pulled together a selection of career development articles, resources, and tips for recruiting and fostering new blood in our industry. Insurance is undergoing rapid change and disruption. For millennials and college students, who embrace technology and want variety and meaning in…
New Insurance Apprenticeship Program Takes Aim at Talent Gap
New Insurance Apprenticeship Program Takes Aim at Talent Gap February is Insurance Careers Month, ideal timing to announce a new, national insurance apprenticeship program from the nonprofit firm Invest. With approval from the Department of Labor, Invest will now begin partnering with local Big “I” state associations (like MAIA) to develop local apprenticeship programs that…
Hands-Free – It’s the Law as of Feb. 23
Hands-Free – It’s the Law as of Feb. 23 Are your clients aware that holding their cellphone while driving will soon become a surchargeable offense? Effective 2/23/2020, the new “hands-free” law in MA makes it illegal for motor vehicle and bicycle operators to hold any electronic device or phone, including when stopped at red lights…
IA Magazine Interviews MA Agent Bill Braley on Environmental Liability
IA Magazine Interviews MA Agent Bill Braley on Environmental Liability A big shout-out of congratulations to longtime MAIA member Bill Braley, SVP of Braley Wellington Insurance Agency in Worcester, who was featured in a recent issue of IA Magazine (a publication of our national association, the Big “I”). IA Assistant Editor AnneMarie McPherson interviewed Bill…
Updated Company Auto Insurance Filings – January 2020
Updated Company Auto Insurance Filings – January 2020
WCRIBMA’s Circular Letter No. 2359
WCRIBMA’s Circular Letter No. 2359 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Circular Letter No. 2359, dated January 10, 2020, and titled Manage Ownership Web-Based Tool.
WCRIBMA’s Circular Letter No. 2357
WCRIBMA’s Circular Letter No. 2357 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Circular Letter No. 2357, dated December 20, 2019, and titled Rate Filing, Pending Premium Change Endorsement. To access this Circular Letter, please use the following link:
WCRIBMA’s Special Bulletin No. 12-19
WCRIBMA’s Special Bulletin No. 12-19 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Special Bulletin No. 12-19, dated December 20, 2019, and titled Updated Information on Residual Market Share. To access this Special Bulletin, please use the following link:
Agency Owners: Are You Ignoring These 7 Risks to Your Business?
Agency Owners: Are You Ignoring These 7 Risks to Your Business? Oftentimes, agency owners are so focused on their clients’ needs that they neglect their own, placing their business at increased risk. In case you missed it, a recent issue of The Standard featured an article by InsurBanc’s David Tralka discussing seven risks you need…
What the New Hands-Free Driving Law Means for Your Clients
What the New Hands-Free Driving Law Means for Your Clients Here are a few details that your MA auto clients should know about the new Hands-Free Driving Law: It takes effect February 23, 2020. It will be illegal for drivers to do anything other than tap their cellphone once to activate hands-free mode – and…
CAR Updates Manual of Administrative Procedures
CAR Updates Manual of Administrative Procedures Commonwealth Automobile Reinsurers (CAR) has released Bulletin No. 1092-Updates to the Manual of Administrative Procedures, announcing that the manual has been updated to reflect changes in the following sections: Chapter I-Overview; Chapter II- Servicing Carrier Appointment; Chapter III; Servicing Carrier Responsibilities; and Chapter X- Servicing Carrier and Exclusive Representative…
CAR Electrical Shutdown, December 11 at 2:00 PM
CAR Electrical Shutdown, December 11 at 2:00 PM Due to a planned electrical shutdown in its data center, CAR’s websites, mainframe, and telephones will be unavailable on Wednesday, December 11, 2019, from 2:00 PM to approximately 6:00 PM. During the shutdown, producers will be unable to process any policy applications or make any assignments through…
WCRIBMA’s Special Bulletin No. 11-19
WCRIBMA’s Special Bulletin No. 11-19 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Special Bulletin No. 11-19, dated November 19, 2019, and titled 2018 Voluntary Assessable Premium. To access this Special Bulletin, please use the following link:
Why You Should Consider a Staged Internal Perpetuation Strategy
Why You Should Consider a Staged Internal Perpetuation Strategy
WCRIBMA’s Special Bulletin No. 09-19 and No. 10-19
WCRIBMA’s Special Bulletin No. 09-19 and No. 10-19 The Massachusetts Workers’ Compensation Rating and Inspection Bureau has issued Special Bulletin No. 09-19, dated October 18, 2019, and titled Updated Information on Residual Market Share and Special Bulletin No. 10-19, dated October 18, 2019, and titled Residual Market Loss Ratio and Burden Estimate. To access these Special Bulletins,…