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…