Issue #247 - 1.10.2024

Hardening Markets: Carrier Rehabilitation/Liquidation

January 11, 2024 - 11 a.m. to Noon

Join Swiss Re Corporate Solutions and Big “I” Professional Liability for a risk management webinar focusing on the prominent issue of carrier rehabilitation and liquidation in the hard market. Learn what is causing the increase in carrier downgrades and how these downgrades lead to an increase in errors & omissions claims. Learn the dos and don’ts of communicating with your clients as well as recommended steps and agency best practices to help you prevent and mitigate E&O claims.

This 45-minute conversation will cover not only claims statistics but practical takeaways that you can put into practice at your agency the same day.

Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA) went into effect on January 1st. This act requires approximately 32.6 million small businesses to report their beneficial ownership to the U.S. Treasury Department's FinCEN. Compliance with this regulation is expected to cost small businesses a total of $22.7 billion in its first year - up to $2,600 per entity - and failure to report could result in civil and criminal penalties of up to $10,000 or 2 years in prison. However, independent agents don't need to worry about doing this. That's because the Big "I" was successful in securing an exemption for insurance producers, arguing that the law was onerous and duplicative for state-regulated insurance agencies. We were the only trade association to advocate for this exemption.

Details on the ACT may be found here.

New SOAR Service Helps Identify Big I Member Benefits to Assist Your Agency

Have you explored the new SOAR program? SOAR is a free Big “I" member service in which a dedicated association professional connects with your agency to help you navigate essential member resources. Through brief conversations designed to home in on how we can best meet your agency needs with existing Big “I" membership programs, a SOAR guide will help your agency develop a personalized plan for maximizing the benefits of your Big “I" membership investment.

SOAR then plugs your agency in to specific resources designed to protect, enhance, or grow your business. SOAR focuses on six key areas a startup/emerging agency needs: agency E&O, tech resources, market access, marketing, staffing/education, and operations/agency management.

Schedule a session to receive a free individualized consultation, or visit www.independentagent.com/SOAR to learn more. 

Remember to Renew Your Complimentary Big I ACORD License

ACORD maintains a complete library of industry-specific forms. IIABAZ members with annual property & casualty gross revenue of less than $50 million receive a complimentary End-User license to use ACORD forms. The free subscription must be renewed annually. Sign up or Renew Now

Need E&O OR Want to Know How to Save 10% on Your E&O Premium?

Contact Joni Fairbrother or Mona Enriquez in our E&O Department.

Helpful Links

• Insurance License Search
• CE Transcript
• AZ License Application
• DIFI Actions, Hearings and Reports
• NCCI Arizona Advisory Resource
• FloodSmart for Agents
• Consumers' FloodSmart

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