2024 Big I Annual Convention
The dates are set so mark your calendars now for the 2024 Big “I” Annual Convention. The event will take place at Prairie Meadows on Tuesday, August 27th & 28th. As always we will plan to have great educational speakers along with plenty of networking opportunities and our always popular Company Trades Show. We will once again hold our golf outing at the newly remodeled Terrace Hill Golf Course in Altoona. Stay tuned for more information to be coming your way.
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Trusted Choice® Disaster Relief Fund
If your agency was affected by the recent tornado’s throughout the state, be sure and check out the Trusted Choice Disaster Relief Fund. It is available to assist members and their staff in the event of unrecoverable losses caused by a natural disaster. If a loss occurs that meets the fund's guidelines, please submit a grant application today.
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Still time to register - Join Us, May 1st and 2nd
The 2024 Young Agents Conference will be held at the Hotel Rewind in West Des Moines. Our Young Agents Committee has worked hard on planning this event and we hope to see many of you in attendance.
A valuable experience while networking with peers and learning from top professionals in the field, tell your friends! We can't wait to see you.
REGISTER TODAY
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Legislative Session Ends
The 2024 Legislative session gaveled out for the final time in the early morning hours of April 20th. Some of the key legislative wins for the Big “I” include:
Personal Insurance Line Renewal: Increases the time for notice of non-renewal/renewal of a personal lines insurance policy to 60 days before the policy ends. (HF 2265)
A bill for an act relating to bonds and insurance policies for public officers. (HF 2398)
Mutual Insurance Industry: Allows flexibility to utilize reinsurance resources and introduces new options to acquire capital to stabilize the mutual insurance market. (HF2100, HF2490,SF2361)
Biomarker Testing: Improves quality of life and saves lives by including biomarker testing as a covered cost by health insurers. (HF 2668)
Insurance Coverage for Diagnostic Breast Exams: Requires insurance coverage for supplemental and diagnostic breast examinations. (HF 2489)
Pharmacy Benefit Managers: Creates additional pricing transparency for pharmacists, prohibits bad faith negotiations as well as retaliatory business practices. Grants insurance division additional regulatory tools. (HF2099)
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Bryan Clinkscales Elected to Big I Executive Committee
Last week, at its annual spring meeting, the Big “I" National Board elected Bryan Clinkscales, of Boone Ritter Insurance in Springdale, Arkansas, to serve on the Big “I" Executive Committee as an at-large member. As required by the association bylaws, a special election was held to fill the remainder of the term of the late Bobby Salmon, who passed away in March.
“Bryan is a proven, effective and dedicated volunteer leader. Although we are deeply saddened by the circumstances that led to his election, I speak on behalf of the Executive Committee in welcoming him to this new role," says Mike McBride, Big “I" chairman. “Bryan was a close friend of his predecessor, Bobby Salmon. We look forward to working closely with him as he begins his service on the committee."
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New Workers Comp Product Available
Big “I" Markets is pleased to announce the addition of EMPLOYERS to its small commercial product line up. EMPLOYERS is a specialty provider of workers compensation insurance that serves America's small businesses in select markets. With competitive pricing, financial stability and dependability, EMPLOYERS remains focused on keeping America's small businesses not only working, but working safely.
The EMPLOYERS workers comp program is available in all states except OH, ND, WY and WA. Big “I" Markets registered agents can request a quote by logging into Big “I" Markets and selecting Small Commercial.
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FTC Issues Ban on Non-Compete Clauses
The Federal Trade Commission (FTC) issued a final rule that is designed to prohibit the use of most non-compete clauses in employment agreements. The controversial and highly-publicized regulation was approved following a 3-2 vote of the commissioners.
The Non-Compete Clause Rule is similar in many ways to the initial proposal unveiled by the FTC in January 2023. Most notably, after its effective date, it will ban the use of any new employment agreement term or condition that prohibits, penalizes, or functions to prevent a worker from seeking or accepting employment with a different person or starting a business after leaving a job. This rule applies to employees and also to independent contractors, interns, volunteers, apprentices, sole proprietors who provide services to others, and other types of workers.
The IIABA staff continues to review the text of the 570-page release, but below are some of the most notable elements that we have discovered so far:
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Treatment of Other Types of Employment Agreements – As with the draft proposal, the final regulation does not prevent the use of all types of restrictive employment covenants. Non-solicitation, non-disclosure, no-business, and other types of employment agreements are unaffected by the rule if they do not prohibit or function to prevent a worker from switching jobs or starting a new business.
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Sale-of-a-Business Exemption – The draft rule unveiled last year included an exemption for certain non-compete clauses between the buyer of a business and a seller, but the usefulness of this otherwise helpful exclusion was diminished because it only applied to sellers holding at least a 25% ownership interest in the entity. The Big “I” argued at length in its April 2023 comment letter and in a separate FTC-hosted forum that this ownership stake restriction should be eliminated, and we are pleased to report that the FTC has done so in the final rule. The regulation now does not restrict one’s ability to enter into or enforce a non-compete agreement with a person “pursuant to a bona fide sale of a business entity, of the person’s ownership interest in [the] entity, or of all or substantially all of a business entity’s operating assets.”
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Effect on Existing Non-Compete Clauses – The FTC’s initial proposal would have nullified any non-compete agreement entered into before the final rule’s effective date. The final regulation takes a different approach and allows non-compete clauses with “senior executives” in place on the effective date to remain in force. The measure defines a “senior executive” as someone who earns at least $151,164 and serves as a business’s CEO, president, or other senior-level officer with significant decision-making authority. Any non-compete agreements that apply to workers who are not senior executives will not be enforceable after the final rule’s effective date, and the regulation requires the person who entered into the non-compete clause with the worker to provide notice before the effective date indicating that the restriction will no longer be enforceable.
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Effect on State Law – The final regulation is intended to preempt any state law that conflicts with its terms to the extent of any such conflict.
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Effective Date – The final rule is scheduled to become effective 120 days after it is formally published in the Federal Register, but the expected legal challenges discussed below could mean that this regulation never takes effect.
Despite the FTC’s action this afternoon, the ultimate fate of the non-compete agreement regulation remains in serious question. The FTC maintains that it possesses the legal authority to prohibit the use of non-compete agreements (and to ban other business practices and forms of contracts) as a result of a 1914 statute, but this novel assertion will soon be challenged in federal court. In fact, the U.S. Chamber of Commerce has already announced that it will initiate its legal challenge tomorrow.
The Big “I” will review the final rule in closer detail in the coming days, and anyone with questions is welcome to contact Wes Bissett in the meantime at wes.bissett@iiaba.net or 202-302-1607.
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Big I Markets Announces Nest Coalition Webinar
Coalition's next webinar for Big “I" Markets agents: “Loss Control: Advising With Confidence." In this free webinar set for May 16 at 2 p.m. ET, Coalition will share strategies and resources member agents can use to feel more confident advising clients on cyber risk and insurance.
Agents will learn how to:
- Identify common cybersecurity exposures leading to incidents and claims.
- Use proactive loss control strategies to help clients become insurable, stay insurable and avoid claims.
- Leverage Coalition tools and support resources to help agents advise with confidence.
The webinar will be followed by live Q&A and attendees will receive a “Broker's Guide to Security Findings," a digital guide.
Agents and state association can register now for the webinar. Members can register for Big “I" Markets to access their Coalition Dashboard to quote and bind admitted and surplus lines cyber liability and executive risks.
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Big “I” Goes to Washington, DC
A group of agents from across the state embarked on Washington, DC on April 10th & 11th to visit with our National Congressional members on issues important to all members across the state. We discussed important items with all of them including: Our Opposition to Tax Increases on Main Street America; The Insurance Market Crisis; Protection of the Federal Crop Insurance Program (FCIP); and Extending and Reforming the National Flood Insurance Program (NFIP).
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Take Advantage of New Tax Incentives to Offer a Retirement Plan in Your Agency
Is hiring a challenge for your agency? Offering a retirement plan can be a great way to recruit and retain talent, yet many agencies still do not offer one because of concerns regarding the perceived cost and complexity. The good news is that there is an often-overlooked solution: a Simple IRA plan.
A Simple IRA plan is just that—simple. Designed for those who want to offer a retirement plan but do not want the complexity that can sometimes come with a 401(k) plan, the Simple IRA offers a streamlined document, low fees and the ability for participants to contribute and receive an employer match. A Simple IRA allows for annual employee contributions up to $16,000, with another $3,500 if the employee is 50 years old or older. Employers have the option to either contribute 2% of an employee's pay or match 100% of an employee's contribution up to 3% of an employee's pay.
Additionally, the SECURE Act 2.0 of 2022 provides tax credits that can subsidize the cost of sponsoring a Simple IRA retirement plan. The SECURE 2.0 Act created a new start-up tax credit to help small businesses when establishing a retirement plan that is based on employer contributions made on behalf of participants. It can provide a significant benefit for small businesses that are starting a plan.
For more information regarding the Big “I" Simple IRA or any of the other retirement programs offered through Big “I" Retirement, contact Christine Muñoz.
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Automate Your Social Media with Social Jazz
Is social media not really your “thing?” We’ve got you covered. IIABA has partnered with Social Jazz to provide independent agents with social media content that gets noticed and saves agency owners hours each week developing content for their social media platforms. This affordable option provides content that is ready to be used, as well as can be customized for individual agency use. Agency owners can’t afford to be left behind in their social media game, as this is how many customers identify where they want to purchase insurance coverage. Ready to learn more? Visit the Trusted Choice website here.
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