MAY 2024

Do the power of hard markets; artificial intelligence; workers' compensation; insurance ethics; county mutuals; and reinsurance sound like topics you would like to talk and hear about? If so, plan on joining us for our 2024 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 27^th & 28^th. As always we will plan to have great educational speakers along with plenty of networking opportunities and our always popular Company Trade Show. We will once again hold our golf outing at the newly remodeled Terrace Hill Golf Course in Altoona.

Watch closely for details on registration!

Trusted Choice® Disaster Relief Fund

Our thoughts and prayers go out to all affected by the recent episodes of violent weather throughout the state. We at the Big “I” are here to help. 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.

This 60-minute workshop program where agency owners and future agency owners prepare the elements of an internal perpetuation plan. The agency owners will learn about the core components of an internal perpetuation plan and begin designing a plan for their agency. It is intended for an audience of current agency owners and future owners. The participants will be provided a template valuation plan to be completed during the program.

Instructors - Jeff Smith and Craig Niess

Committee Meetings

The Big “I” held our Annual Planning Committee Meetings last week and had great discussions with “you” our members about ways in which to move our Association forward. Thank you for your participation in the committees and your commitment to our success. If you haven’t signed up for a committee and would like to participate in the future please contact Tom or Melissa at the Association for details. Without all of you, our Association would not be one of the top state insurance associations in the country.

Optimizing your Google Business Profile is a key factor when trying to capture more traffic online. Make sure your profile is fully optimized with the new guide from Trusted Choice®.

FREE and available now for all Big “I” members!

Post Disaster Release Guidance

The Iowa Insurance Division has released a document to help consumers deal with disasters in their area. The document can be found here https://iid.iowa.gov/post-disaster-resources and shared with your customers. The Consumer Advocate for the Insurance Division is Sonya Sellmeyer and is ready to assist consumers in any way possible. Sonya can be contacted at Sonya.sellmeyer@iid.iowa.gov or 515-654-6538.

Retirement News

Not often do you read about retirement announcements in our newsletter however we recently were notified of one worth noting. Howard Hatlelid just recently retired from Stille Pierce & Pertzborn Insurance in Storm Lake after serving 68 years in the insurance industry here in Iowa. Congratulations to Howard and our best wishes for your future endeavors in life.

Personal Lines Insurance Renewal Update

We have received several inquiries regarding the recently passed law (HF 2265) which increases the time for notice of non-renewal/renewal of a personal lines insurance policy to 60 days before the policy ends. This law does not go into effect until January 1, 2025. Although many recently signed laws go into effect July 1 following the end of legislative session, this one has a January 1 date. Please contact Tom at the Association with any questions.

FTC Rule Banning Noncompete Agreements

The Federal Trade Commission has issued its final rule prohibiting the use and enforcement of most noncompete agreements. It is scheduled to go into effect on Sept. 4, 2024, but is already facing legal challenges that could delay or prevent implementation of the rule.

Should this rule go into effect, all existing noncompete agreements would be unenforceable, and entities that have agreements in place would be required to notify affected individuals prior to Sept. 4 that the agreements are no longer enforceable. The rule does include exemptions for the sale of a business, as well as for certain senior executives. It is also important to note that this rule does not affect non- solicitation, non-disclosure or other similar agreements.

The Big “I” has a more detailed article and a video that explain the rule. We will keep members informed about legal challenges to the rule that may delay the implementation.

effective starting June 1st

Young Agents Conference

In early May, our Young Agents from across the state gathered in West Des Moines for a conference with their peers. Our agents heard from many speakers on topics such as artificial intelligence in the insurance world, lessons in how to stand out in the insurance marketplace, and were provided an educational course on E&O which proved both enlightening and thoughtful. Thank you for all who attended and if you wish to join the Young Agents for future meetings and events, please contact Erin Dop at Erin@fullenkampins.com

Why You Should Plan a Summer Community Service Event

There are several reasons and to find out more, check out this link Learn More provided recently by IIABA . Not only is this a great article but also very timely. Did you know that your agency can receive reimbursement from the Big “I” for much of your event? The Commitment to Community Marketing Reimbursement Program runs 9/1/23 – 8/15/24. All community involvement activities submitted for reimbursement consideration need to take place within that time frame, unless otherwise approved.

Click HERE for program details. For a second year in a row, the IIAI Board has agreed to a maximum eligible reimbursement of $1,000 per agency. Reimbursement is rewarded based on order of application receipt. The total campaign budget is again $25,000. We would love to hit that amount so put on your thinking caps or perhaps you already have activities that could qualify!

If you have questions if your event qualifies, submit your application/advertising mock-ups or scripts to Brenda Kluger at Brenda@iiaiowa.org for pre-approval. Please note that the following mandatory requirements are still in place:

• ALL event promotion must use Trusted Choice® logo or mention Trusted Choice® if doing a radio/television/podcast

Trusted Choice® logo must be present on agency websites and Facebook pages

If you need assistance with signage mockups, we have some set layouts or can possibly assist with customization. Contact Nicole Peffers at Nicole@iiaiowa.org for assistance.

DOL Overtime Regulations

The U.S. Department of Labor issued a new rule that increases the salary threshold workers must meet to be considered exempt from overtime pay. The increase will be done in two tiers, with the first one taking effect on July 1, 2024, which will increase the minimum salary from $35,568 to $43,888. On Jan. 1, 2025, the threshold will increase to $58,656.

The highly compensated employee (HCE) threshold will also be increased from $107,432 to $132,964 on July 1, 2024, and to $151,164 on Jan. 1, 2025. The rule also implements automatic updates to both the minimum salary and HCE thresholds every three years.

This rule does not change the existing duties test, nor the way bonuses and incentive pay are counted toward meeting the salary threshold, so nondiscretionary bonuses and incentive payments, including commissions paid on an annual or more frequent basis, can still be used to satisfy up to 10% of the salary levels.

J.D. Power Carrier Satisfaction Survey is Underway

J.D. Power and the Big “I" have again partnered for the J.D. Power “2024 Independent Insurance Agent Satisfaction Study."

The Big “I" and J.D. Power want to know agents' experience with the insurers they work with and how satisfied they are with them in certain areas. Invite your members to provide feedback.

Feedback will only be used for research purposes and no one will try and contact respondents as a result of completing this survey.

As a token of appreciation, those who qualify and complete the survey will receive a $20 e-gift card and a complimentary summary report of the study. The gift code is fully transferable and can be used as a gift or donation to others.

The survey is accepting responses now. All submissions are validated and respondents must use their Big “I" member email address. Encourage members to share their perspectives and provide their valuable input.

If you have any questions regarding this survey, please contact Corina Coval, Market Research Senior Assistant at J.D. Power, or Jennifer Becker, Big “I" Senior Director of Agent Development, Research and Education.

NEWSLETTER

Why You Should Plan a Summer Community Service Event

J.D. Power Carrier Satisfaction Survey is Underway