Weekly news & updates
May 27, 2021
News Affecting You
CNA Paid Hackers $40 Million Following March Cyberattack
CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack.

The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network, according to two people familiar with the attack who asked not to be named because they weren’t authorized to discuss the matter publicly.


Source: National Underwriter
Agents Council for Technology Announces Online Agency Cyber Self-Assessment
The Big “I” Agents Council for Technology has released the Agency Cyber-Readiness Self-Assessment, now available online as a supplement to the Agency Cyber Guide 3.0.  

Agencies can now use the self-assessment tool to determine where they stand on cyber readiness, including vulnerabilities, best practices, and compliance with the ever-growing list of regulations and legislation surrounding cybersecurity compliance. The assessment helps clarify an agency’s preparedness through a brief series of questions, directing back to key resources in the Agency Cyber Guide 3.0 to solve pain points.


Source: IIABA
Find Markets with our Market Access Guide
Our goal is to make it easier for you to find the markets you want and need. That is why we developed 2021 Market Access: A Big I KY Guide. What carriers are available to you with your Big I KY membership? Click the button below to find out.

In this publication, you will find information about our Industry Partners and our Market Access Programs (Independent Market Solutions and Big I Markets).
IRS Guidance on Excess APTC in 2020
As discussed in this newsletter last month, the American Rescue Plan (ARP), which became law on March 11, 2021, delivers new and increased assistance to hundreds of thousands of Kentuckians by lowering the cost of health insurance and expanding eligibility.

Additionally, the ARP provides tax relief for households who received excess APTC in 2020 and would normally have to pay that back when filing their 2020 tax return. For 2020 only, these excess advance payments do not need to be repaid.
The IRS provided new information in April on how households can receive this tax relief. The updated IRS guidance can be found here, and additional details are located here. If your clients request tax advice, please have them contact the IRS or a tax professional.
New Jersey Governor makes Business Interruption Coverage Law Official
New Jersey Governor Phillip Murphy has signed off on a law that requires insurers to disclose whether a business interruption policy provides coverage for a pandemic.

The bill was introduced in October 2020 and passed the state senate and assembly during March.

The bill requires insurers to disclose to any potential buyer of coverage or policyholder seeking renewal of existing coverage for property damage, including business interruption about whether that coverage applies to global virus transmission or pandemic coverage. The manner of such notice is to be determined by the insurance commissioner.


Source: National Underwriter
3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowner's insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the official start of hurricane season and as legislation designed to target the state’s insurance market issues awaits the governor’s signature.

In consent orders signed by Florida Insurance Commissioner David Altmaier, Universal Insurance Co. of North America (UICNA) was approved to drop 13,294 personal residential policies and Gulfstream Property & Casualty was approved to cancel about 20,311 personal residential policies. Both insurers will remove the policies over the next 45 days.


Source: Insurance Journal
First Benefits Insurance Mutual, Inc. Partners with Kentucky Retail Federation
First Benefits Insurance Mutual (First Benefits) is now offering workers’ comp insurance to small, mid-size, and large businesses in Kentucky. First Benefits also serves the surrounding states of Virginia, North Carolina, South Carolina, and Georgia.
 
At First Benefits, our long-held commitment has been to provide competitive, cost-effective pricing and the best customer service possible in each interaction with our agents, insureds and injured workers. That core commitment has dictated how we have done business in North Carolina for more than 28 years and will extend to Kentucky as well.

In 2018, First Benefits Insurance Mutual, Inc. earned a Financial Stability Rating® (FSR) of A, from Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability.

Kentucky Retail Federation has endorsed First Benefits as the exclusive provider of workers’ comp for an added member benefit. Kentucky Retail Federation has served the business community in Kentucky for over 80 years.

If you wish to seek an appointment with First Benefits, contact BRODY LAYTON.
EKU RMI Golf Outing
The Eastern Kentucky University Risk Management and Insurance Department is hosting a golf outing on Monday, August 30, 2021 at The University Club at Arlington.

Register before June 15, 2021 for the early bird discount!
Sponsorships are also available.
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