Big I Newsletter. .. News, Events and More!

JANUARY 2024

Last Chance – 2024 Rural Agents Conference

The lineup is set for the 2024 Rural Agents Conference to be held January 24^th & 25^th at the Des Moines Airport Holiday Inn. As in years past, we will have plenty of great speakers led off by Iowa Insurance Commissioner, Doug Ommen on the state of the insurance industry in Iowa, continuing education credits (up to 9 available), and plenty of networking events. We will once again have our always popular company hospitality suites for your chance to visit with companies and vendors from all over the state. Register today!

2024 Iowa Legislature

2024 Legislative session began on January 8^th at the State Capitol under frigid conditions. Tom, Larry Blixt, and Jake Ketzner are once again at the Capitol to lobby on behalf of Independent Insurance Agents across the state. The Big “I” has proposed a bill that will increase the minimum state requirement for non-renewal of personal lines policies to 60 days from its current requirement of 30 days. We are currently visiting with lawmakers explaining our position and reasons for the change request. We may need all of your help to contact your legislators and advocate for this change. We will keep everyone posted as to the status of the bill.

To see the bill in full context, follow this link.

House Study Bill 514

IN CASE YOU MISSED IT

Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA)) went into effect on January 1^st, 2024. 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 two 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 agent trade association to advocate for this exemption.

Trusted Choice® Hard Market Consumer Campaign

The Hard Market Toolkit from Trusted Choice continues to be an enormously popular resource for our members. As of this month, more than 9500 agents have accessed it since its initial publication in July. The toolkit has been helping agents navigate the challenging market with advice, scripts, and strategies to effectively communicate with clients to help keep customers informed on the impact of the hard market on their coverage and premiums. And now, this month, we have taken that one step further by launching a campaign focused on consumer education in the current insurance climate.

Trusted Choice released a new national survey on policyholders’ uncertainty and behaviors in the hard market and encouraged consumers to take an active role in safeguarding their financial well-being by staying in touch with their independent agents, asking questions to assess their current coverage, and inquiring about current market dynamics. It’s already received quite a bit of attention in the mainstream media and the insurance trade press.

This study is just the first phase of a year-long effort to elevate awareness of Trusted Choice independent agents in the marketplace. It’s a multi-faceted campaign that will target national, consumer, personal finance and relevant local media.

Insurance Day on the Hill

The Big “I” will once again be participating in Insurance Day on the Hill this year at the State Capitol. The date of the event is Wednesday, February 21st, 2024.

All members of the association are welcome to participate in this event. We plan on visiting with key legislators again this year and Governor Reynolds is once again scheduled to open things off in the Capitol Rotunda.

We would ask that if you plan to attend on February 21stplease join us at the association booth in the rotunda. If you do plan on joining us, please email your intention to Angie Cooper at [email protected]. If you have any questions regarding the event, please reach out to Tom O'Meara at 515-402-4032 or [email protected]. Please check back for more details as they become available.

IIAI/PAC and InsurPac

We hope you have received your 2024 PAC letters in the mail. The Big "I" has two political action committees (PACs); one for donating to state office holders and the other for Federal.

The donations you make are used to support candidates and elected officials who work with our organization on issues of great importance to your livelihood. Because most insurance is regulated at the State level it remains our main focus. Everything from auto insurance to workers' compensation issues are debated almost annually at the State Capitol - insurance specific issues along with regulatory laws remain front and center. Insurance is a heavily regulated industry, and specifically the marketing of insurance by agents is often in the "cross hairs" of plaintiff lawyers which adds to the dynamic of court decisions that can significantly impact your ability to make a living.

The IIAI/PAC uses the donations by supporting members of the Iowa legislature, along with the Governor who have worked in defense of the insurance issues of importance to Iowa's independent agent community. At the Federal level - if you sell crop insurance, health insurance or flood insurance you have a great deal at risk.

Our Federal PAC called InsurPac supports members of the U.S. House and Senate who work closely with us on the Federal issues of greatest concern to agents. We think donating to the 2 PACs is like buying career insurance - without a diligent effort by the Big "I" on your behalf, your career and the value of your book of business is at risk.

Do You Sponsor a Retirement Plan for Your Agency?

There is a continuous stream of judicial and regulatory developments in the 401(k) plan world with many addressing the definition and duties of a plan fiduciary.

Many plan sponsors mistakenly believe that they are not a plan fiduciary or have outsourced that role to another party. In reality, while steps can be taken to mitigate fiduciary risk, no agency owner can eliminate that role entirely. The Department of Labor expects a plan fiduciary to perform responsibilities that include:

· Acting solely in the interest of plan participants and their beneficiaries with the exclusive purpose of providing benefits to them.

· Carrying out their duties prudently.

· Following the plan documents.

· Diversifying plan investments.

· Paying only reasonable plan expenses.

The Big “I” MEP 401(k) Plan, available exclusively to Big “I” members, has helped many agencies fulfill their fiduciary obligation by reviewing their plan expenses and educating them on the true cost of their plan. In addition, many were able to reduce their recordkeeping and investment expenses. Let IIABA compare your plan to our and industry benchmarks! Don’t hide–thrive. Contact us today for a complimentary plan consultation. www.iiaba.net/Retiremen t

Looking for a Market? Check Out

Big I Markets

One of your membership benefits is access to Big "I" Markets (BIM). Every year National Big “I” updates the list of markets available for our state. The options available cover personal and commercial lines and limited life & health products.

By contracting with carriers at a national level, BIM is able to offer a marketplace at the state level. Marketing is done through the BIM website. For more information you can click here to access flyers about the program and how to register for it. You will need your Independent Insurance Agents of Iowa username and password to sign in to use this site. Click here for a list of markets available in Iowa.

While BIM may not be the answer to save every account, it definitely is worth checking out to see if you can offer your client a standard market before having to explore a surplus lines market.

Inclusive Agency Training Series: New Session Dates

The Big “I" Diversity Council is thrilled to continue presenting the Inclusive Agency Training Series, the four-part training series especially for independent agency leaders.

Live courses are available for those who prefer a more interactive learning experience and thrive in real-time discussions and activities. These one-hour weekly discussions offer the unique opportunity to network with other leaders while enhancing your knowledge of how to implement diversity, equity and inclusion. New live Zoom sessions start next week!

Register for Young Agents Resource Roundtables

The Big “I" national Young Agents Committee (YAC) is excited to launch the 2024 Young Agents Resource Roundtables. These calls, which take place every other month, provide participants with the opportunity to discuss ways to support the growing industry and network with their peers. While these are hosted by young agents for young agents, any Big “I" member is welcome to attend. This includes state association staff, national directors, volunteers and more.

The first call of 2024 will be Wednesday, Jan. 31 at 2 pm ET. During this call, participants will hear from Janet Frank, a certified health and wellness coach. She will share her best tips and strategies on managing work-life balance, as well as provide updates on the changing workforce in 2024.

On March 27, the call will focus on InsurPac. Ray Gallant, former chairman of the Massachusetts Association of Insurance Agents (MAIA), will share his fundraising strategies and InsurPac stories. Participants will also get to meet with the Big “I" government affairs team and ask questions about InsurPac and the upcoming 2024 Legislative Conference in Washington, D.C.

At the conclusion of each call, the state with the most young agents present will receive $500 for their YAC. Funds can go toward an InsurPac contribution, GIVE Movement charity, or to support the state YAC.

Check out the full schedule and register for this series.

For more information, contact Jamie Behymer.

Meet Charles Symington, the New Big 'I' President & CEO

Charles Symington reflects on his first 100 days in office and outlines how the Big “I" can support members in the hard market and put them on a course toward growth and prosperity. Learn More

NEWSLETTER

Insurance Day on the Hill

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Inclusive Agency Training Series: New Session Dates

Register for Young Agents Resource Roundtables