The PIA Trust page 17 PIA CONNECTION 2022 V6 INSURANCE LEGISLATORS, REGULATORS DISCUSS ISSUES PAGE 13 THE OFFICEINSURANCEFEDERALMUSTBEREPEALEDpage11
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NCOIL NEWS ROUNDUP 13
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VICE PRESIDENT/TREASURER Richard A. Savino, CIC, CPIA richs@broadfieldinsurance.com
SECRETARY/ASSISTANT TREASURER Ariel Rivera, CIC (PR) ariel@deerinsurance.com
CONTENTS
The information in this publication is general in nature and is not intended to serve as legal, accounting, financial, insurance, investment advisory or other professional advice as to any reader’s particular situation. Users are encouraged to consult with compe tent legal, financial, insurance, investment advisory and or other professional advisors concerning specific matters before making any decisions and we disclaim any responsibility for any decisions or actions by readers.
PIA MARKET ACCESS 8-9
RECOVERY FROM KENTUCKY FLOODS TO BE COSTLY 10
PRESIDENT-ELECT Gerald F. Hemphill, CIC, LUTCF (VA/DC) ghemphill@gfhinsurance.com
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THE FEDERAL INSURANCE OFFICE MUST BE REPEALED 11
A lack of flood insurance is complicating efforts to recover from massive flood damage in Kentucky. Gov. Andy Beshear said that the state will need “significant dollars” to recover, calling the event “the most devastating flooding event our state has ever seen.”
PIA CONNECTION
MARKETING EDITOR Madeleine Stern | mstern@pianational.org
June 2022
NEWS BRIEF 6-7
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REGULATORY AFFAIRS EDITOR Lauren Pachman, Esq. | lpachman@pianational.org
PUBLISHER/EDITOR-IN-CHIEF Ted Besesparis | tbesesparis@pianational.org
PIA Connection is published ten times yearly by the National Association of Professional Insurance Agents. 419 North Lee Street Alexandria, Virginia 22314 ©2022 All rights reserved.
IMMEDIATE PAST PRESIDENT Wayne F. White, CPA, CPIA, PFMM (AR) wwhite1948@aol.com
NATIONAL ASSOCIATION OF PROFESSIONAL INSURANCE AGENTS
CONTRIBUTING EDITOR Patricia A. Borowski, CPIW PRODUCTION EDITOR Laurel Prucha Moran | laurelpm@blueroomstudio.com
MANAGING EDITOR Sade Hale | shale@pianational.org
Looking for a Specialized Solution for Your Book of Business? Consider PIA Market Access.
The existence of the FIO represents an ongoing threat to the successful state-based system of insurance regulation, observes Jon Gentile, PIA vice president of government relations.
PRESIDENT Anthony Curti, CIC, LIC (MI) tcurti@acrisure.com
ADVERTISING DIRECTOR Robert Holt, CLU, ChFC, CASL | rholt@pianational.org GOVERNMENT AFFAIRS EDITOR Jon Gentile | jgentile@pianational.org
PIA CONNECTION | www.pianational.org 2022
PIA Counsel and Director of Regulatory Affairs Lauren G. Pachman, Esq. reports on a meeting of the National Council of Insurance Regulators (NCOIL). THE COMING FINANCIAL STORM 14 Opinion article by Michael Cormier on what independent agents need to know. DEPARTMENTS From the President 5 From the CEO 5 PIA Member Benefits 16 PIA Member Benefit Spotlight 17 PIA Connection Marketplace 17 PIA Affiliate Listings 18 Cover image: iStockphoto/ bpperry ACT page 10
EXECUTIVE VICE PRESIDENT/CEO Mike Becker (PIA National) mbecker@pianational.org
COVER STORY
2022 V6
NAIC ADOPTS PET INSURANCE MODEL
Insurance Tips for Students Heading to College…Inflation Means Replacing Your Home Will Cost More…Aon: Global Insured Cat Losses $39 Billion in H1…Home Insurance Prices Outpacing Inflation in Many States…Navigating Property Insurance…Men More Likely to be in Distracted Driving Fatalities.
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Natural disasters, hurricanes, floods, tornadoes, wildfires, extreme weather events, active shooter attacks, covid, infla tion – all seem to occur with greater frequency, sometimes simultaneously. Such occurrences can cause people to suffer significant loss. In times like these with a multitude of significant risks, people realize even more that they need the protection that insurance can provide. Insurance can’t make problems go away, but it can provide protection against loss and help make people whole again. That’s a big part of the value we provide. But professional, inde pendent insurance agents do a lot more than simply provide our clients with choices in coverage. Not only do we assess, advise, and provide counsel but we are friends, neighbors and members of our local communities with a commitment to help. It’s all part of what we do. Ours is a helping profession. We help people protect their prop erty, their families, their income and their lives. We can provide a measure of peace of mind in the midst of Viewingcrises.the news and seeing all the negative things people must contend with these days can be dispiriting. But if we are ever tempted to despair, we can take heart in knowing that being part of the insurance business, we are part of the solution. We can provide a measure of certainty in an increasingly uncertain time. It is our mission. And it is a noble one.
ONE OF THE MOST IMPORTANT THINGS PIA does for agents is engage in advocacy, in many ways.
PIA CONNECTION | www.pianational.org 2022 V6 | 5
FROM THE CEO
On the national level, the focus is often on Congress.
There’s a lot more PIA does for its members, but everything we do is grounded in our advocacy.
During every congressional session proposals are advanced that can benefit agents, while others would be destructive. We support measures that help agents and oppose those that would have a negative effect.
FROM THE PRESIDENT
Mike Becker CEO
PIA also advocates in the regulatory space. We regularly participate in organizations such as the National Association of Insurance Commissioners (NAIC), the National Conference of Insurance Legislators (NCOIL), the National Insurance Producer Registry (NIPR). We are fully engaged in flood insur ance groups such as the Flood Insurance Producers National Committee (FIPNC), where PIA rotates as chair. At the state level, PIA affiliates lobby state legislatures and state regulators, and members also take part in advocacy at the national level, participating yearround in advocacy events that give agents the chance to meet with federal policymakers on the issues that matter most to them. We also advocate in the court of public opinion, advanc ing our views and sharing our expertise through the trade press and social media.
THESE HAVE BEEN CHALLENGING TIMES AND it seems like there has been an increase in the amount of bad news over the past few years.
PIA staunchly supports the state regulation of insurance, the driving force in our years-long opposition to the FIO which represents a very real threat to the successful state-based system of insurance regulation.
Tony PresidentCurti
In just the last several months, PIA has opposed a proposal to increase taxes on small businesses; continued efforts to bring about the repeal of the Federal Insurance Office (FIO); and reaffirmed our support of long-term reauthorization and reform of the National Flood Insurance Program (NFIP), with PIA National Secretary Ariel Rivera testifying before the House Financial Services Committee.
INFLATION WILLREPLACINGMEANSYOURHOMECOSTMORE
HOME STATESINFLATIONPRICESINSURANCEOUTPACINGINMANY
Home insurance prices are rising faster than inflation in many states, accord ing to a new report from insurtech firm Policygen ius. From May 2021 to May 2022, 90% of homeowners saw annual premiums increases which average 12.1 percent compared to a year Insuranceago. costs are ris ing as a result of home construction costs increas ing, “due to supply-chain disruptions, unprecedented labor shortages, and fre quent natural disasters,” said Pat Howard, a licensed property and casualty insurance expert at Policy genius, who authored the report. “It’s important for con sumers to know there are multiple ways to lower your premium, including regularly re-shopping your home insurance, bun dling insurance policies, or installing smart home devices,” Howard said.
Data from insurance bro ker Aon finds that glob ally, insured losses from natural disaster events totaled $39 billion in the first half of 2022, which is roughly 18 percent above the 21st Century average. In contrast to the above average volume of catas trophe losses experienced in the six-month period istockphoto
“Protect yourself and your family financially by ensuring your student has the insurance coverage they need before they leave for college,” said Virginia Insurance Commissioner Scott A. White. “Review insurance coverage for their health, auto, living space, and belongings and make sure they under stand their coverage.”
INSURANCE TIPS FOR STUDENTS HEADING TO COLLEGE
As many students head to college, it is a time that brings new insurance needs. The Virginia State Corporation Commis sion’s Bureau of Insurance encourages families with college students to make sure their college prep checklist includes a thorough review of both their own insurance needs and those of their students.
Wildfire and other natural disaster-related damage could be more costly with inflation on the rise. Con sumers should call their insurance agents to make sure they have enough coverage to adequately offset higher prices for the labor and materials needed to rebuild their homes. “In just the past year, prices for materials used in residential construc tion have climbed nearly 20 percent,” according to the National Association of Home Builders. Mean while, the American Prop erty Casualty Insurance Association found that just 30 percent of over 1,000 U.S. homeowners polled had adjusted their insur ance policies in response to hikes in reconstruction expenses. Janet Ruiz, director of communica tions at the Insurance Infor mation Institute (Triple-I), said, “I really encourage people to talk to contrac tors and look at their insur ance every year because this is an unprecedented time of inflation.”
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AON: GLOBAL INSURED CAT LOSSES $39 BILLION IN H1
The Bureau encourages parents and students to shop around for insurance coverage and compare premiums and policy provisions. Read any insurance policy carefully and make sure you understand exactly what is covered, as well as exclu sions, deductibles and limits. If you have questions or concerns, contact your insurance agent.
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Men were involved in more than twice the number of fatal distracted-driving accidents that happened in 2020 than women, according to online driver-edu cation resource Zutobi. Of the 2,906 fatal distracted driving accidents that occurred in 2020, men were involved in 2,125. Zutobi reported that talking on a mobile phone while driving increases crash risk by two times, while texting increases the risk six fold. Texting while driv ing takes an average of five seconds, according to the National Highway Traffic Safety Administration (NHTSA), which reported a car going 55 mph can travel the length of a football field in that timeframe.
A CAR GOING 55 MPH CAN TRAVEL THE LENGTH OF A FOOTBALL FIELD IN FIVE SECONDS
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Aon’s First Half of 2022 Global Catastrophe Recap finds that global economic losses from natural disas ters are preliminary down 24% on the 21st Century average of $121 billion, at $92 billion. In terms of insured losses, persistent severe convec tive storm activity, notably in the U.S. and Europe, was a key driver in H1 2022, according to Aon.
advocacyprotectiontothecantheirinsurancenavigatetratingfreadCommissionerInsuranceJonGodsaiditcanbefrusforconsumerstoissueswiththeircompaniesonown,notingthat“westepintheshoesforconsumer.”AccordingGodfread,consumerandconsumeristheprimary
definitely a big insurance knowledge gap. A really good insurance agent can help a lot with that,” said Godfread, “But again, it comes down to there’s some areaskbyanswersinsurancewhoresourcedepartmentGodfreadreview.”process,buying,beforethat’stoquestionsals.responsibilitypersonalforindividuTherearenodumbwhenitcomesinsurance,whetheronthefrontendyoubuy,asyou’reduringaclaimsduringanannualaddedthecanbeaforconsumersareshoppingforbyprovidingtoquestionsandidentifyingquestionstotheiragentsoncetheyreadytobuy.
NEWS BRIEF
NAVIGATING PROPERTY INSURANCE North Dakota
Frank and Ernest is used with the permission of the Thaves and the Cartoonist Group. All rights reserved.
mission of the North Dakota Insurance Depart “There’sment.
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MEN MORE LIKELY TO BE IN DISTRACTED DRIVING FATALITIES
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LOOKING FOR A SPECIALIZED SOLUTION FOR YOUR BOOK OF BUSINESS? LEARN MORE PIANATIONAL.ORG/MARKETACCESSAT:
IF YOU HAVE A LOST A direct appointment, if a carrier has pulled out of your state, or you would like to combine your existing busi ness into a single source, PIA Market Access may be the solution for you. PIA Market Access can help you remarket, shop policies, or assist with bookPIArollovers.members who enroll have access to over 50 national and spe cialty personal and commercial lines markets from a number of admitted “A” or better-rated companies. Agents submitting applications through the platform can receive quotes from most of these companies through a tech nologically advanced personal and commercial lines rater. PIA has negotiated an exclusive low monthly rate for the use of our partner InsureZone’s technology and market access. Agents who enroll in the PIA Market Access Program will receive the first 90-days free. Agents can expect to see competitive commis sionPIArates.members participating in the PIA Market Access Program will retain ownership of their book of business, and if they should choose to leave the program, there are no exit fees. InsureZone is a full-service pro vider that is fully staffed with under writers to answer agents’ questions and make the sales process as smooth as possible. The program provides insur ance CSRs to make requested policy changes and the standard of service is to begin processing all requests the same business day. For a current list of carriers avail able in each state, please refer to the Carrier page at PIAMarketAccess.com PIA Market Access is available to PIA members in all 50 states and the District of Columbia. Carrier availabil ity varies by state. PIA members who enroll now receive a 90-day free trial.
The National Association of Insurance Commissioners (NAIC) members passed a Pet Insurance Model Act to establish appropriate regula tory standards for the pet insurance industry, which has annual premiums of approximately $2.8 billion in total in-force premiums in 2021 (up over 30.5 percent from $2.175 billion in 2020) and over 4.41 million insured pets across North America. That’s up 27.7 percent from over 3.45 million pets insured in 2020, according to the North American Pet Health Insurance Association.
Of particular concern to PIA was the late inclusion of a provision that extends for two years the Section 461(l) cap on losses a business owner is permitted to claim. This amounts to a $52 billion tax hike on pass-through businesses. PIA has been active in successfully opposing previous damag ing small business and/or tax-related proposals in this majority-led rec onciliation effort over the last year. Unfortunately, this cap on losses provi sion was adopted at the last minute in the Senate as an amendment with almost no consideration or debate and remained in the bill that was signed.
All 38 GEICO offices in California have been closed and phone sales in the state have halted. According to a statement from the company, the GEICO local offices that closed are sales offices owned by independent contractors. Media reports say “hun dreds” of employees have been laid off. People will need to access their offer ings through a computer or a mobile device, as California customers cannot purchase policies via phone. This comes after GEICO made the decision in April 2022, to suspend quoting in their call centers across several states — including California. The California Department of Insurance is following GEICO’s actions, said California Deputy Insurance Commissioner Michael Soller. “We are monitoring to make sure consumers are protected,” he said in a“Thestatement.company’s actions will make it harder for consumers to buy GEICO policies, particularly those who are computer challenged or prefer to meet an agent in person,” said former California Insurance Commissioner Dave Jones. The Sacramento Bee reported that several GEICO custom ers who attempted to meet with local agents at the GEICO office at 5211 Madison Ave. in Sacramento were turned away. They were told to call an 800 number.
RECOVERY FROM KENTUCKY FLOODS TO BE COSTLY
PIA went on record in strongly opposing tax provisions unfavorable to small business that are included in the Inflation Reduction Act, which was passed by the Senate and House last week. President Biden signed the bill into law. PIA joined with a group of more than 70 business groups in a letter to Congressional leadership to oppose` the bill.
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THE FEDERAL EMERGENCY Management Agency (FEMA) con tinues to assess the damage in eastern Kentucky following recent floods and Gov. Andy Beshear said that the state will need “significant dollars” to recover, calling the event “the most devastating flooding event our state has ever seen.” Massive flooding in late July caused the deaths of at least 37 people and left hundreds homeless. Governor Beshear said infrastructure is among the most damaged parts of the region, particularly the state’s water and sanitation infrastructure. “One of the most devastating parts of this flood is that most people’s homes are not going to be covered by insurance. A lot of people don’t have insurance. Most people don’t have flood insurance, which is really expensive, and it’s going to be a real challenge on the rebuilding side,” he added. One of the most potentially expensive consequences of this year’s Kentucky flooding is the damage to the state’s water and sanitation infrastruc ture, Beshear said. According to government records, just 17,250 Kentucky property own ers have flood insurance through the National Flood Insurance Program (NFIP). An analysis of federal records by E&E News reveals that only 2,485 property owners in the 10 hardest-hit eastern Kentucky counties had NFIP coverage, amounting to about 2.3 per cent of households in the region. The lack of coverage is complicat ing recovery efforts following massive flooding.
PIA OPPOSED TAX PROVISIONS IN THE INFLATION BILL
NAIC ADOPTS PET INSURANCE MODEL ACT
ALL CALIFORNIA GEICO LOCAL OFFICES CLOSED
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FIO MUST BE REPEALED
“As long as this office [FIO] contin ues to exist, it will remain a very real threat to the successful state-based sys tem of insurance regulation,” said PIA National Immediate Past President Wayne White. “To do nothing and allow this office to accrue more power over time is tantamount to endorsing an increased federal role in the regula tion of insurance. PIA draws a line in the sand on this issue and will not back down from this effort.”
Created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, this federal bureau looms as an ongoing threat to the very successful state-based system of insurance regulation that has pro tected consumers for over 150 years. Our state system has also helped create an insurance marketplace that is the envy of the whole world.
The move 12 years ago to create the Federal Insurance Office was not a well-intentioned effort to enact reform, and it was not benign. It was an attempt at a power grab. Fortunately, after opposing its creation, PIA worked with allies at the time to ensure the FIO not operate as a “regulator of the business of insurance.” Since the FIO was created, PIA has monitored its activities, periodi cally sounding alarms when the office started acting beyond its mandate to merely monitor insurance markets.
Jon Gentile is vice president of government relations of PIA National.
PIA CONNECTION | www.pianational.org 2022 V6 | 11 THE FEDERAL INSURANCE OFFICE MUST BE REPEALED
There are new threats in Congress.
CAPITOL HILL UPDATE By Jon Gentile Vice President, GovernmentPIARelationsNational
PIA will continue to advocate against all intrusions of the federal government into the business of insurance.
PIA strongly supports the state insurance regulatory system and we will continue to advocate against all attempts at federal expansion.
“No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we’ll ever see on this earth!” —Ronald Reagan President Reagan didn’t live long enough to see yet another example of the life of government bureaus he so accurately described: the Federal Insurance Office (FIO).
In 2016, PIA became the first national insurance association to call for the outright repeal of the FIO and helped develop legislation to abolish the office. In this Congress the legislation was reintroduced by Sen. Ted Cruz (R-TX).
NEW THREATS IN 2022 Has the threat to state regulation receded? Not really.
Our vigilance in monitoring the FIO paid off in 2017. That’s when a Dodd-Frank reform bill, the Financial CHOICE Act, was introduced in Congress. It included a provision establishing a new federal office called the Office of the Independent Insurance Advocate, within the Treasury Department. The head of this new office would be confirmed by the Senate and given a six year term, while the FIO director is only an employee of the Department of the Treasury. Under the new bill, the decisions of the Insurance Advocate could not be changed by the Treasury Department, where it would be housed.
Rep. Ben Cline (R-VA) introduced companion legislation in the House with the strong support of PIA.
The proposed Independent Advocate office would have its own budget and power to hire staff and engageRatherattorneys.thanreform the FIO, this bill would have supercharged it by absorbing and supplanting the FIO, and organizing it around a de facto federal insurance czar with unprec edented power at the federal level in modern times. Fortunately, this ploy was not enacted into law—but it dem onstrated that a very serious, ongoing threat to state-based insurance regula tion remained and was active. The threat to the primacy of the states on insurance topics continues. Thanks to a directive from the cur rent administration, the FIO is now beginning to implement a new man date related to collecting data on cli mate related insurance risk. The threat has also crept into the appropriations process. Recently, report language included with the House Financial Services and General Government Fiscal Year 2023 (FY23) appropriations bill contained several directives to the FIO, including directing the FIO to gather data on property damage exclu sions in homeowners’ and renters’ insurance policies and to examine the impact on the auto insurance market of non-driving related factors. While report language is not necessarily binding, it is used to explain the intent of Congress for the use of funds in appropriations bills and can influence the actions of federal agencies.
42314A The Hartford is one of the largest providers of flood insurance, offering a full-service solution, competitive commissions and a dedicated local Sales Director.
The Hartford is proud to be PIA’s nationally endorsed flood insurance provider.
Contact Joseph Surowiecki, National Flood Sales Manager at 860.547.5006.
PARTNER WITH THE HARTFORD, A LEADER IN FLOOD INSURANCE.
Contact Neil Randerson, Flood Managing Director, at 303-645-8526.
© 2021 The Hartford. Printed in U.S.A. All information and representations herein are as of October 2021.
PARTNER WITH THE HARTFORD, A LEADER IN FLOOD INSURANCE.
The Hartford is one of the largest providers of flood insurance, offering a full-service solution, competitive commissions and a dedicated local Sales Director.
The42314AHartford is a participant in the federal Write Your Own (WYO) Program, part of the National Flood Insurance Program (NFIP) managed by the Federal Emergency Management Agency (FEMA). WYO flood policies are underwritten by the federal government and issued, sold, and administered by authorized private insurance companies, including Hartford Fire Insurance Company, Hartford Insurance Company of the Midwest and Hartford Underwriters Insurance Company. Policies are subject to rules, regulations, terms, conditions, and availability of the NFIP. Conditions and limitations may apply, refer to policy terms for details.
The Hartford is proud to be PIA’s nationally endorsed flood insurance provider.
NCOIL is composed of member states, which send repre sentative state insurance legislators and staffers to its thriceyearly meetings, where they gather with insurance industry stakeholders and other government relations professionals to discuss legislative and regulatory initiatives underway in their individual states and at the federal level. NCOIL also drafts model laws for states to adopt to encourage uniformity among the 50 states’ insurance oversight regimes.
PIA CONNECTION | www.pianational.org 2022 V6 | 13 PIA LEGAL ANALYSIS By Lauren G. Pachman, Esq. NCOIL NEWS ROUNDUP
PIA Participates in meeting of the National Council of Insurance Regulators
In Jersey City, NAIC was well represented by its president and Idaho Insurance Director Dean Cameron; Massachusetts insurance commissioner Gary Anderson, who chairs the NAIC’s International Insurance Relations (G) Committee; North Carolina Commissioner Mike Causey; Alaska Director Lori Wing-Heier; Delaware Commissioner Trinidad Navarro; Georgia Commissioner John King; Maryland Insurance Commissioner Kathleen Birrane; New Jersey Commissioner Marlene Caride; Oklahoma Commissioner Glen Mulready; and Pennsylvania Acting Commissioner Mike Humphreys.
One issue to bear in mind is what the “off-ramp” will look like for products that begin as “regulatory sandbox” ideas, J.P. Wieske, of the American InsurTech Council, advised the legis lators and industry attendees. Products should not spend their entire life cycles inside the sandbox; any policy on regulatory sandboxes should acknowledge the need for products to have an exit strategy, whether that strategy places the product into the traditional market or discontinues its sale altogether.
In general, requests for exemption are limited to the regula tions identified as most burdensome to the applying entity in the context of the experimentation in which it wishes to engage. For instance, new entrants into the market often face filing requirements, difficulty accessing the excess and surplus lines markets, and other regulatory red tape that can derail plans to disrupt a reliable but stagnant market. Regulatory sandboxes permit traditional insurance entities to explore the development of innovative products, the availability of which would be prohibited in a traditional regulatory environment. The innovation created within the confines of a regulatory sandbox can, ultimately, enhance competition and provide more options for consumers. Regulatory sandboxes permit experimentation without the upheaval of permanent changes to state law or regulation.
PIA is represented at NCOIL meetings by Counsel and Director of Regulatory Affairs Lauren Pachman.
REGULATORY SANDBOXES
COLLABORATION WITH NAIC
In general, state insurance departments use regulatory “sand boxes,” in states where they are permitted, to consider specific requests for an insurance carrier or other member of the indus try to be temporarily exempted from one or more regulatory requirements typically imposed on licensees in that state.
RECENTLY THE NATIONAL COUNCIL OF Insurance Legislators (NCOIL) met in Jersey City, New Jersey to discuss a range of insurance-related issues from the concept of an insurance regulatory “sandbox” to the use of insurance scores in property/casualty underwriting.
One of the big issues that could potentially affect independent agents is the NCOIL Insurance Regulatory Sandbox Model Act, which is sponsored by Rep. Bart Rowland (Indiana). In the materials disseminated in preparation for the meeting, Rep. Rowland offered a new version of the model, which legislators hope to vote on during NCOIL’s annual meeting in November.
CONTINUED ON PAGE 15
The new version is based on the regulatory sandbox law passed in Kentucky, also with the sponsorship of Rep. Rowland.
The National Association of Insurance Commissioners (NAIC) frequently sends several representatives to NCOIL meetings so that the two groups can maintain good communication between the legislative and regulatory work of the states.
Once a method or product tested in a sandbox has demon strated its value, state legislators and/or regulators can consider changes to laws or regulations to establish a permanent setting in which similar methods or products can be pursued by other members of the industry. Moreover, if many states adopt the NCOIL regulatory sandbox model, “sandbox” experimentation can be done in a variety of states, which will help innovators in the insurance industry stress-test their ideas and, eventually, maximize the “sandbox” benefits available across the country.
I’m not an economist, but with all this considered, my message for our independent agency members is this: Be mindful, but increase your efforts and keep investing in your business.
Insurance is an incredibly resilient industry. It always has been, and always will be. If you look back 20 years and compare GDP growth to premium growth, the latter outpaces the former in nearly every quarter. The P&C industry’s hardening market certainly won’t abate in the face of tougher economic conditions; rates will continue their ascent.
Ultimately, this is likely good news for both carriers and agents, but it also creates more work for the boots on the ground — and it’s nothing they can’t handle. Independent agents are up to theAgentstask. should anticipate that the inflation families have been weather ing will put pressure on insurance renewals. Once they see the inevitable premium increases on their policies, customers may be tempted to assume higher deductibles, reduce their cover age, or shop elsewhere to try and score better rates in order to save money. This is when your role as a trusted advisor will become paramount. Even if we slip into a recession, your customers must carry adequate cover. They shouldn’t sacrifice coverage for priceAsconsiderations.ratesrise,commercial clients will likewise review their insurance needs — and smaller clients will be tempted to sacrifice coverage. Your valued counsel will be needed as commercial accounts seek to stay within budgets.
THE COMING
THE BIGGER PICTURE
The signs of an impending reces sion are becoming more evident, with consumer confidence falling, the housing market showing signs of a downturn, and the Federal Reserve tightening aggressively. On July 27, the Fed enacted its second consecutive 0.75 percentage point interest rate increase. According to a recent Reuters poll, economists expect the Federal Reserve to deliver another half-percentagepoint rise in September – and as the price of borrowing money rises, eco nomic activity is expected to decrease.
A RECESSION MAY BE IN THE cards — but for agencies, a defensive position is not an option.
KNOW YOUR ROLE
FINANCIAL STORM: WHAT INDEPENDENT AGENTS NEED TO KNOW
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Instead, independent agents should continue to sell into what remains a very vibrant insurance economy — and demonstrate the valuable counsel for which they will always be known.
The aforementioned rate increases are positive development for carriers, whose investments in fixed-income contracts are yielding bigger returns than in years past. Many of them are also currently employing fewer staff than in recent years; they’re serendipi tously where they need to be in terms of labor levels, while gaining high levels of investment income at the same time.
Carriers still want to grow: In the states where they’re strategically com mitted, they’re looking to invest in those areas, not cut back (the welldocumented capacity crisis in Florida notwithstanding).Ifagencyprincipals find themselves wondering if they should still hire that new producer, the answer is yes. Agents should continue to invest in their busi ness and differentiate themselves with expanded expertise. To do anything dif ferently in the face of the current finan cial picture would be to over-adjust.
Additionally, there’s a sense of opti mism among carriers that going into 2023, loss ratios will revert to histori cal levels as supply chain issues subside and the actions taken by the fed begin to take hold.
WHAT TO EXPECT If the U.S. were to enter a recession, exposure-driven coverage areas will suffer. For instance, workers’ com pensation books could take a hit, if corporate belts tighten and employees are shed. Unfortunately, smaller head counts will always lead to shrinking workers’ comp premiums. While we’re still in a hard market, loss ratios in some sectors remain chal lenged due to inflation. Both personal and commercial auto, for example, have seen their loss ratios impacted due to the ever-rising cost of repairs, the extended duration of repair times due to labor issues and parts sourcing, and a spike in the cost of rental cars. The saving grace in personal auto, at least, is that skyrocketing fuel prices are driving demand down, which means fewer cars will likely take to the road this summer. As we move to the back half of 2022, personal auto loss ratios are expected to benefit as a result. On the carrier side, most insurers aren’t shifting to defensive mode in the face of a possible recession. Although some carriers are revisiting the commis sions they pay to independent agents, those moves are not being driven by economic conditions or concerns over a recession. (While this is an important topic, it would be imprudent to discuss it in the context of what agents should do as a recession looms.)
Michael Cormier is Chief Revenue Officer for Renaissance Alliance, a nationwide network of independent agencies. The opinions expressed are his own.
All told, the current economic condi tions shouldn’t scare savvy indepen dent agents. On balance, you should be able to grow your revenue in 2022-23, even if a recession should occur.
Representatives of APCIA and NAMIC expressed trepidation about the model, noting that the issue of underwriting is very complicated, as it implicates two different carrier relationships: a carrier’s relation ship with its agents and its relationship with its policyholders. Rep. Lehman agreed, but cautioned that policyholders cur rently have doubts about the methods by which their rates are calculated. Those doubts are not serving carriers, agents, or policyholders, noted Rep. Lehman. He also emphasized the importance of ensuring that any model addressing underwriting transparency also protects carriers’ proprietary information.
In preparation for the NCOIL annual meeting in November, PIA plans to provide feedback on both the Insurance Regulatory Sandbox Model Act and the Insurance Underwriting Transparency Model Act in the coming months. Those will be shared on the PIA Advocacy blog (www.piaadvocacy.com) when they become available.
LAST WORD Finally, PIA is represented at NCOIL meetings by Counsel and Director of Regulatory Affairs Lauren Pachman (lpachman@pianational.org), who recently contributed a sum mary of our members’ experiences with Risk Rating (RR) 2.0 and concerns about the Sept. 30 deadline for Congress to reauthorize the National Flood Insurance Program (NFIP) to the NCOIL newsletter.Theopportunity to provide the PIA viewpoint is a benefit of its membership in the Industry Education Council (IEC), which is an independent, nonprofit membership organization that uses its dues to it funds NCOIL’s educational efforts. The contribution can be found here: Volume-7-Newsletter-Final.pdf33a.fce.mwp.accessdomain.com/wp-content/uploads/2022/07/https://secureservercdn.net/50.62.194.59/(“IECPerspective,”page5).
CONTINUED FROM PAGE 13
INSURANCE SCORES
The article was prompted by AP journalists’ recent acquisition of a FEMA-produced report that the agency had sent to the treasury secretary and a handful of congres sional leaders in late 2021. The report contradicts FEMA’s previous public statements regarding anticipated future NFIP take-up rates. The AP obtained the report using a Freedom of Information Act (FOIA) request; the report projects that the new flood insurance rating system will lead to a 20 percent drop-off in the number of NFIP policies in force.
EFFECTS OF RISK RATING 2.0, FEMA STATEMENTS STATEMENTSDEBATEDBYFEMA
“We have certain responsibilities we are charged with. The number of policies sold isn’t one of them, again, because we are a government pro gram,” Maurstad said. This apparent indifference to increasing—or even maintaining—the number of policies in force contradicts years of messag ing by FEMA and the NFIP, including multiple marketing campaigns empha sizing the value of flood insurance to homeowners. Those campaigns were ostensibly designed to increase the number of flood insurance policies in force. Maurstad’s comments also sug gest that FEMA undervalues the work of independent agents, who function as the salesforce of the NFIP.
That figure contradicts FEMA’s pre vious statements predicting that Risk Rating 2.0, the new rating methodology of the nation’s flood insurance program, would prompt more people to purchase flood insurance coverage, even though some policyholders would pay more for it. The report obtained by the AP said higher prices would drive a loss of one million policies, compared to the begin ning of the decade. FEMA downplayed the report obtained by the AP as a pessimis tic projection, aimed at forecasting finances, not insurance participation.
contained in a recent news article by the Associated Press (AP) raised concerns about the number of flood insurance policies that will be writ ten or renewed in the National Flood Insurance Program (NFIP) in the next several years.
BILL INTRODUCED TO EXTEND NFIP ONE YEAR Sen. John Kennedy (R-LA) recently introduced S. 4533, the National Flood Insurance Program (NFIP) Extension Act of 2022, with Sens. Cindy HydeSmith (R-MS), Marco Rubio (R-FL), and Bill Cassidy (R-LA) as cospon sors. The legislation would prevent the NFIP from expiring on September 30, 2022 by extending it for one year until September 30, 2023.
The agency said it has not directly studied how many people will buy flood insurance through the NFIP once all policies in the program have transitioned to Risk Rating 2.0. Also of concern to PIA are state ments made by David Maurstad, a senior executive of the NFIP, that were included in the AP news article.
The other issue drawing PIA’s attention in Jersey City was the ongoing development of the NCOIL Insurance Underwriting Transparency Model Act, sponsored by Rep. Matt Lehman (Indiana). Rep. Lehman offered a series of questions for industry members to respond to as they continue to consider the model.
PIA CONNECTION | www.pianational.org 2022 V6 | 15
SMALL COMMERCIAL and the DIGITAL OPPORTUNITY. A variety of resources that help agents increase their digital capabilities and improve the digital experience for their customers.
AGENCY MANAGEMENT TOOLS
✦ THE AGENT EXPERIENCE. Practical information and resources about how to develop and grow customer relationships online.
✦ PIA ADVOCACY DAY. Every spring, PIA members visit Capitol Hill to talk with their elected representatives about issues that are important to independent insurance agents. www.pianational.org/advocacyday
✦ PIA POLITICAL ACTION COMMITTEE (PIAPAC). PIAPAC contributes to the campaigns of candidates to federal office who share our pro-insurance, pro-business perspective and who support our issues. www.pianational.org/piapac
✦ PIA ADVOCACY BLOG. Timely updates about what’s happening on Capitol Hill and on state and federal regulatory issues. www.PIAAdvocacy.com ✦ GRASSROOTS ALERTS. Send pre-written, fully-editable letters directly to your elected www.pianational.org/grassrootsofficials.
✦ THE PIA 401(K) PLAN is easy to administer, offers minimal fiduciary responsibility, is low-fee and low-cost. It has PIA members covered by performing over 90% of administrative tasks and becoming your retirement department support team.
✦ AGENCY JOURNEY MAPPING. Value your agency, maximize your retirement income, and plan for unexpected death/disability while creating a perpetuation plan for your agency.
Learn more about these PIA member benefits at www.pianational.org.
✦ CLOSING THE GAP—GROWTH & PROFIT. Plan for growth and profitability. Includes tools for improving retention, sales and account-rounding.
✦ MARKETING SUPPORT FOR PIA MEMBERS. Print ads, radio commercials, consumer-oriented flyers and social media support for PIA www.piabrandingprogram.commembers.PIAMARKETACCESS.Accesstoover50nationalandspecialtycarriers,real-timeonlinerating,ownershipofyourbookandnoexitfeesforalowmonthlyrate.www.piamarketaccess.com
✦ HARTFORD FLOOD INSURANCE. PIA’s endorsed flood provider since 2004. Dedicated local sales directors and book transfer/rollover team plus great commissions for PIA members. Call (860) 547-5006.
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AVYST EFORMS WIZARD. Quickly and easily prepare ACORD, agency-specific, and carrier-unique applications and forms, entering data only once in an organized interview format. Get to market faster!
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✦ PIA BLUEPRINT FOR AGENCY SUCCESS. A 3-part resource guide for business planning, growth strategies, and agency continuity.
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ROUGH NOTES - ADVANTAGE PLUS. Identifies risk exposures. Provides detailed coverage analysis. PIA member price $600 annually (reg. $700). Call 800-428-4384. Use your PIA member ID# above name on mailing label.
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PRACTICAL GUIDE TO SUCCESSFUL PLANNING. Plan for success within your own agency.
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✦ CYBER LIABILITY INSURANCE. Coverage and pricing tailored to small and mid-sized businesses.INDIVIDUAL AND GROUP INSURANCE PRODUCTS. Basic, voluntary and dependent term life; long/short term disability; and AD&D. www.piatrust.com
✦ AGENCY TOUCH POINTS—THE VOICE OF THE CUSTOMER. Give personal lines customers what they really want.
✦ AGENCY AGREEMENT REVIEW SERVICE. Free to members and carriers, PIA recommends changes to carriers and highlights concerns for members.
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PIA AGENTS UMBRELLA PROGRAM. Excess insurance protection includes E&O and business liability coverage, with available endorsements for EPL and personal coverage.
✦ WINNING@CYBERSECURITY DEFENSE is a four-part educational resource created to teach agents and their clients about the most common cyber dangers faced by small and mid-sized businesses as well as the best business practices and insurance coverages that can reduce these risks.
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The PIA Trust Long Term Disability Income Insurance Plan helps protect your earnings when you become disabled as a result of an injury or sickness as defined in the policy.
PIA MEMBER BENEFIT SPOTLIGHT HELP PROTECT YOUR MOST VALUABLE ASSET – YOUR INCOME SBP_PIAnewsletter_010619.indd 1 1/6/20 5:17 PM Learn more at primeis.com Contact us at 1.800.257.5590 or info@primeis.com For www.ambest.comratings,latestaccess Become an agent at REInsurePro.com/PIAMarketplace Give Real Estate Investors Coverage That’s Exactly Right. PIAMarketAccess.com AGENCY E&O Contact your local PIA E&O producer WWW.PIANATIONAL.ORG/EANDOtoday! Benefit Period Options You have the choice of three benefit periods and may select the one which best suits your needs: to age 65 Benefit 5periodyearBenefit period 2 year Benefit period Policy terminates at age 70. Elimination Period Options · 90 180daysdays LEARN MORE TODAY To learn more about any of the prod ucts offered by the PIA Services Group Insurance Fund, www.piatrust.comvisit.
HOW MUCH CAN YOU PURCHASE?
You may apply for up to 60% of your monthly earnings, from a minimum of $200 to a maximum of $8000 per month in $100 increments. There is no medical underwriting, however, a preexisting condition limitation may apply.
PIA Connection Marketplace rates: $95/issue for 10 issues; $120/issue for 5 issues. To learn more and get a contract, or to inquire about display advertising, please contact Robert Holt at rholt@pianational.org or 703-518-1353. www.auw.com CONNECTION MARKETPLACE
PIA CONNECTION | www.pianational.org 2022
PIA TRUST LONG TERM DISABILITY INCOME INSURANCE PLAN
V6 | 17
The PIA Trust Long Term Disability Income Insurance Plan can provide protection whether you are totally disabled or disabled and working. With no medical underwriting necessary (a pre-existing condition limitation may apply) and additional flexible options available, you can easily customize a plan to suit your own needs.
SINCE 1931 INDEPENDENT INSURANCE AGENTS have discovered the many advantages of joining PIA. Chief among those advantages is access to the products offered by the PIA Services Group Insurance Fund, also known as the PIA Trust. These products include: basic, voluntary, and depen dent term life; long/short term disability; business overhead expense; and hospital income protection for PIA members, their employees, and families. All products except Basic Life can be purchased by PIA member agency employees with no minimum participation limit.
For many people, disability means an interruption in earnings that can put them financially at risk. Even with group coverage, benefits may not be sufficient to cover the extraordinary costs of a severe disability.
PHONE: (888) 246-4466 FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com
PIA of North Dakota 827 28th Street South, Suite C-2, Fargo, ND 58103 PHONE: (701) 223-5025 (800) 733-1050 ND&MN only FAX: (701) 223-9456 | e-mail: info@piand.com Web Site: www.piand.com
PHONE: (888) 246-4466 | FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com
PIACONNECTICUTofConnecticut,P.O. Box 997, Glenmont, NY 12077-0997
PUERTO RICO & CARIBBEAN PIA of Puerto Rico and the Caribbean Inc 419 N. Lee Street, Alexandria, VA 22314 PHONE: 800-742-6900 FAX: 703-836-1279 e-mail: membership@pianational.org | Web Site: www.piapuertorico.org
Assoc.WYOMINGofWyoming Ins. Agents, PO Box 1321, Cheyenne, WY 82003
WEST VIRGINIA PHONE: (703) 836-9340 FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
NORTH CAROLINA PIANC, 1059 Technology Park Dr, Glen Allen, VA 23059 PHONE: (804) 264-2582 e-mail: kevin@pianc.net | Web Site: www.pianc.net
PIAHAWAIIofHawaii, 1247 Kelewina St. Kailua, HI 96734 PHONE: (808) 261-9460 | FAX: (808) 262-5355 e-mail: piahi@hawaiiantel.net | Web Site: www.piahawaii.com
PHONE: (888) 246-4466 FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com
PHONE: (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com | Web Site: piasouth.com
P.O.PIAVERMONTofVermontBox997,Glenmont NY 12077-0997 PHONE: (800) 424-4244 FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org
18 | 2022 V6 www.pianational.org | CONNECTION
MichiganMICHIGANPIA,P.O. Box 99579 Troy, Michigan, 48099 PHONE: (616) 454-4461 FAX: (616) 454-4491 e-mail: inquiry@mipia.com | Web Site: www.mipia.com
PHONE:PENNSYLVANIA(703)836-9340FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
PIA New Jersey, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org NEW YORK PIA New York, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org
SOUTH CAROLINA PIA of South Carolina, PO Box 6167, Columbia, SC 29260 PHONE: (803) 772-0557 (888) 742-6372 | FAX: (803) 772-0846 e-mail: PIASC@piasc.net | Web Site: www.piasc.net
PIANEBRASKA/IOWAofNebraska/Iowa,11932 Arbor Street, Ste. 100, Omaha NE 68144 PHONE: (402) 392-1611 FAX: (402) 392-2228 e-mail: cathy@pianeia.com | Web Site: www.pianeia.com
PIAVIRGINIA/DCAssnofVirginia& DC 1059 Technology Park Dr, Glen Allen, VA 23059 PHONE: (804) 264-2582 FAX: (804) 266-1075 e-mail: kevin@piavadc.com | Web Site: www.piavadc.com
PIAMONTANAWesternAlliance, 3205 NE 78th St Ste 104, Vancouver, WA 98665-0697
SOUTH DAKOTA PHONE: (703) 836-9340 FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
504PIATENNESSEEofTennesseeIncAutumnSpringsCourt Suite A-3, Franklin, TN 37067 PHONE: (615) 771-1177 FAX: (615) 771-3456 e-mail: piatn@piatn.com | Web Site: www.piatn.com
PHONE: (360) 571-7100 FAX: (360) 571-7600 e-mail: piawest@piawest.com | Web Site: www.piawest.com
PIAFLORIDAofFlorida, Inc., 419 N. Lee Street, Alexandria, VA 22314-2353
PIAKENTUCKYofKentucky, 107 Consumer Lane, Frankfort, KY 40601 PHONE: (502) 875-3888 | FAX: (502) 227-0839 e-mail: clemay@piaky.org | Web Site: www.piaky.org 4021PIALOUISIANAofLouisianaInc.W.E.HeckCt.,Building K, Baton Rouge, LA 70816 PHONE: (225) 766-7770 | (800) 349-3434 LA only FAX: (225) 766-1601 e-mail: jody@piaoflouisiana.com Web Site: www.piaoflouisiana.com
RHODE ISLAND PHONE: (703) 836-9340 FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
PHONE:ILLINOIS(703) 836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org Web Site: www.pianational.org
PIAALABAMASouthernAlliance, 3805 Crestwood Pkwy NW #140, Duluth, GA 30096
InsuranceMARYLANDAgents & Brokers of Maryland 650 Wilson Lane, Suite 200, Mechanicsburg, PA 17055-4440 PHONE: (717) 795-9100 FAX: (717) 795-8347 e-mail: iab@iabforme.com | Web Site: www.iabforme.com
PHONE: (800) 424-4244 | FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org
PHONE:OHIO (703) 836-9340 FAX: (703) 836-1279 email: membership@pianational.org Web Site: www.pianational.org
PIACA/NV/AZ/NMWesternAlliance, 3205 Northeast 78th St #104, Vancouver, WA 98665
MissouriMISSOURIAssociation of Insurance Agents 3315 Emerald Lane, Jefferson City, MO 65109-6878 PHONE: 573-893-4301 | FAX: 573-893-3708 e-mail: mbarton@moagent.org | Web Site: www.missouriagent.org
| FAX: (703) 836-1279 e-mail: membership@pianational.org Web Site: www.pianational.org
PHONE:COLORADO(703)836-9340
NEW HAMPSHIRE
PHONE:OKLAHOMA(703)836-9340 FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
NORTH DAKOTA
UtahUTAHAssociation of Independent Insurance Agents 4885 S. 900 E., Suite 302, Salt Lake City, UT 84117 PHONE: (801) 269-1200 FAX: (801) 269-1265 e-mail: mattchild@uaiia.org | Web Site: www.uaiia.org
PHONE: (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com | Web Site: piasouth.com
MaineMAINEInsurance Agents Association 17 Carriage Lane, Hallowell, ME 04347 PHONE: (207) 623-1875 | FAX: (207) 626-0275 e-mail: lisa@maineagents.net Web Site: www.maineagents.net
PHONE:DELAWARE(703)836-9340 | FAX: (703) 836-1279 e-mail: membership@pianational.org Web Site: www.pianational.org
3205PIAOREGON/IDAHOWesternAllianceNortheast78thStreet, #104, Vancouver, WA 98665
PHONE: (850) 893-8245 | FAX: (703) 549-5190 e-mail: piafl@piafl.org | Web Site: www.piafl.org
PIA AFFILIATES
5605PIATEXASofTexasN.MacArthur Blvd. Suite 1000, Irving, TX 75038 PHONE: (972) 862-3333 FAX: (972) 307-7888 e-mail: vicki@piatx.org Web Site: www.piatx.org
PIAMINNESOTAofMinnesota,8646
PIA of New Hampshire, P.O. Box 997, Glenmont NY 12077-0997 PHONE: (800) 424-4244 FAX: (518) 434-2342 e-mail: pia@pia.org | Web Site: www.pia.org NEW JERSEY
PIAINDIANAofIndiana, 50 E. 91 Street Ste. 207 Indianapolis, IN 46240 PHONE: (317) 899-9200 | FAX: (317) 493-0408 e-mail: info@piaindiana.com Web Site: www.piaindiana.com
PIAGEORGIASouthernAlliance, 3805 Crestwood Pkwy NW #140, Duluth, GA 30096
PIAMISSISSIPPISouthernAlliance, 3805 Crestwood Pkwy. NW, Ste. 140, Duluth, GA 30096 PHONE (770) 921-7585 | FAX: (770) 921-7590 e-mail: info@piasouth.com Web Site: piasouth.com
PHONE:MASSACHUSETTS(703)836-9340FAX: (703) 836-1279 e-mail: membership@pianational.org | Web Site: www.pianational.org
PHONE: (307) 201-4801 FAX: (775) 796-3122 e-mail: awia@vcn.com Web Site: www.awia.com
PHONE: (608) 274-8188 (800) 261-7429 | FAX: (608) 274-8195 e-mail: phanson@piaw.org | Web Site: www.piaw.org
PIA
KansasKANSASAssociation of Professional Insurance Agents 216 SW 7th Ave, Topeka, KS 66603 PHONE: (785) 232-4143 | FAX: (785) 232-0272 e-mail: trina@kansaspia.org | Web Site: www.kansaspia.org
Eagle Creek Circle, Suite 202, Savage, MN 55378 PHONE: (866) 694-7070 FAX: (866) 749-8678 e-mail: info@piamn.com Web Site: www.piamn.com
102PIAARKANSASofArkansasInc.CountryClubParkway, Suite 201, Maumelle, AR 72113 PHONE: (501) 225-1645 e-mail: staci@piaar.com Web Site: www.piaar.com
3205PIAWASHINGTON/ALASKAWesternAllianceNortheast78thStreet,#104,Vancouver, WA 98665
PIAWISCONSINofWisconsin,Inc., 725 Heartland Trl Ste 108, Madison, WI 53717-1976
PLAN?401(k)Isyouragencyready for a better © Copyright 2022 National Association of Professional Insurance Agents LEARN MORE pianational.org/401kAT PIA 401(k) Retirement Plan is a turn-key, low-cost solution for agency owners and their employees. • outsources functions to third parties for less fiduciary strain on the company • lower cost • payroll integrations and year-end data • less error
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