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News & Notes
MCCONKEY: LEADERS OF THE PAC
Thank you to the entire senior leadership team at McConkey Insurance & Benefits, an IA&B member agency located in York, PA, for their generous support of AgentPAC and InsurPac – state and federal political action committees (PACs) for independent insurance agents. On the agency’s self-appointed “PAC Day,” the team collectively contributed $5,000 to each PAC.
Learn more and contribute to IA&B’s state-specific, non-partisan PACs at IABforME.online/AgentPAC.
If you have questions about PACs or political advocacy, contact IA&B Government Affairs Director John Savant at JohnS@IABforME.com or 800-998-9644, ext. 607.
MDP CELEBRATES 150 YEARS
Maury Donnelly & Parr, Inc. (MDP), headquartered in downtown Baltimore, celebrates 150 years of business this year. Founded as a marine insurer to the businesses that utilized the Port of Baltimore, MDP operates today as an agent, consultant, broker, program administrator, and risk manager within the industry.
The agency was one of the first businesses to rebuild after the Great Baltimore Fire of 1904 and has maintained their headquarters in that same spot ever since. Through the years, MDP’s operations and services have grown, allowing the firm to provide insurance products and services to several types of clients in a variety of different industries. The agency is licensed in all 50 states and has 225 employees in 13 locations along the East Coast, providing clients with insurance products that safeguard their businesses and personal assets. Cheers to 150 years!
Watch the Baltimore Heritage’s “Five Minute Histories” video about MDP’s headquarters: https://youtu.be/96DYezkU89A?si=YMxlQZ5iHxEz2jNH
Is your agency celebrating a milestone anniversary? Whether it’s five years or 125 years in the business, we want to acknowledge your accomplishment. Email announcements and images to IA&B Public Relations Director KarenR@IABforME.com.
PA WORKERS’ COMP RATES
The Pennsylvania Insurance Commissioner approved the Pennsylvania Compensation Rating Bureau’s (PCRB) annual loss cost filing (overall average change of -8.67%) and F-Class filing (overall average change of -8.60%) as submitted. The rates take effect April 1, 2025 on a new and renewal basis.
MIA ADDRESSES PREMIUM PAYMENTS BY CREDIT CARD
The Maryland Insurance Administration (MIA) recently clarified the rules for accepting credit cards as payment for insurance premiums – specifically allowing “all existing and prospective insureds” the same payment options for each insurance product. Review Bulletin No. 25-5 for a full explanation.
DE ADDRESSES PROPERTY CONTRACTORS ACTING AS UNLICENSED PUBLIC ADJUSTERS
The Delaware Department of Insurance (DOI) recently issued a bulletin to remind property contractors of what they can and cannot do when trying to drum up business following a loss.
Producers and Adjusters Bulletin No. 28 and Domestic/Foreign Bulletin No. 101 (the Bulletin) spell out the roles played by both adjusters and contractors in a claim settlement. It also points out that SB 80, enacted in 2021, allows insurers to limit assignment of benefits to people who have the legal authority to represent the insured. As a result, insurers can explicitly prohibit assignment of the rights and benefits of the policy to any other person, including a property repair contractor. Contractors also may not use a power of attorney from the named insured to bypass the public adjuster license requirement.
This bulletin comes as a number of industry stakeholders, including IA&B, are attempting to strengthen the statute regarding so-called “storm chasers,” i.e. contractors who follow weather events to repair alleged storm damage to roofs (and in some cases, manufacture the damage themselves). By stating that what contractors are doing is acting as a public adjuster without the proper license to do so, the DOI is asserting that they come under its purview and enforcement.
The newly issued bulletin:
▲ Encourages insurers to develop disclosures and communication materials intended for policyholders to help them understand the different types of claims adjusters as well as potential conflicts of interest,
▲ Warns public adjusters against:
soliciting business during a loss-producing event in any way that would violate the law, and
serving as both a public adjuster and a contractor.
▲ Specifically delineates what contractors can and cannot do.
