Big I Virginia E-News
October 2018
From the Desk of the President & CEO
  

This past month we lost two great industry leaders: Charles B. “Buck” Gibson, Sr. and William Thomas “Tom” Parsons. Both of these gentlemen are why I have enjoyed the association profession for over 30 years … you have the opportunity to meet some of the finest people in the country.

IIAV Member Resources
The GOP Tax Bill was signed into law on December 22, 2017, by President Trump and it’s about to change the individual health insurance marketplace.  In 2019, the Affordable Care Act’s individual mandate will no longer be in force as a law. Therefore, those individuals who choose not to purchase individual health insurance in 2019 will no longer be subject to the “individual shared responsibility” penalty payment. Please contact me if you have any questions.
Monty Dise, President 
Asset Protection Group, Inc. 
mdise@apgroupinc.com 
804-423-7700
  

Every agency has to deal with password hell. An agency with 50 employees that conducts business through 65 carriers or MGAs must, at a minimum, ensure the security of 3,250 IDs to protect the personal information of its clients. Industry experts have projected that the cost of compliance, including adding and deleting user IDs and passwords, may soon reach as high as $3,000 per employee per year.

The Security You Need. The Name You Trust.
Berkshire Hathaway GUARD Insurance Companies®
Berkshire Hathaway GUARD Insurance Companies are rated A+ “Superior” by A.M. Best (as of July 26, 2023) and backed by the financial strength of our ultimate parent, Berkshire Hathaway, Inc.  In Virginia, we offer a full product suite for your commercial clients that includes a Businessowner’s Policy (with typical limits up to $20 million; $50 million for select classes), Commercial Auto, Commercial Umbrella, Professional Liability, and Workers’ Compensation.  “Pay-as-you-go” billing options are also featured. 
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State & National News

David Tralka speaks about the agency owners he has met with who are close to retirement, and what they would say to their younger selves if they could go back in time. Owners often look back with ideas of how they could have run their agency differently or what improvements they could have made. Some owners wished they had brought in more new talent or had prepared their perpetuation sooner. Hear what David has learned from these agency owners.

  

On July 17, 2018, the California Superior Court issued an order granting a motion for summary judgement in favor of Thrivent Financial, in a decision that significantly impacts life insurance holders reporting unclaimed property to California.

  

Van Wert, Ohio – The Central Insurance Companies have announced the election of David C. Ward to the Board of Directors for Central Mutual Insurance and All America Insurance Companies, effective August 24, 2018.    

  

Looking for stronger ways to protect your credit? Thanks to a new federal law, soon you can get free credit freezes and year-long fraud alerts. Read what happened when the law took effect on September 21, 2018.

Atlantic Specialty Lines, Inc.
AmTrust North America
IIAV News

As our growing Agency and Associate member base continues to grow, many of you are seeking additional ways to reach out to new potential hires.  IIAV has created a new Career Board landing page on its website.

Q: We have a valued and cherished employee who has suddenly developed a serious medical condition. We are a small company with 17 employees and we would like to extend time off with pay to her, but it’s not our standard policy to do so. Can we do this for her?

Upcoming Events

2018 Young Agents' Conference – There is still time to register!

We can't wait to be in Staunton, Va., October 10-12, 2018, for an incredible experience.

If you're hoping to set yourself and your agency apart, if you want to know more about how to leave your competition in the dust, and if you're seeking a group of like-minded, high-energy people who are passionate about what they do, then you need to be a part of this event.

Our sessions are packed with takeaways you can put to work immediately and our speakers are the best of the best.

 

It's not too early to start planning for next year's convention! We are back at the Hilton Virginia Beach Oceanfront, June 23-25, 2019. Mark your calendars now. Planning has begun and this event won't disappoint!

Agency Systems
Penn National Insurance