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| February 2024 | ||||||||||||||||||||||
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Welcome
IIAV Member Resources
IIAV received a number of calls from agents needing an explanation on the new regulations and some had not heard about changes from their companies. Dramatically, the regulations were revised and consolidated from over 170 pages to around 70 pages with a number of new definitions that agents need to be aware of. A number of attendees commented that they appreciated the overview along with the handouts on the one-hour program. “IIAV Connects” is a program regularly conducted on issues of the day and we look forward to continuing these quick informational programs. If there are topics you would like to see, please contact Anna McEachern at amceachern@iiav.com.
State & National News
Repairer Driven News
A Virginia bill has advanced in committee that would require auto insurers to pay double the judgment amount to policyholders on unpaid or denied claims taken to court that are proven to be decisions made in bad faith. Senate Bill 256 states that if an insurance company denies, refuses, or fails to pay property damage, medical expense benefit, or loss of income benefit claims filed by its policyholders under the provisions of their auto insurance, and a court finds the carrier to be acting in bad faith, they will be required to pay the policyholder double the judgment amount plus interest, attorney fees, and expenses.
Photo by Clark Van Der Beken on Unsplash
Engadget
Bad actors keep using deepfakes for everything from impersonating celebrities to scamming people out of money. The latest instance is out of Hong Kong, where a finance worker for an undisclosed multinational company was tricked into remitting $200 million Hong Kong dollars ($25.6 million). According to Hong Kong police, scammers contacted the employee posing as the company's CFO. He was initially suspicious, as the email called for secret transactions, but that's where the deepfakes came in. The worker attended a video call with the "CFO" and other recognizable members of the company. In reality, each "person" he interacted with was a deepfake — likely created using public video clips of the actual individuals.
Roanoke Times
Firefighters across the George Washington and Jefferson National Forests will conduct prescribed burning this spring to reduce hazardous fuels, restore wildlife habitat and improve forest health — something particularly important after last year’s wildfires in the region. If conditions allow, up to 40,000 acres across the forests will be burned this year, according to a U.S. Forest Service news release.
Photo by Egor Vikhrev on Unsplash Democrats top both House and Senate lists of the legislators with the most bills submitted this year. See how many bills each General Assembly member has introduced and click through to see all the legislation from each delegate or senator in this latest data visualization.
The Virginia Workers' Compensation Commission is pleased to announce the reappointment of the Honorable Wesley G. Marshall as Commissioner for his third consecutive term. Commissioner Marshall's extensive experience and unwavering dedication have been invaluable assets to the Commission since he began his tenure in 2012.
Food For Thought
As we stand on the threshold of a new year, insurance companies are presented with a golden opportunity to renew their commitment to cybersecurity and regulatory compliance. The digital age has ushered in unprecedented advancements, but with it comes the ever-present threat of cyber attacks and the imperative to adhere to stringent laws and regulations. In the spirit of embracing progress and fortifying against emerging threats, it's time for insurance companies to make and uphold New Year's resolutions that prioritize the security of sensitive data and ensure compliance with cyber laws.
Photo by Markus Spiske on Unsplash
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Over 140 agents registered for IIAV’s presentation on Virginia’s new homeowner policy minimum standard regulations that took effect January 1 of this year. IIAV’s Joe Hudgins moderated the Zoom “IIAV Connects” presentation with Bureau of Insurance Deputy Commissioner Property/Casualty Zuhairah Tillinghast and Jessica Baggarley, BOI Manager Personal Lines, Rules, Rates and Forms. 
