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  1. Labeling of trust accounts | Ask PIA

    Is there a difference in the requirements for labeling trust accounts in New Jersey and New York?

    In New Jersey, a premium trust account must be labeled as such. N.J.A.C. 11:17C-2.3 requires that the bank records refer to the account as a “trust account” and that those words appear on checks written from it.New York, however, takes a more relaxed approach. Insurance Law Section 2120 and 11...

  2. Rebating—charitable contributions | Ask PIA

    We are considering offering a small donation to a children’s charity for every policy written or renewed through our agency. Can we legally do this without it being considered rebating?

    This would not be considered rebating under the new rebating law. While prior to 2012 the Department of Financial Services interpreted the law as anything given to an insured, or to someone as an "inducement to insurance" had to be $15 or less...

  3. PAP racing exclusion | Ask PIA

    We had an inquiry from a high-performance auto owner who desires to race his car on a track that is set up for such use. The insurer is telling us there is no coverage for this activity. Are you aware of any specific exclusion pertaining to the “racing” of autos...

    Part A—Liability has the following exclusion in the ISO Personal Auto Policy (PP 00 01) form: B. We do not provide Liability Coverage for the ownership, maintenance or use of: 4. Any vehicle, located inside a facility designed for racing, for the purpose of:

  4. Return commission | Ask PIA

    Does state law or regulation require me to return earned commission to the carrier for policies that are cancelled?

    No, in the absence of an agreement requiring the producer to return commissions to the insurer upon cancellation of the policy, the producer is generally not required to return any commissions if the policy is later cancelled. See Western National Insurance Co. v. Haph, 277 A.D. 6, 97 N.Y.S.2d 447...

  5. Inappropriate email messages | Ask PIA

    A departing employee used another employee’s email account to send an inappropriate message to a third party. Can I do anything about this?

    New York Penal Law Section 156 deals with computer crimes. Specifically, Section 156.00(4) defines “computer service” in a way that would include email—specifically: “Computer service” means any and all services provided by or through the facilities of any computer communication system allowing the input, output, examination or transfer of computer...

  6. Does a notice of renewal supersede a previously sent notice of nonrenewal? | Ask PIA

    A carrier issued a notice of nonrenewal for a personal auto policy in June and then issued the renewal policy effective August and billed the insured. Does the renewal supersede the nonrenewal and, if he pays it, is the policy considered “in force”?

    It depends. If the insured makes payment of the premium to the carrier and the carrier accepts that payment, then a new contract would be created, one which supersedes the previous nonrenewal.  However, if the carrier was to acknowledge that the offer to renew the policy was made in...

  7. ERISA fidelity bond conflict-of-interest prohibition | Ask PIA

    ERISA requires that a fidelity bond must cover the individuals who handle our agency’s pension plan. Is there any reason why our agency cannot place this bond ourselves?

    Yes. You should be aware of a conflict-of-interest prohibition in the federal regulations regarding the Employee Retirement Income Security Act. ERISA regulates most types of employee-benefit plans. It requires that a fidelity bond be in place to cover the fiduciaries (those responsible for managing the benefit plan), as well as...

  8. Life/health accident license | Ask PIA

    Can I take a class and get the license for just the life portion of the life, health & accident authority license?

    Yes, New York state allows you to obtain a life-only broker or agent license. You will be required to successfully complete a New York State Department of Financial Services-approved prelicensing education course totaling not less than 20 hours of instruction. However, a broker may submit a Statement of Employer in lieu...

  9. PAIP/CAIP certification | Ask PIA

    According to the Automobile Insurance Plan manual; all certified producers, including employee producers and principals of agencies, must complete the Producer Procedures Course every four years following certification. Consequently, if a producer was originally certified for AIP in 2018, they will need to retake the course in 2022, 2026, 2030, etc. If...

    Yes. In order to be recertified, you would have to retake the course. Then you would have to take it once every four years following that year.

  10. Fuel oil liability | Ask PIA

    I have an insured that just discovered a leak in their fuel tank. The forensic engineer stated that the leak first occurred 15 years ago and has been continually leaking ever since. My insured first purchased the home 10 years ago and has had a couple of different carriers since...

    Virtually all homeowners coverages are categorized as “occurrence” policies. With this type of coverage, the occurrence (negligent act or accident) must occur within the policy coverage period or term of the policy. With an occurrence policy, if the occurrence happens within the coverage period, and the policy then terminates, even...

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