Insurance Bills Passed, COI Requests, May Free CEs, New Tax Law, More

Independent Insurance Agents of Nebraska E-Bulletin

April 12, 2018

P&C COMMENTARY

"Following Form" Certificate of Insurance Requests

Your insured uses his umbrella/excess policy to comply with a contract's insurance limits requirement. The certificate holder wants you to put on the certificate of insurance that he has a "following form" umbrella or excess policy.

What do you do?

Source: Bill Wilson P&C Commentary

Improper Claims Declinations & The Value of The Agent

A tenant negligently caused a fire that damaged the premises. The tenant's CGL adjuster denied the claim citing an exclusion for damage to property you rent or occupy. The problem is, the adjuster selectively cited policy language.

What can you do?

Source: Bill Wilson P&C Commentary

Join Big "I"

Virtual University Founder & Director Bill Wilson, CPCU for fresh remedies to over 40 common coverage gaps.

May 8 - Ashland/Mahoney May 9 - Kearney May10 - Norfolk

AM Session - Finding and Fixing Commercial Lines Coverage Gaps (3 PC)

PM Session - Finding and Fixing Personal Lines Coverage Gaps (3 PC)

Course details and online registration!

- Open To All Agency Staff

UNICAMERAL UPDATE

2018 Unicameral Session Virtually Over

IIAN Supports Insurance Producer Education, Claims Assignment Bills

Wednesday was the 59th day of the 60-day 2018 Unicameral session, scheduled to end on April 18 after a three-day recess - and a number of bills impacting insurance have passed. IIAN supported

LB 486
, which will allow up to 6 CEUs (out of 24 every 2 years in Nebraska) for "active participation in a professional insurance association". IIAN will work with the Nebraska Insurance Department as it develops guidelines for implementation of the bill.
IIAN also supported LB743, which was amended to add the Insured Homeowners Protection Act, which includes protections for consumers who assign their insurance rights or benefits to a contractor following a loss. IIAN leaders met with Insurance Department officials last November to provide input on the provisions of LB 743, which also adopts the Public Adjusters Licensing Act, and creates licensing and CE regulations for public adjusters. The bill also eliminates the pre-licensing education requirement for insurance producers. Read more.

Workers' Comp Bills Near Passage

Two Workers' Compensation bills - LBs 953 and 957 - are ready for final approval, which will have to take place on April 18, the final day of the session. Among other provisions, LB 953 would change provisions relating to lump-sum settlements, in cases in which the employee at the time of settlement was eligible for Medicare. An amendment was adopted regarding fines for violating the Employee Classification Act. Read more. LB 957 would allow workers' compensation payments to be made by electronic means .

For update on other bills impacting insurance, click here for Jim Cavanaugh's latest "Week In Review" report. And check "Member Update" at www.iian.org every Monday during the session for updates.

Go to www.nebraskalegislature.gov to see the full text and status of any bill.

ASSOCIATION NEWS

April is National Distracted Driving Month

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ON THE HILL

Senate Majority Leader McConnell To Address Big "I"

U.S. Senate Majority Leader Mitch McConnell (R-Kentucky) will address Big "I" members during the annual Legislative Conference Breakfast in Washington D.C., on Thursday, April 19, which occurs just prior to the association's annual Big "I" day on Capitol Hill.

A contingent of 14 IIAN members, led by President Greg Zimmer, Legislative Chairman Bob Hoppe, and PAC Chairman Vince Christensen,

will be at the conference and visit personally with all of Nebraska's Senators and Representatives about independent agent issues such as Crop insurance, the Flood insurance program, tax reform, and cyber security. Joining in will be Young Agent scholarship winners Brian Bradley, Michael Luna, and Zak Morken.

Read about the issues

New Tax Cuts & Independent Insurance Agencies

A new section has been added to the federal individual tax code that creates a 20% deduction on "qualified business income" (QBI) for owners of pass-through businesses. However, the new law prohibits the owners of some types of businesses from utilizing the deduction if their overall taxable income is above $415,000 (joint) and $207,500 (single). At this time, it is unclear whether insurance agencies will be considered a "specified service business" by the IRS. IIABA advises members to assume they are limited in their ability to utilize the deduction. IIABA is strenuously advocating before Treasury and the IRS that Congress did not intend to include insurance agents in the definition. This does not impact members organized as C corps.

MEMBER MARKET HIGHLIGHT

New Personal Umbrella Video For Your Clients

RLI has created a new video to help you educate customers on the benefits of personal umbrella insurance! The video can be used on your web site or in your marketing materials to help educate your customers on the importance of safeguarding their personal assets and future earnings with an affordable personal umbrella policy.

It's easy to access RLI's excellent stand-alone Personal Umbrella program through the Big "I". Call Cheryl Novacek at the IIAN office - 402.476.2951 - click here for program features and guidelines.

UPCOMING EVENTS

Conference Limited To First 200 Registrants - Find Out More & Register Today!

Join young agents from all over the Midwest and your company partners

Make Connections - Get Psyched - Master The Sales Roller Coaster - Overcome Everyday Adversities - Have Fun!

EDUCATION CALENDAR

April Lightning Learning

Smart Selling Strategies

Presenter: Chris Boggs, Big "I" Virtual University

All sessions begin at 10:30 a.m. Central Time

Registration: $9.99 (includes all three sessions!)

April 12 - Is All Business Good Business?

April 16 - How Much "Effective" Selling Time Do You Have?
April 24 - How Much New Business Do You Need To Make Goal?
Missed One? Watch it later on-demand!