Overtime Rules Toolbox, Terrorism On The Hill, Testing Job Candidates, More

Independent Insurance Agents of Nebraska E-Bulletin

November 21, 2019

INDUSTRY NEWS

New DOL Overtime Regulations:

Are You Ready?

Big "I" members, along with other employers, must adhere to new regulations on overtime pay from the U.S. Department of Labor (DOL) by Jan. 1, 2020. For most agencies, it will be a matter of adjusting to the new salary threshold levels. For others, it may be time to start documenting hours worked.

The new rule sets the minimum salary threshold for overtime eligibility at $35,568, and employers will be able to count non-discretionary bonuses, incentives and commissions toward the threshold. In 2016, the Big "I" joined a lawsuit with other business groups to successfully prevent the DOL from moving forward on the previous rule, which had raised the exemption to $47,000 and set automatic updates to the thresholds every three years.
The Big "I" has created a three-page primer to help members prepare for the new overtime rules. It is important for every member agency to evaluate current employees to determine if they are eligible for overtime pay and work with local counsel to ensure compliance with applicable federal and state laws. To learn more about the major regulatory change on overtime pay, watch a Big I webinar recording. The one-hour session was co-hosted by Affinity HR Group , a national HR consulting resource, and Big "I" HIres partner. Source: IIABA

Risk-Based Federal Flood Rating Delayed Until 2021

The federal government is delaying implementation of a major change to its pricing formula for federal flood insurance that bases rates on a more accurate assessment of the real flood threat for each home and reflects the cost of rebuilding a home. Read more... Source: Insurance Journal

Excess & Surplus Market Soars

The excess and surplus lines sector is enjoying its largest growth rate - 11% - in years, whic has been fueled by the strong economy, changing technology, weather catastrophes and wildfires. New business is mostly coming from standard lines companies' non-renewing accounts and from the Lloyd's market, which shed $6 billion in business. Read more... Source: Insurance Journal

ON THE HILL

Big "I" Urges Passage of TRIA Reauthorization

Following bipartisan passage yesterday out of the Senate Banking Committee, the Big "I" urges the Senate to pass the "Terrorism Risk Insurance Program Reauthorization Act" for a seven-year period before the program's scheduled expiration at the end of 2020. "This legislation is vitally important to maintaining the strength of the commercial property-casualty insurance market and would provide much-needed stability to the U.S. economy," says Wyatt Stewart, Big "I" senior director of federal affairs. Read more.
Source: IIABA IN&V

Big "I" Successful in Advocating for Federal Reporting Exemption

The Big "I"lwas the only producer group that advocated on behalf of agents to exclude them from a new onerous reporting requirement contained in the "Corporate Transparency Act" passed by the U.S. House of Representatives last month. The Big "I" was successful in including a full exemption for agents from reporting to the Treasury Department's Financial Crimes Enorcement Network (FinCEN), since they already provide information to state regulators. Read more.

Source: IIABA IN&V

Your Big "I" lobbying team in Washington, D.C. needs your support to continue the fight to protect agent commissions, reduce your tax burden, and keep the federal government out of insurance regulation.

InsurPac: Your Political Action Committee

Your contribution to InsurPac - your national Big "I" PAC - before December 31 will be combined with thousands of others across the country to push InsurPac above the $1 million mark for 2019 - and keep the Big "I" competitive with other industry PACs that don't necessarily have your best interests at heart. Click here to contribute today.

MEMBER BENEFIT HIGHLIGHTS

Big I Hires Assessment &Testing

VMBhits offers a simple online way to qualify a candidate's coverage knowedge and operational acumen. Short tests are available for a range of insurance topics, including all personal and commercial lines, agency management, communications, and benefits. For more information about how Big I hires can help your agency recruit and hire new team members, click here.

Benchmark Your Business

Benchmark your agency against the nation's leading independent agencies on revenue and growth, production, and productivity. IIABA's Best Practices study helps agencies monitor their performance and benchmark that performance with other agencies of similar size and profile.

Click here to see a FREE executive summary and click here to purchase the study.

Is Your Website ADA Compliant?

If you ignore accessibility guidelines, you may be hit with an ADA lawsuit and lawsuits against websites triggered by disability discrimination are on the rise.

Between January and June 2018, more than 5,000 suits were based on website violations and more formal complaints are expected as visitors begin to understand their rights and legal protections, according to the Los Angeles Times.
Your agency - and your clients' businesses - need to be accessible to everyone on the internet. The Big I's ACT Security Issues Work Group makes the business (and legal) case for making your website more accessible. Learn how to improve your web site. Learn More