FEBRUARY 2024

A leading resource for independent agents through education, advocacy and services.

The 2024 Young Agents Conference will be held on Wednesday, May 1st & Thursday, May 2nd. The event will be held at the Hotel Rewind in West Des Moines. Our Young Agents Committee have been working hard on planning this event and we hope to see many of you in attendance. Last year’s event was great and we hope to have more of the same and make this year’s conference even better. We will be finalizing details soon so check our website and your emails for further information.

Trusted Choice® Accepting Nominations for 2024 Dan Fulwider Award

Each year, Trusted Choice® recognizes an agency for its commitment to its community.

The Trusted Choice Dan Fulwider Award for Community Service application is now open. Named in memory of the compassionate Dan Fulwider, an avid philanthropist and former government affairs coordinator and membership liaison for Big I Iowa, the award recognizes the Big “I" member who has gone above and beyond the call of service to truly make a lasting difference in their community over the past year.

Trusted Choice will recognize the agent who has shown the most commitment to their community during the 2024 Big “I" Legislative Conference in Washington, D.C.

The Dan Fulwider Award for Community Service award winner will receive $3,000 to dedicate to the charity of their choice and recognition at the Legislative Conference.

Learn more or apply through the online application form. Applicants must be Big “I" members and applications must be submitted by Monday, March 11.

Contact Mia McGowan with any questions.

Young Agent Legislative Conference Scholarships Open

The Big “I" Legislative Conference is just around the corner! April 10-12, hundreds of independent insurance agents and brokers will descend on Washington, D.C., to hear from industry leaders and meet with state legislators.

To help offset some of the costs associated with attending the event, the national Young Agents Committee (YAC) has scholarship opportunities available for first-time attendees. Each state association has the opportunity to apply for two $500 first-time scholarships available. Completed application forms should be submitted to your state association by March 1.

There is also a $1,000 Herndon First-Timer Scholarship available that will be presented to one young agent who has not previously attended the Legislative Conference. This scholarship was established in honor of Maurice Herndon, a previous Big “I" employee who paved the way for the government affairs program that exists today. The application can be submitted through this online form and is due March 15.

Check out the Scholarships for the Big “I" Legislative Conference webpage for more information about the opportunities available.

For more information, contact Jamie Behymer or a member of the national YAC.

Spring is around the corner. Now is a good time to consider how you will be using your marketing dollars. For a great value and exposure within your community, please consider the Commitment to Community marketing program.

The Commitment to Community Marketing Reimbursement Program runs 9/1/23 – 8/15/24. All community involvement activities submitted for reimbursement consideration need take place within that time frame, unless otherwise approved.

Click HERE (please link to CtoC on our website) for program details. For a second year in a row, the IIAI Board has agreed to a maximum eligible reimbursement of $1,000 per agency. Reimbursement is rewarded based on order of application receipt. The total campaign budget is again $25,000. We would love to hit that amount so put on your thinking caps or perhaps you already have activities that could qualify!

If you have questions if your event qualifies, submit your application/advertising mock-ups or scripts to Brenda Kluger at Brenda@iiaiowa.org for pre-approval. Please note that the following mandatory requirements are still in place:

• ALL event promotion must use Trusted Choice® logo or mention Trusted Choice® if doing a radio/television/podcast

• Trusted Choice® logo must be present on agency Websites and Facebook pages

If you need assistance with signage mockups, we have some set layouts or can possibly assist with customization if needed. Contact Nicole Peffers at Nicole@iiaiowa.org for assistance.

Insurance Day on the Hill

The event was held at the State Capitol on Wednesday, February 21^st. Agents from all over the state converged on the Capitol for a day of visits with our company partners in the rotunda along with visits to our leadership members in both the House and Senate. We had many good visits with legislative members on several key issues which affect our agencies and customers. The day was started off by our IIAI President Luke Horak introducing Governor Kim Reynolds to the podium for her to welcome us and proclaim February 21^st, 2024, as Insurance Day in Iowa.

2024 Legislative Session Update

The first legislative funnel date ended on Friday, February 16^th. This is the date bills must clear a full committee vote in either the House or the Senate in order to remain alive in the current legislative session. A few of the notable bills that passed the funnel deadline include:

SF 2359 / HF 2265 Personal Insurance Lines Non-Renewal

Increases the time for notice of non-renewal/renewal of a personal lines insurance policy to 60 days before the policy ends. This will allow the Iowa consumer more time to find a policy that is equal to or greater than what their previous policy afforded. The insurance policy will be more in tune with the manner in which insurance is handled in today’s environment.

SF 2121/ HF 2398 A bill for an act relating to bonds and insurance policies for public officers

This bill relates to bonds and insurance policies for public officers. The bill allows public officers that are required to obtain a bond pursuant to Iowa Code Chapter 64, to instead obtain an insurance policy in an amount not less than the amount of a bond for that officer. The insurance policies are more in line with the way these coverages are offered in today’s environment.

SF2293 / HF 2100 Reinsurance Requirements for County and State Mutual Insurance Associations

This bill will allow County and State Mutual organizations to obtain reinsurance from companies other than those already licensed in the State of Iowa. It will provide more options for the mutuals to seek when shopping for a reinsurance policy.

We will continue to keep you posted on how these bills and others affecting the insurance industry, go through the remainder of the 2024 session.

Big "I" Board Adopts Hard Market Policy Statement

The Big “I" Board of Directors has adopted a policy statement on agent compensation and appointments in the current insurance hard market. The statement is intended for all insurance industry stakeholders and emphasizes the critical and unique role that independent agents and brokers play in the insurance marketplace. It details the services they provide for both consumers and carriers and expresses concern about recent carrier reductions in agent commissions and inappropriate agency terminations.

While acknowledging the challenges insurers face in the current hard market, the statement also affirms that “we also believe the practice of reducing agent compensation and terminating agency appointments is rash and misguided" and that “the ability of agents to serve the needs of consumers is hindered when insurers inappropriately terminate agency appointments." The policy document goes on to say that insurers have a responsibility to discuss in advance with their distribution force any significant actions they will take.

To read more, click here.

Big I Markets: View Lloyd's Coverholder Flyer

Big “I" Markets announced that it is now an approved Lloyd's coverholder, providing Big “I" Markets agents access to nonstandard homeowners markets in all states except California and Hawaii. Take a moment to view a product overview flyer detailing target property types and product features.

Note that there are wind exclusions for some states and in coastal regions. Log in to Big “I" Markets for the most current availability and to quote your nonstandard homeowners risks today.

Questions? Reach out to Big “I" Markets surplus lines underwriting manager Stacey Frazier.

NEWSLETTER

A leading resource for independent agents through education, advocacy and services.

Insurance Day on the Hill