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INDEPENDENT INSURANCE AGENTS OF SOUTH DAKOTA
April 2016
SPRING IS HERE !!!
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About Your IIASD 2016 Secretary-Treasurer
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Owner...The Insurance Center with offices in Winner, Burke, White River, Platte, SD and Valentine, NE...started my insurance career in a small NE agency in 1979 and began buying agencies in SD in 1993.
As your Board Sec/Treas...I ask...what are the qualifications needed to represent our members in this position. I feel that dedication to your own work or business does help to enable a person to work with a board and an association staff that is also dedicated to the insurance business. While dedication may not qualify a person completely...it certainly may help to provide the "heart" it takes to support the knowledgeable staff hired to make the association run. The sec/treasurer is a sounding board and offers a check and balance giving oversight where needed.
I am sitting on the board in very good times for our association. Our membership currently includes 1275 insurance agents in 325 SD agencies that are supported by 53 Insurance Companies. The Association financials are strong.
The E&O Program continues to grow and offers markets to best protect our SD agents. The program also offers excellent educational programs. A crop study manual has been written that now meets a need for many in SD agencies. Our State lobbyist is respected and is a vital part of our representation in Washington DC.
Want to be part of a fine blend of insurance minds that share your interest in this business? Consider becoming part of the IIASD Board at the next opportunity!
Best Regards,
Janet NoteboomIIASD Secretary-Treasurer
The Insurance CenterWinner, SD
2016 OFFICERSPRESIDENT
Pat Tollefson Insurance PlusAberdeen, SD
PRESIDENT-ELECTAnnette Conway
Western Dakota InsurorsRapid City, SD
VICE PRESIDENTJesse Konold
Key Insurance Inc.Mobridge, SD
SECRETARY-TREASURERJanet Noteboom
The Insurance CenterWinner, SD
PAST PRESIDENTSteve Walker
First Madison InsuranceMadison, SD
IIABA STATE NAT’L DIRECTORDan Maguire
Black Hills Agency IncRapid City, SD
2016 DIRECTORSDISTRICT # 1
Jesse KonoldKey Insurance Inc.
Mobridge, SD
DISTRICT # 5Janet Noteboom
The Insurance CenterWinner, SD
DISTRICT # 2Mindy Huntington
Fischer Rounds & Assoc.Watertown, SD
DISTRICT # 6John Meyen
Rosholt Insurance AgencyRosholt, SD
DISTRICT # 3Rich Job
BW Insurance AgencyVermillion, SD
DISTRICT # 7Derrick Linn
Leavitt Heartland Ins. ServicesSturgis, SD
DISTRICT # 4Amy Olson-Miller
McKinneyOlson InsuranceSioux Falls, SD
DISTRICT # 8Deana Taylor
Agents of InsuranceRapid City, SD
EXECUTIVE VICE PRESIDENTCarolyn Hofer
IIASDFort Pierre, SD
INDEPENDENT INSURANCE AGENTS OF SOUTH DAKOTA
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The Executive Corner Carolyn Hofer, Exec VP
Lessons from the teams!
What a great basketball season in South Dakota and across the country. I love watching basketball at all levels of competition – well, most all levels. Professional sports often leaves me wondering why we pay athletes so they can act with so little integrity. There is something about the toughness and grit that a winning team displays for 32 – 40 minutes that gets my competitive juices flowing! South Dakota basketballhad a great season with teams going on to post-season tournaments at all Division levels. The ultimate goal was achieved by the Augie men and USD women. Even though I am a Jackrabbit, I followed the USD women all the way. They played with tenacity, confidence and teamwork. #GRITT! What really makes me proud of SD basketball teams is the way they play the game. The character they displayed both on and off the floor was outstanding….not only at the college level but also high school athletes. I can remember the day when at least one or two technical fouls were called in every game you watched. These SD teams were all role models worthy of our admiration. Yes, I know that if I want to be a basketball star it will have to be in another lifetime! Unfortunately, it wasn’t a sport that was offered to girls when I was in high school or I probably would have tried it. However, you can still be part of a great TEAM. Success is easier to achieve when we join together with those who share the same goals, values and ethics. Greatness is achieved in working together. The insurance industry always seems to be bumping into one roadblock or another – whether it be Federal Regulation, cuts in funding of the MPCI or Flood Insurance programs, ACA, HIPPA, data security and the list goes on. If we try to deal with these issues or even stay informed on one or more individually, it can eat up valuable time we could be utilizing to grow our agencies. Hardly a day goes by that we don’t answer calls from you - our members - who are looking for assistance. We do our best to help or connect you with other professionals on the big issues. It is important that we are all “TEAM PLAYERS” in this game called Insurance! We have a lot of tough competition out there and it is changing every day. Don’t look at the negatives. Look for solutions. Collectively, we can share our successes and knowledge. Attend our events, network and be involved in your IIASD Team!
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E&O EDGE – Megan Linn, E&O Administrator
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Contact Info:Megan Linn
Phone: (605) 224-6234Fax: (605) 224-6235
Favorite Documentation TipsBy: Mary LaPorte, CPCU, CIC, LIC, CPIA
• All communication with the customer should be documented, as well as communication regarding a particular customer (such as with an underwriter, mortgagee, certificate holder, etc.). There is no question that the best place to document is in your agency management system. In most agency management systems, this means creating a note or activity in the customer record.
• Documentation needs to be created by the person actually involved in the conversation, and as soon as possible after the conversation takes place. (Having someone else document for you is only “hearsay”).
• Abbreviations may be quicker, but should only be acceptable if everyone else knows how to interpret them. Discuss which abbreviations are acceptable, and refrain from using others.
• Rather than stating that you had a conversation with the “insured”, be sure you always include the name of the person spoken to (such as: Sally, Mrs.Smith, etc.). If speaking to an underwriter, use both their first and last name and indicate the name of the carrier. (such as: Jim Brown/Travelers).
• Each time you document, imagine that your documentation could be read in court. Is there enough information included to clarify the reason for the contact and how issues were resolved?
• Producers or others who are frequently out of the office should work to develop a process of documenting mobile phone or in-person conversations which take place when the agency management system is not available. Some may document in a recording device or voice message to themselves, which later needs to be entered into the management system. Voice to text software may be helpful as well. Create a method of assuring that this important documentation does not get missed.
Quantity and quality of documentation is only tested when it is needed at a later time. Good documentation can mean the difference between paying an E&O claim or having it dismissed. Raising awareness is a good goal for every agency and helps employees understand the important role that documentation plays in defending an E&O allegation.
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Division of InsuranceNews and Views
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Karen BailoGM, Agency Sales
and Distribution
2016 Legislative Session Recap
The 2016 legislative session officially ended March 29. A total of 419 bills were introduced during the 38-day session, 247 in the House of Representatives and 172 in the Senate. In addition, 49 commemorations, 19 concurrent resolutions, and 6 joint resolutions were submitted.
Four bills were introduced by the Department of Labor and Regulation, Division of Insurance and successfully completed the legislative process. The following list is the recap of the division bills, as well as other industry related bills passed during the 2016 legislative session. Unless otherwise noted, all legislation has an effective date of July 1, 2016.
Division of Insurance bills
SB 38: An Act to revise certain provisions concerning bail bondspersons. This bill updates licensing procedures such as requiring bail bondspersons to report felony prosecutions to the division. The bill also changes the required background check from a state background check to a federal criminal background check and prevents a bail bondsperson from using their own license to bail themselves out of jail.
SB 39: An Act to revise certain provisions concerning fees for sponsored captive insurance companies. The bill clarifies the fees associated with protected cells. It makes it clear that there is no application fee for the first protected cell formed under a sponsored captive insurance company.
HB 1040: An Act to revise and implement certain provisions regarding the regulation of risk retention groups. The passage of this bill was important to maintain the Division’s accreditation with the National Association of Insurance Commissioners (NAIC). It updates chapter 58-6A, which regulates risk retention groups (RRGs).
The bill amends the definition section and adds provisions requiring corporate governance standards for RRGs, including material relationships between an RRG’s officers and its vendors.
HB 1041: An Act to revise certain provisions regarding the recovery of certain insurance company premium and annuity taxes. This legislation removes outdated language related to the premium tax recovery process. The language was only necessary for a one-year period in 1993 and is no longer needed.
Other Industry-Related Legislation
SB 159: An Act to provide a tax credit to insurance companies that contribute to an organization providing educational scholarships to certain students. The bill establishes a premium tax credit for funds donated by insurance companies for educational scholarships to qualified students that attend accredited, non-public schools. The tax credit is equal to 80% of total funds donated by an insurance company. The annual tax credit for all insurance companies is limited to $2,000,000.
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HB 1084: An Act to define when concurrent employment may be used to calculate earnings in workers’ compensation cases. In May 2015, the Supreme Court rendered a decision that workers’ compensation disability benefits should be calculated using the aggregate earnings from all employment the injured worker concurrently held on the date of injury. (See Wheeler v Cinna Bakers LLC). This legislation abrogates the ruling and clarifies that the ruling does not impact situations where the injury occurred prior to Wheeler decision. The bill allows concurrent earnings for prospective claims starting on the day the decision was rendered. Concurrent earnings are not included unless the worker was actively working in the concurrent employment and was prevented from performing duties at the concurrent employment. The bill provides a means with which an employer or insurer can access records from concurrent employer to establish the earnings received. It prohibits an insurer from including the insured worker’s concurrent earnings in the premium calculations. The Workers’ Compensation Advisory Council is required to report claim costs related to this bill to the 2019 Legislature.
HB 1091: An Act to establish certain requirements regarding insurance for vehicles used to provide rides for a transportation network company and to exempt vehicles used to provide these rides from certain commercial licensing requirements. This legislation establishes the insurance requirements for persons working for a transportation network company. The bill sets minimum coverage limits as well as other application requirements for drivers and TNC companies such as Uber or Lyft.
A full list of bills and the final legislative action can be accessed via the Legislative Research Council website at http://www.legis.sd.gov/ in the 2016 Legislative Session section.
Kayla’s Technology Advice
Top 4 Cybersecurity Risks for Insurance Agents
Article By: Ken Butler
A N Y Q U E S T I O N S ?
ContactMike Mason / 605-870-0154Nathan Frolek / 701-205-9036 GreatAmericanCrop.com
Every type of insurance policy collects sensitive data to determine and qualify risk. Insurance agents and brokers collect full names, dates of birth, social security numbers and payment information from every prospective customer.
Since today’s insurance marketplace requires every insurance professional to be connected to the Internet, it is imperative that they keep this accumulated sensitive data safe.
There is no better way to ensure financial devastation in your business than to allow hackers to steal the sensitive data of your cherished prospects and clients during a security breach. As more and more busi-nesses use wireless connections, hackers can instigate threats to your network in many different ways:
Threat 1: The Lone Wolf Hacker
Your worldwide Internet connection puts you at risk from hackers, whether they’re living down the street or across the globe—and they can penetrate any wireless device in your office without your knowledge. By the time you’ve realized a breach has taken place, the sensitive information that belongs to clients and employees is already up for sale.
Hackers can be individuals, small groups or even large syndicates intent on stealing data and selling it on the black market. Hackers may also use “ransomware” to force their target to pay a ransom or lose access to all the data stored on their computer or device.
Threat 2: Your Employees
Ponemon Institute surveyed 945 individuals who were laid off, fired or quit their jobs in the past 12 months for the “Jobs at Risk = Data at Risk” survey, showing that 59% admitted to stealing company data.
Your former employees have the ability to wreak havoc on your company out of spite. Your current employees have that ability even more so.
It is not uncommon to hear about a server in your favorite restaurant who was caught stealing data from customers’ credit cards, or a nursing assistant at your primary physician’s office stealing and then selling private information. What about your employees? Have you taken the necessary pre-employment steps to make certain you can trust them, or do you simply assume you can?
Threat 3: Mobile Devices
Allowing your employees to use their own mobile device, tablet or laptop to access your network without proper security measures is like giving them the keys to the office and the security code for the alarm system. The insurance industry is especially vulnerable since a large segment of the workplace typically telecommutes.
Mobile devices are the most common form of communication for insurance agents and brokers who are usually out of the office during the day. Most agents and brokers can access their CRM from their phone and therein lies a significant risk. Accessing unsecured wireless networks via your smartphone is a recipe for disaster if there ever was one.
Article Continued on Page 8
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Article Continued from Page 7
Threat 4: Third-Party Service Providers
Generally speaking, this could be a very large category. For the insurance agent or broker, third-party service providers typically consist of companies hired to help complete the insurance transaction.
For property-casualty insurance, this might include property inspectors and motor vehicle records agencies, either private or state controlled. For life-health, this might include medical exam providers, as well as agencies like MIB Group, Inc. (formerly The Medical Information Bureau Inc.). For commercial insurance, this might include building inspectors, credit agencies and Comprehensive Loss Underwriting Exchange.
All these agencies—and others—transmit sensitive client data over the Internet directly to the agent or firm that has a valid subscription. These transmissions, if intercepted by a hacker, can open a gigantic hole in the security net over your network and put your clients at risk.
Sophisticated hackers can obtain your valued clients’ sensitive and private information 24/7. That makes implementing a security program at your agency essential in mitigating risk and protecting the information with which you are entrusted.
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10 steps to Cyber Security
Step 1: Implement an effective governance structure, maintain board engagement and produce appropriate information security policies which should include:
Step 2: User education and awareness training
Step 3: Monitoring policies and procedures for all networks and systems
Step 4: Incident managment procedures, including response and disaster recovery.
Step 5: Network security policies and procedures
Step 6: Management and control of user privileges
Step 7: Secure configuration guidance
Step 8: Malware protection procedures
Step 9: Control of removable media usage
Step 10: Monitoring of mobile and home working procedures
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RILEY TONKINSenior Marketing RepresentativeEMC Omaha Branch
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Are there certain accounts in your area you want to write? The more we know about your goals, the better we can provide the right expertise, online resources and other marketing programs and materials to grow your business. It’s just one of the many reasons you can Count on EMC ®.
RILEY TONKINSenior Marketing RepresentativeEMC Omaha Branch
WE’RE READY TO HELP YOU
REACH YOUR GOALS.
OMAHA BRANCH OFFICEPhone: 800.338.9735 | Home Office: Des Moines, IA © Copyright Employers Mutual Casualty Company 2015. All rights reserved.
www.emcins.com
South_Dakota_Agent_Bulletin_7x10_Riley.indd 1 6/24/2015 1:43:24 PM
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Here is an idea that has worked for many agents, not only in sales but also in gratification for what you can do for others: Assume you are speaking to a Grandfather – and believe me, there are thousands of grandfathers out there who are ready for this one! You say, “Think about the gifts you give your grandchildren from time to time – bicycles, video games, clothes. Now, shift gears, if you will. Go back to memories of your own father and grandfather. What gifts do you remember most? Was it the toy you got, the material gift of the moment that is still in your memory? Or is it the lasting gifts that taught you personal values and gave you a deeper understanding of life lessons that have lasted you a lifetime?” Let me give you an idea I know you will want to consider. You can buy immortality in the hearts of your grandchildren just as many of my special clients have done for their grandchildren. One day, your grandchildren are going to need insurance on their lives for the benefit of their families just as their parents and their grandparents needed insurance on their lives. Well, if that is the case – AND IT IS! – why not guarantee that insurance will be in place when they need it? Why not start those youngsters off right now on a policy that costs only pennies on a dollar – and not only that, but in the future, they will have the option to purchase more, regardless of their health. As early as 2 years from now! And just think, at a time in their lives when their families are growing up and they have a need for the security that only life insurance can provide – long after you and I are gone, instead of paying thousands of dollars for the insurance at their attained age and current health, which may not be the best. They get an annual statement – a reminder that once there was this wise old guy – their grandfather – who made it all possible!! Talk about buying immortality! Talk about a family heritage! Talk about teaching these kids the importance of security and love! That’s the kind of lasting gift I want for my grandkids. That’s a gift, my friend – not for the moment. That’s a gift for a lifetime! Why don’t you let me show you how it will work for you? Contact us at Financial Markets, Inc. and let us explain how using Assurity’s Whole Life policy with their very unique GIO rider – no other rider out there in the market like it – will fit the need for your CLIENT!
Increase Sales While Helping OthersEdward D Bartling, MBA, ACS, CLU, FLMI, AIAA
Financial Markets, Inc.
Insuring the Midlands Since 1891
Andy KrausVice President of Agencies
800-742-7433 [email protected]
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DUES DEDUCTIBILIY:
Dues to the Independent Insurance Agents of South Dakota are not
deductibe as a charitable contribution, but may be deductible as an ordinary and
necessary business expense.
The non-deductible portion of dues for 2015 are as follows.
For the Fiscal Year of 2015
IIABA 25.03 %
IIASD 6.25%
2016 Marketing Reimbursement Program
There has never been a better time to co-brand and promote your agency with Trusted Choice. Three tiers of reimbursement can help offset your advertising costs. You have the freedom to apply for any or all of the reimbursement options.
Tier 1 – Receive up to $500 for using the Freedom Campaign advertising materials**New members and first-time users may receive up to an additional $250 for using the Trusted Choice logo. Receive 50% of the invoice amount, up to $500 or $750.
Tier 2 – Receive up to $500 for a digital update using a web developer/vendor**Must have website and social media review by Trusted Choice staff. Receive 50% of invoice amount up to $500.
Tier 3 – Receive up to $500 for advertising locally online
Details on Tiers 1 & 2 – Contact: Jo Buckley (703) 706-5412 – [email protected] on Tier 3 – Contact: Kiescha Cherry (703)706-5443 – [email protected]
MISSOURI VALLEY MUTUAL
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You've probably seen businesses in your community that have earned the coveted “best place to work” awards. What makes these types of awards especially prestigious is that many of them are based on employee surveys of their own workplaces.
Over the years, numerous clients of mine have received these types of awards. Here are five initiatives, programs and ideas they’ve all shared that contribute to becoming a “best place to work.”
1) Support of good health and well-being. Studies show that employees who are both physically and emotionally fit are happier—and also boast fewer absences, produce higher-quality work and contribute to positive morale.
Employer-funded initiatives that generate improved health and well-being include:•Complimentary healthy food in the break room.•On-site fitness programs or access to a local health club.•Breaks to use fitness facilities.•Quiet rooms for meditation and recharging.•Flexible work schedules to accommodate family and personal needs.
Top employers recognize the influence of employees’ families in creating a positive work environment. They give special attention to the family in activities like picnics and holiday parties, office trick-or-treating, bring your child to work day and other celebratory occasions at the office. These employers may also send company newsletters to the home, along with restaurant gift cards as a family thank-you.
One company owner I know assists with financial well-being by offering his staff a complimentary meeting with a financial adviser to learn about retirement plans, college saving plans, budgeting and eliminating debt. He also gives his employees a personal subscription to the Kiplinger Personal Finance magazine.
2) Continuous learning and career development. What employees learn on the job is theirs to keep forever. That's why top performers are passionate about furthering their knowledge to advance their earning potential and careers.
Consider establishing a company university and asking each employee to create a personalized education curriculum. Options abound: Self-study, in-house training, industry association classes, complimentary vendor programs, co-worker instruction and formal mentor programs could all be part of your in-house education offerings.
“Best place to work” businesses also encourage employee participation outside the office in Toastmasters, Dale Carnegie programs and Fred Pryor and Skillpath seminars. Spend time working with each employee to create a development plan that benefits the individual, your company and your clients.
3) Personalized workstations. While standards and procedures must be consistent to ensure quality work and outstanding service, individuals have unique preferences that suit their best thinking, creativity, physical comfort and productivity. Ergonomic experts can help by recommending an appropriate office setup. Standing workstations are becoming very popular. Choice of chair, desk height, keyboard and monitor position, and foot stools are just a few things that can make a huge difference in avoiding discomfort and injury.
Personalization can also go one step further: Award-winning workplaces give office-based employees the option to work from home one or more times a week, an option that also helps promote good health and well-being.
4) Commitment to a cause. Participating in something for the greater good improves morale and encourages teamwork. Popular volunteer activities your business may want to consider include tutoring children, participating in Meals on Wheels, helping out at senior care centers and fundraising for walks or races. Consider offering each employee four hours a month to volunteer as they choose.
5) Time for fun. I have several clients who excel in this area. Pool and ping-pong tables that double as meeting tables make for spirited Friday afternoon competitions. Employees can use a well-equipped kitchen to make meals together or participate in cooking classes. Put an oversized crossword puzzle on the wall for all to work on. Designate a table for jigsaw puzzles. Host a talent contest. Start seasonal traditions such as an Easter egg hunt, a Halloween costume contest or a chili competition. Ask employees for their ideas for fun and amusing activities—you'll get dozens of suggestions.
How to Make Your Employees Love Where They Work
by Emily Huling
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Nationwide, the Nationwide N and Eagle, Nationwide is on your side, and other marks displayed in this message are service marks of Nationwide Mutual Insurance Company and/or its affiliates, unless otherwise disclosed. Conning Strategic Study: The Small Business Sector for Property-Casualty Insurance: Market Shift Coming, 2014. Third-party marks that appear in this message are the property of their respective owners. © 2015 Nationwide. CMO-0329AO.1 (11/15)
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Drawing will be held Oct. 3rd, 2016.
Support I-Pac and/or InsurPac
Drawing - Oct. 3rd, 2016 - Convention in DeadwoodThis is a “Win-Win Opportunity! – Proceeds go to SD I-Pac or InsurPac. They both work hard to protect our industry and small business. Contact IIASD at 605-224-6234 or send personal check to 305 Island Drive, Ft Pierre, SD 57532
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Commercial | Professional | Personal | Brokerage Binding | Risk Management Services
WHOLESALE IS OUR MIDDLE NAME.Free of retail divisions, ownership or even affiliations, we never cross the line between wholesaler and competitor. Your best interests always come first, keeping the focus on growing your business. Don’t compromise. Partner with the leader who works with you instead of against you — Burns & Wilcox.
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Why American West Insurance?• Local company with over 60
years agriculture insurance
experience
• Quality products
• Competitive pricing
• Expert claims and
underwriting services
Be Protected. Be Sure®.
yourawi.comTo learn more about AWI contact Bruce Meyer at [email protected] or call 605-929-2782.
Agribusiness • Farm & Ranch • Farm & Ranch Auto • Personal Auto Excess Liability • Watercraft • Crop-Hail • Multi-Peril
By working with us, the nation’s number one farm insurer, you can offer your customers one-of-a-kind
protection from an experienced industry leader.
Partner with America’s top farm insurer today.
WE STAND FOR you.®And support the great work you do
as agents in the agricultural community.
SHERRY PACZOSA Regional Sales Manager
402-450-3176 [email protected]
WS4U.com
Source: 2013 Munich Re: Report. Based on premium and loss data. Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. We Stand For You is a service mark of Nationwide Agribusiness Insurance Company. ©2015 Nationwide Mutual Insurance Company. Products underwritten by Nationwide Agribusiness Insurance Company, Farmland Mutual Insurance Company, Allied Property and Casualty Insurance Company and AMCO Insurance Company. Home Office: 1100 Locust Street Des Moines, IA. GPO-0187AO.1 (01/15)
WASHINGTON, D.C., March 18, 2016 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today expressed support for the introduction of legislation that would nullify a proposal by the Department of Labor (DOL) governing the “white collar” exemptions to the overtime compensation requirements that exist under the Fair Labor Standards Act.
The “Protecting Workplace Advancement and Opportunity Act,” introduced in the U.S. Senate by Sens. Tim Scott (R-South Carolina) and Lamar Alexander (R-Tennessee), and in the U.S. House of Representatives by Reps. Tim Walberg (R-Michigan) and John Kline (R-Minnesota) reflects growing and widespread concerns about the negative ramifications of the DOL’s proposal.
“As proposed, the rule would drastically raise compliancecosts and increase liability for the Big ’I’s’ thousands of small business members, while doing little to modernize complexand out-of-date employmentregulations,” says Charles Symington, Big “I” senior vice president of external and government affairs. “We are pleased that Sens. Scott and Alexanderand Reps. Walberg and Kline have introduced this legislation to ensure the regulatory process is balanced and responsible.”
The DOL proposal would adjust when certain types of white collar workers can properly be considered “exempt” employees who are not entitled to overtime compensation. Among other issues, the DOL proposal calls for an excessive 113% increase to the salary threshold required to qualify for the white collar exemptions, which would be tied to inflation for the future. The challenges created by imposing such a significant salary threshold increase are compounded by the fact that this adjustment would be applied without regard for the wage, income and cost of living disparities that exist across the country.
“The DOL regulation will have a major impact on many independent insurance agencies and their small business clients, as it would reduce employee flexibility, increase overtime liability and require careful tracking on employee hours as well as annual compliance audits,” continues Symington. “Employees and employers alike are best served with a system that provides clarity for employers and flexibility for employees. We look forward to working in a bipartisan fashion to move this legislation forward.”
BIG “I” PRAISES LEGISLATION TO ENSURE RESPONSIBLE UPDATE OF FEDERAL
OVERTIME RULESLegislation would protect small businesses from
overreaching DOL proposal.
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Serviceis no accidentUnited Fire Group is committed to our independent insurance agents, providing the innovative products and superior service they want and deserve. We don’t take this commitment lightly. At United Fire Group, our underwriters, marketing and claims personnel are recognized for their:
• Reliability,• Honesty,• Responsiveness,• Compassion, and• Fairness.
These are qualities we practice every business day, because at United Fire Group, service is no accident.
At United Fire Group...
United Fire GroupCedar Rapids, Iowa www.UnitedFireGroup.com
Sangeena SharmaProject ManagerUnited Fire Group
Yesterday, the U.S. Department of Labor (DOL) released a new fiduciary regulation that tightens conflict of interest rules under the Employee Retirement Income Security Act (ERISA). The rule is slated to begin taking effect early next year, but does not go into full effect until 2018.
The new regulation requires any person who provides guidance to clients about some retirement investments to adhere to a fiduciary standard of care. The rule primarily impacts IRAs, though it will also impact many 401(k) retirement plans. Moving forward, those who provide investment advice must either avoid compensation arrangements that create conflicts of interest or comply with the terms of an exemption the DOL issues.
Since the DOL first proposed the rule in April 2015, the Big “I” and others voiced concerns that the rule’s overly broad and complex requirements could lead to investor harm and limit consumer access to professional advice. While the DOL made some changes to the final rule based on these concerns, the rule’s wide range of requirements will still increase oversight costs and legal exposure for independent agencies and insurance companies that offer ERISA-covered retirement products. The increased costs and exposure will likely limit access to advice for consumers who need it the most: mid- and low-income consumers with small balance retirement accounts.
The Big “I” supports numerous legislative measures that seek to address concerns about the rule. In February, two companion measures that would require Congress to approve the DOL rule passed out of committee in the U.S. House of Representatives, but have not yet seen a floor vote. Additionally, at least five other related bills are pending in the House and the U.S. Senate. The Big “I” will discuss the implications of the new DOL rule and potential congressional action during next week’s Legislative Conference.
More information about the rule is available on the DOL’s website. Big “I” staff will continue reviewing the rule, which exceeds 1,000 pages, and its implications for independent agents. For additional articles and updates, keep an eye on upcoming editions of the News & Views e-newsletter.
DOL Finalizes Fiduciary Rule By: Jennifer Webb Big “I” federal government affairs counsel
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BIG NEWS!! A.D. Banker of the Dakotas has changed its name to
1st Dakota Insurance School.
We continue to partner with IIASD to offer the following:
**Licensing Materials and Classes (for Property/Casualty and Life/Health Exam
Preparation)**Continuing Education Classes**Online Courses and Webinars
We are continuing to offer the materials you are familiar with.
Be sure to check out our new website at www.1stdakins.com
Use Promo Code 1594626 to receive your 15% member discount
Sandy Kost1st Dakota Insurance School
2601 S Minnesota AveSuite 105-244
Sioux Falls, SD 57105605.271.4440 or 877.317.3087
FRAUD Convictions
FRAUD CHARGESTerry Groth faked a burglary, home vandalism, and truck theft plus sparked a business arson. The Strawberry Point, Iowa man paid two cronies to steal and torch his truck. He then told Progressive that someone burglarized his shop. They stole tools and the truck, Groth said. Progressive paid out nearly $8,000. He had extracted nearly $5,000 from Farm Bureau Insurance a year later, lying that vandals damaged the walls and carpet of his father’s home. Groth’s insurance grab earned him three felony convictions. No word on jail time. The Iowa fraud bureau and state fire marshal led the investigation.
Bob Leonard earned another life sentence without parole for blowing up a neighborhood in a botched arson. Leonard helped set a $300,000 natural-gas arsonfire in a quiet Indianapolis subdivision. Volatile fumes exploded, sending fire and shockwaves through the neighborhood where at least 80 homes were damagedand many leveled. Next-door neighbor Jennifer Longworth died instantly when her home collapsed. Her hubby Dion was trapped in the basement and incinerated as fire fighters desperately fought to extract him. Leonard tried to convince a jury he had no role in the crime yet the home’s owner Monseratte Shirley busted him in testimony and surveillance video and DNA hastened his downfall. Leonard was portrayed as a remorseless killer. “Oh well, they died,” he casually said when told of the Longworths’ deaths shortly after the blast. Leonard’s sentence of life without parole in state prison matches the term of mastermind and half-brother Mark Leonard.
Some crooks make an investigator’s job almost easy. Bumbling Leandre Garner, a Yelm, Washington man, purchased a policy on his 2007 Chrysler 300 then reported that someone rammed it and drove away late that day. His ex-girlfriend, her neighbor, an apartment complex front-office employee, maintenance worker, and two auto body shop owners said the car had been damaged before he bought the policy. Garner also showed an investigator cell phone photos of the damaged car. He claimed he took the images the day of the supposed hit-and-run yet the photos were dated weeks prior. Garner abruptly said his cellphone was not working properly when the investigator confronted him. The investigator took a picture of his own foot using Garner’s phone. The correct date and time appeared. Garner later bolted. He was on the Washington insurance department’s most-wanted list until being picked up in California.
The father of a U.S. airman who helped thwart a terrorist attack on a Paris-bound train tried to burn down six commercial buildings, the California insurancedepartment charges. Brian Stone runs a consulting firm that assists with claim filing. He and his cronies lied about the amount, cost, value, and ownership of damaged and destroyed in fires, and about business income, lost income, and whether a firm had reopened. They also allegedly lied about the identity of the firm doing post-fire cleanup, the relationship between the insured and cleanup firm, cleanup costs, whether other firms were consulted for cleanup work, and whether they had a chance to bid on the cleanup. The suspects used a cleanup firm that owner Jamal Shehadeh controlled, telling insurers it was a third-party firm. The properties were in Sacramento and Carmichael. Stone’s son airman Spencer Stone tackled a gunman aboard a train speeding from Amsterdam to Paris in August. He and two friends were nationally lauded as heroes.
Oklahoma’s AG is going after suspects in three cases: Antario Santiel Brown stole $3,577 from elderly tornado victims by lying he should get a percentage of theirinsurance payout for referring them to a public adjuster. He could serve 10 years in prison if convicted; Ali Al Yousef sought a payout for damages from a collision with a vehicle driven by cronies. The damage had come from a prior crash. The claimed wreck never happened. A decade in prison could befall Yousef and two cohorts; and Anthony Warren Prince bought a policy the day before reporting his truck stolen. He also called his auto-financing company that day to ask if the truck had been repossessed. He faces up to three years in prison if convicted.
Diane Fabian spent her entire work life — 40 years — with an insurance agency. The Harrisburg, Pennsylvania-area woman allegedly spent her last few years stealing $529,000 of client refund checks to support a gambling addiction, prosecutors say. Fabian deposited 174 client refund checks worth at least $334,000 into her personal account. No word on what happened to the balance. At least 51 agency clients were bilked. One client lost 11 checks worth nearly $38,000. Another lost 32 checks, value unknown. The agency’s bank noticed suspicious activity and notified the agency owner. An internal audit led to dozens of charges against Fabian.
Garner pleaded guilty and received two years of probation.
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We commit ourselves to providing you with the highest quality claims and case management services available in our industry. We appreciate your continued support and look forward to serving your needs. Please visit our website for a directory of our staff, services, and coverage area. www.claimsassoc.com
Jeff Jares, AIC AIM President
Adjusters – Sioux Falls
Tim Wieker SCLA AIC HCRI-R,C
Nancy Almendinger SCLA SDWCS Jennifer Andrisen Selzler, SCLA AIC CSRP SDWCS
Cory Beck Bill Blackman AIC Lynn Bren SCLA AI Blake Dykstra Kay Greve AIC, INS Dave Johnston SCLA Collin Karsky Amy Kvernmo Chad Moore Wendi Peterson AIC Kimberly Rausch SDWCS Dave Sendelbach CPCU AIC
Christopher W. Madsen J.D. General Counsel
Adjusters – Rapid City John Keffeler, AIC Bruce Eleeson
Case Managers Kelly Rud RN BA LNCC Jane Kruse RN BSN Deb Whipple RN BA CCM Lori Schaefbauer RN BSN CCM
Download Western National’s mobile app todayin iTunes or Google Play.
23
IIASD’s Schedule of Events for 2016
April 12th-16th
Legislative Conference Washington, DC
May 22nd-25th E&O Program Conference
St. Louis, MO
June 6th-9thE&O Seminars in
Rapid City, Pierre, Aberdeen, Sioux Falls
June 21st-22nd Board Meeting/ River Days Walleye Classic
Pierre
October 1st-4th Board Meeting/ Annual Convention
Deadwood
Don’t Forget to Mark Your Calendars!!
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yankton605-689-2220
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Dare we say, no one does it better! We are theNo. 1 writer of Work Comp in South Dakotaand are proud of our A- rating from A.M. Best.Our company is propelled by passionate,skilled professionals who work hard every dayto make sure we stay on the top of our game.We aim to provide an amazing customer experience to our agents and insureds thatbuilds credibility, trust, and confidence.
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IIA Newsletter Ad 5 x 7 2016 4 gray burst_Layout 1 2/2/2016 12:01 PM Page 1
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E&O Risk Management:Meeting the Challenge of Change
Top 5 Reasons to Attend
1. Agency Loss Control2. E&O Premium Savings3. 6 Hours General Continuing Education Credits4. Claim Prevention5. Agency Data Protection & Security
Everyone in your agency should periodically attend the E&O Loss Control seminar. New information and real-life experiences are presented each year, so sending individuals each year is a good strategy to ensure the information is disseminated to your agency.
**Register Today**www.iiasd.org
June 6th – Holiday Inn – Rapid City, SDJune 7th – RedRossa – Pierre, SD
June 8th – Ramkota – Aberdeen, SDJune 9th – Ramkota – Sioux Falls, SD
How Far are you Willing to go to Make it in Sales?By: John Chapin
I am of the belief that pretty much anyone can make it in sales if they are determined enough. Assuming someone does not have brain damage or some other major mental hindrance, sales can be learned. I am proof of that. After struggling in school and being an abysmal failure at the onset of my sales career, if I can be successful, you can too. After all, as a former president once said, this isn’t rocket surgery. Granted, some personality types and skillsets are more cut out for sales but the bottom line is: if you are committed, you can be successful. That said, what must you be willing to do to be successful in sales? By the way, when I talk about being successful, I’m talking about really making it which means you’re in the top 5% of salespeople, not simply scraping by and paying your bills.
Three commitments you must be willing to make to be in the top 5%
Commitment #1: personal and professional developmentThe most important element of your personal and professional development is acquiring superior sales skills. Let me start by saying that you, and only you, are responsible for your development as a salesperson. Hopefully you work for a company that sends you to seminars, brings in sales trainers, runs sales meetings in which sales skills are worked on, and otherwise gives you the tools and resources to develop your sales abilities. That said, there are companies that do not do these things and ultimately the responsibility for developing your sales skills lies with you, not your company. So, are you currently reading a book a month, or a week, to develop your sales skills? Are you going to seminars, listening to audio programs, and watching video on how to sell? If you aren’t, you need to start. You have to be spending at least an hour a day learning sales and developing your sales abilities. You need to practicing, drilling and rehearsing your presentation, answers to objections, closes, and everything else involved in the sales process. Also, you must being willing to invest your own money in some of the above resources if necessary. Even if you are a veteran, you have to continue to hone your abilities and get better. We’re all familiar with the saying, “When you’re green you grow and when you’re ripe you rot.” The world is simply changing too fast, competition is getting fiercer, consumers are getting more educated, and as a result, you must continue to develop yourself and your sales abilities.
Commitment #2: timeNext, how much time are you putting in? If you’re relatively new to sales, you need to be putting in 3 to 4 hours a day prospecting, in addition to skills development mentioned above, following up, presenting, closing,building relationships, and other miscellaneous items that come up during the day. Yes, this is a long work day. So are you willing to come in at 6 a.m. and work until 11 p.m. and work weekends if necessary? In order to be in the top 5%, you need this level of commitment. As a veteran with an established business, you may work fewer hours, but especially when you are just starting out in sales, or in a new industry, or with a new company, you have to put in the hours.
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Looking to increase the life side of your business without increasing your staff?Crump Life Insurance Services, the industry’s leading insurance outsourcing organization, is committed to providing premier service to support you and your clients’ needs. The relationship offers you access to life, annuity, long term care, critical care, and disability insurance products, dedicated sales and case management contacts, and an industry-leading web site.
Our Crump team offers you the ability to take advantage of seasoned life insurance professionals to assist with detailed fact �inding, total case design, and face-to-face support with clients at the point-of-sale. In addition to the vast Crump resources and web site, you can now provide a complete value-added service to your clients!
If you have any questions, please contact Christine Munoz at [email protected] call 800-848-4401.
~
Continued from previous page
Commitment #3: willingness to do whatever it takes legally and ethicallyFinally, how far are you willing to go to be truly successful in sales? Are you willing to make 100, 200, or 300 calls a day if necessary? Are you willing to stand in the mall or on a street corner in NYC and pitch people walking by? Are you willing to do whatever it takes to beat the competition and go the extra mile delivering much more than you’re getting paid for?Are you willing to turn over every stone, pull out all the stops, continue to follow up, and keep going when you hear “no”, or “we’ve decided to go with the competition”? Are you willing to do what the chiropractor in San Francisco did before he opened his practice when he called on over 20,000 homes and businesses Monday through Sunday for seven months in order to let people know he was opening an office? I’m not saying the above will be necessary, in fact, that level of action most likely won’t be, however, in the case that it is, are you willing to go that far? Are you committed at a level in which you say, “I don’t care what it takes to be successful and feed my family and make my dreams come true, I’m willing to do it?” If you have that kind of commitment, nothing can stop you from being a major sales success.
Some final ideas to keep in mind when striving for sales success: first, the most important tasks you do are: prospecting, presenting, closing, and building relationships with your top 20% accounts. Those items should take up 90% of your day.
Next, stop looking for quicker, easier, less painful ways to be successful and decide that you’re going to make the contacts and do the hard work. Many salespeople let an e-mail suffice for a phone call or in-person visit. While technology can make us more effective staying in touch and following up, an e-mail will never replace an in-person call or phone call. Most e-mail, social media, and other technology has simply given people false hope that there’s an easier way than facing fear, stepping out of their comfort zone, and contacting people live.
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Template for 8 1/2 x 11” bleed ad — allowing for 1/4” trim= 8 3/4” x 11 1/4”
Identity theft is among the fastest growing crimes in the country. Agents must act quickly to ensure their clients’ information remains safe. We have teamed up with Arlington/Roe to offer a data breach solution that goes beyond traditional coverage including:
Your agency cannot afford to be caught off-guard! For more information, contact: John Immordino, [email protected]
data breach?to respond to a
Can your insurance agency afford $200,000
Covers Paper and Electronic Records Breach Response Services Outside the Limits of Liability Coverage for Regulating Fines and Penalties
Template for 8 1/2 x 11” bleed ad — allowing for 1/4” trim= 8 3/4” x 11 1/4”
Identity theft is among the fastest growing crimes in the country. Agents must act quickly to ensure their clients’ information remains safe. We have teamed up with Arlington/Roe to offer a data breach solution that goes beyond traditional coverage including:
Your agency cannot afford to be caught off-guard! For more information, contact: John Immordino, [email protected]
data breach?to respond to a
Can your insurance agency afford $200,000
Covers Paper and Electronic Records Breach Response Services Outside the Limits of Liability Coverage for Regulating Fines and Penalties
Take Action today by contacting:
John Immordino: [email protected] or Carolyn Hofer: [email protected]
Independent Insurance Agents of South Dakota 305 Island Drive Fort Pierre, SD 57532
28
E&O Risk Management:Meeting the Challenge of Change
JUNE 6, 7, 8 & 9, 20166 Hours Continuing Education Credits (L/H or P/C) (Pending)
June 6, 2016 - Monday Rapid City, Holiday Inn– 505 N Fifth St 605-348-4000 June 7, 2016 - Tuesday Pierre, RedRossa– 808 W Sioux Ave Ste 200 605-224-6877 June 8, 2016 - Wednesday Aberdeen, Ramkota – 1410 8th Ave NW 605-229-4040 June 9, 2016 - Thursday Sioux Falls, Ramkota – 3200 West Maple St 605-336-0650
Registration 8:30 Class 9:00 - 3:30 $65.00 for Members - $80.00 for Non-members
(Fee includes coffee, rolls, lunch) This Seminar is designed to provide practical, real-world E&O loss prevention techniques along with resources and tools to implement these procedures. Participants will be instructed on how to handle potential claims and alerted to recent agency E&O trends. Participants will also gain knowledge about protecting and securing agency data and files from data breaches.
INSTRUCTOR: Gloria Thompson has been with American Agency Inc. in St. Louis Park, Minnesota since 1994. She currently serves as the education chair for the Minnesota Independent Insurance Agents and Brokers. Her professional experiences and her vast knowledge of the business have helped thousands of agents become the best insurance professionals in the country. Gloria’s storytelling ability allows those attending her class to see real life examples and gain a deep understanding of what are sometimes complex insurance topics.
HOW TO QUALIFY FOR IIASD LOSS CONTROL CREDIT: An insured who obtains their professional liability coverage for insurance producers through the IIASD sponsored programs will earn a percentage credit on their total annual premium if they attend an approved loss control seminar and remain loss free after attending. On-line course attendance is allowed for 50% of total attendees required.
LOSS CONTROL CREDIT REQUIREMENTS Agency Size Required Attendance Total Attendees Required
1 1 active agency principal, owner, partner or officer 12-7 1 active agency principal, owner, partner or officer and 1 producer or CSR 28-20 1 active agency principals, owner, partners or officers & 1 active agency principals,
owners, partners, officers, operations managers or producer and 2 producers or CSRs 4
21-50 1 active agency principal, owner, partner or officer & 1 active agency principal, own-er, partner, officer, operations manager or producer & 1 CSR and 3 producers or CSRs
6
51+ 1 active agency principal, owner, partner or officer & 2 active agency principals, own-ers, partners, officers, operations managers or producers & 2 CSRs and 5 producers or CSRs
10
Payment must be received with registration.Send form in with payment or you can also go to www.iiasd.org and register online.
------------------------------------------------------------(Clip & Save Upper Portion)-------------------------------------------------------
2016 E&O LOSS CONTROL SEMINAR
NAME/NAMES: _________________________________________________________________________________
AGENCY/COMPANY: _____________________________________________ CITY: __________________________
E-Mail: ____________________________________________________ PHONE: _________________________
I/we will attend at the following location: $65 for each IIASD Member _____ June 6 Rapid City, Holiday Inn $80 for each Non-Member _____ June 7 Pierre, RedRossa
_____ June 8 Aberdeen, Ramkota Amount enclosed $ ______________ _____ June 9 Sioux Falls, Ramkota
Return to IIASD 305 Island Drive Fort Pierre SD 57532 605-224-6234 (phone) 605-224-6235 (fax)
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ATTN: RE‐PRODUCTION COST INSURANCE
Contact us today to learn more—you owe it to your producers…and yourself! Locally: Lee Friesen – 605‐661‐2520 – SD Marketing Representative Nationally: HeartlandCropInsurance.com or 1‐888‐785‐5566
With the dramatic downturn in grain prices, do your grain producers have enough coverage to guarantee their margin? Probably not…UNLESS…they have Production Cost Insurance, a NEW PRIVATE product offered by Global Ag Risk Solutions and exclusively from Heartland Crop Insurance.
Finally an insurance product that allows farmers the chance to farm!
The product is simple…the goal: Protect the producers 5 year historical margin…How do we do this?
Average 5 year Grain Sales (Including Hedging)‐Seed
‐Fertilizer ‐Chemical
Fixed Cost Margin Coverage ‐ FCMC
We then insure a portion of the FCMC at a level the insured chooses PLUS 100% of the actual costs of Seed, Fertilizer and Chemical.
NO need to cut back to cheap seed. NO need to cut back on fertilizer rates. NO need to skimp on chemical applications.
︠⃝ Covers both Fixed costs and Input costs!
PCI isn’t subsidized by the Federal Government so producers aren’t required to comply with programs managed by the Farm Service Agency (FSA), Natural Resources Conservation Service (NRCS) or Risk Management Agency (RMA). It is up to the producer to make the decision for their operation.
Focuses on the producer’s numbers…NO COUNTY AVERAGES! Revenue at their actual selling or contracted price‐‐ isn’t that the way it should be?
From the moment the application is signed, the worst case scenario is known. No guessing what the Projected or Harvest price ends up at‐ giving the confidence to use the right inputs, and grow the most profitable crop, in good years and bad.
FARM FOR PROFIT‐‐FARM TO SUCCEED—allow your insured’s to sleep well at night, knowing their investment is secure…Production Cost Insurance.
We know how tough managing risk in today’s industry can be. Heartland Crop Insurance can provide the answer.
A private, revenue‐based, risk management insurance solution that does what no other insurance can do.
5 year average
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DIAMONDProgressive Insurance Co.
Risk Administration ServicesPLATINUM
Farmers Mutual of Nebraska Financial Markets Inc.
Great American Insurance Co.Great Plains Brokerage
Nationwide Mutual Insurance Co.QBE NAU
GOLD Acuity
CGB Diversified Services, Inc. Columbia Insurance Group Continental Western Group
Dakota Claims ServiceDoss & AssociatesEMC Insurance Co.
Farmers Mutual Hail of IowaGraber & Associates
Intek Cleaning and Restoration Le Mars Insurance Co.
Liberty Mutual Insurance Midwest Family Mutual
North Star Mutual Insurance Co.Pro Ag
Rain & Hail, LLCSFM Mutual Insurance Co.
The IMT GroupUnited Fire Group
Western National InsuranceSILVER
Accident Fund Ins Co. of America American West Insurance
ArmTech Insurance Services Auto-Owners Insurance
Avera Health Plans Buckeye Insurance GroupFarmers Alliance Mutual
NCMIC Finance CorporationNorth American Software Associates
Northwest GF Mutual Insurance Risk Placement Services
Rural Community Insurance ServicesSafeCo
Swiss ReState Auto Insurance Co.
BRONZEBerkley Risk Administrators
Bjornson/Sentinel E & L Expansion Capital Group LLC Insurance Alternatives, LLC
Missouri Valley Mutual Insurance Co.
POWER IN PARTNERS April 2016
DIAMONDProgressive Insurance Co.
Risk Administration ServicesPLATINUM
Farmers Mutual of Nebraska Financial Markets Inc.
Great American Insurance Co.Great Plains Brokerage
Nationwide Mutual Insurance Co.QBE NAU
GOLD Acuity
CGB Diversified Services, Inc. Columbia Insurance Group Continental Western Group
Dakota Claims ServiceDoss & AssociatesEMC Insurance Co.
Farmers Mutual Hail of IowaGraber & Associates
Intek Cleaning and Restoration Le Mars Insurance Co.
Liberty Mutual Insurance Midwest Family Mutual
North Star Mutual Insurance Co.Pro Ag
Rain & Hail, LLCSFM Mutual Insurance Co.
The IMT GroupUnited Fire Group
Western National InsuranceSILVER
Accident Fund Ins Co. of America American West Insurance
ArmTech Insurance Services Auto-Owners Insurance
Avera Health Plans Buckeye Insurance GroupFarmers Alliance Mutual
NCMIC Finance CorporationNorth American Software Associates
Northwest GF Mutual Insurance Risk Placement Services
Rural Community Insurance ServicesSafeCo
Swiss ReState Auto Insurance Co.
BRONZEBerkley Risk Administrators
Bjornson/Sentinel E & L Expansion Capital Group LLC Insurance Alternatives, LLC
Missouri Valley Mutual Insurance Co.