Registration is now open for the Insurance Technology Trends Seminar on October 17th, 2019! The Insurance IT Committee, led by Erin Selfe of Pennsylvania Lumbermens Mutual Insurance, invites you to Harrisburg University’s state-of-the-art auditorium for a dynamic day of education, experience sharing, and networking. Morning sessions will include facilitated round table discussions on current trends (and new acronyms!) including AI, IoT, RPA, Cyber experiences, and Innovation.  We’ll demystify Blockchain with a general education, current use case development, an introduction to the consortiums, a discussion about how mutuals can be involved and an open floor for your questions.  Network with colleagues over lunch. Enjoy an action-packed afternoon where we demonstrate real uses of new technology via “A CAT Story” complete with advanced modeling, social media, and drones! Mark your calendars and stay on the lookout for the full agenda to be released shortly; continuing education credits will be offered.  

Sponsorship opportunities are also available to assist in supporting this program at the Gold ($700), Silver ($500), or Bronze ($300) level. In exchange for your sponsorship support, PAMIC offers advertising and exposure to key decision makers in the mutual insurance industry. Click here for more sponsorship information.

The PAMIC team has been diligently working over the past few months to bring you a new and improved digital experience. In the next few weeks, PAMIC will be releasing a new website. The current website will still be up and functional if you feel the need to revert back. This new website will provide an easier experience for our member companies and potential members to find the information they need at any given time. 

If you have any questions or concerns about the remodel, please contact our Director of Communications and Technology, Brittany Mlynek at bmlynek@pamic.org.

PAMIC members are invited to an open house on September 11th from 5-7pm at our new office location. Our new office is located in the Rossmoyne Business Park, just off of the turnpike at 4999 Louise Drive, Suite 304, Mechanicsburg, PA, 17055. Refreshments and hors d'oeuvres will be served at this event. Please email a number of attendees to Lora Sharp at lsharp@pamic.org to reserve your spot. 

Get directions to PAMIC

Two weeks ago (August 12-15), the Pennsylvania Insurance Department hosted its first ever NexGen Insurance Academy at the Dixon University Center on North 2nd Street in Harrisburg. While the insurance industry is seeking the next generation of leaders, many students are finding that education in insurance is lucrative and exciting. This four day program highlighted Regulatory Issues,  Reinsurance, Insuretech, Life & Health, and P/C; allowing students with math and actuarial science majors, business majors, accounting majors to learn about a broad spectrum of possibilities. 

PAMIC partnered with the Department to provide breakfasts and assemble panels for Tuesday's Industry Day. Leading industry experts (and PAMIC members!) made up the Reinsurance and Insuretech panels, including Rick Hartmann of Guy Carpenter, Stephen Harrington of GenRe, Vincent Burke, Senior Advisor at Mazars USA, and Bob Ridinger of ValueMomentum. Thank you to all who participated!

PAMIC strives to assist all of its members in whatever challenges they may be facing in changing times. Succession planning is an integral part of a mutual company’s progress and achievements. That is why PAMIC offers its members an opportunity to sit on the Student Affairs Committee, a group dedicated to the advancement of the industry and the future of our leaders. Registration is now open for all Committees- click here to sign up for the 2020 year: https://pamic.org/event-3477973.

Registration closes Friday, October 11th.  

Questions? Contact Andrea Stroble, Director, Education & Events at (717) 303-0197 or astroble@pamic.org. 

Current and former U.S. government officials responded to reports of U.S. cyberattacks on Iran’s rocket and missile launching systems by warning American businesses that they should prepare for digital retaliation from Iran. On June 22 Chris Krebs, director of the Homeland Security Department’s cybersecurity division, sent an email alerting U.S. companies that Iranian hackers were already targeting their systems with specialized malicious software. Cybersecurity companies detected a significant increase in Iranian hacking in recent weeks and began sending warnings that such attacks could become more frequent and far more destructive. John Hultquist, director of intelligence and analysis at the cybersecurity firm FireEye, warned Iranian hackers could target U.S. firms with ransomware that locks computers or launch denial-of-service attacks that disable websites and digital tools. The Washington Post 06/25/2019

This event is geared toward entry level employees, interns, or employees new to the insurance industry. It will discuss the theory and challenges of passing laws in the Pennsylvania General Assembly. Additionally, it will explain how regulations in the insurance industry clarify the underlying statutes. Even if you are not entry level or new to the insurance industry but you would like to brush up on your legislative knowledge, join us for the seminar in July!

Register for this event

On June 11, the PA House voted 198-1 for House Bill 3 (Cutler-R-Lancaster; Dermody-D-Allegheny).  State-Based Exchange & Reinsurance Act transits PA from a federally-facilitated marketplace (exchange) to a state-based exchange.  Although continuing Affordable Care Act requirements on coverage, first-dollar preventive care, minimum benefits, etc., the state-based exchange would be run by Pennsylvania and not by healthcare.gov.   This assumes that a waiver request under section 1332 of the Affordable Care Act is granted by the Center for Medicare Medicaid Services (CMS). The legislation is on a fast track for consideration of and passage by the PA Senate this June.  HB 3 was referred to the Senate Banking & Insurance Committee who-who approved the measure. The Bill will likely be passed by the Senate this week.

The General Assembly is focused on the finish line for the PA State Budget.  It is considered to be less controversial than many years because we at last have a surplus of 813 million dollars… But wait!  We may not because there are several hundred million obligated for what are known as supplementals. What that means is that current fiscal year (the one ending June 30), spending exceeded available revenue.  An example was the notion that the Joint Underwriting Association (JUA), the Medical Malpractice Insurance of last resort could be absorbed into the Insurance Department and $200 million of its reserves could go into the General Fund.  That did not happen as it was blocked by the courts. So, that is $200 million of budgeted income to PA which simply did not happen.

So, here are State Budget items to watch:

• Republicans generally want to put more of the surplus into the Rainy Day Fund.  Democrats see much of the surplus going to fund education and social services.

• Gov. Wolf still wants an increase in education spending.

• Gov. Wolf still wants a severance tax on Marcellus Shale used to pay for a $4.5 billion loan for infrastructure, Broadband, and flood control projects (Restore PA program)

• Charging communities using State Police for their law enforcement a per capita fee is a priority for the Wolf Administration and Rep. Mike Sturla (D-Lancaster).  This would help make up for a decrease in State Police money coming from the Motor Vehicle Fund.

• Gov. Wolf wants an increase in the minimum wage.  An example of how testy things are right now occurred during House consideration of a resolution urging Congress to approve of President Trump’s NAFTA replacement.  House Democrats pointed out that Republicans are for $16 per hour minimum wage for auto workers in Mexico but refuse to consider an increase in the minimum wage for Pennsylvania workers.

The bottom line is that despite a better State Budget tone than in some years, there are still big areas where controversy could delay State Budget enactment until after July 1.

PAMIC would like to welcome WaterStreet to our association. Founded in 2000, WaterStreet is a company of property & casualty insurance industry experts passionate about transforming and optimizing our clients’ operations through remarkable customer experience, workflow optimization, and cutting-edge technology to grow with our customers as they achieve success. We offer a cloud-based P&C insurance platform along with a suite of policy administration services to our clients to help them scale and grow their business optimally.

Great news- all 2019 Convention registrations are now open! Exhibitors, sponsors, and general attendees are encouraged to visit the Convention portal to view all the opportunities the event has to offer. Attracting over 350 high level executive attendees, 40 exhibiting companies, and 65 sponsoring companies, this is the Mid-Atlantic region’s premiere mutual insurance trade show and educational conference. New this year:

• the PAMIC PAC Starlight Reception on Sunday Night

• two upscale prizes for him AND her at the Champagne & Diamonds Reception

• Monongahela incline rides, sponsored by Harford Mutual Insurance and Willis Re

• Saturday night Pirates vs. Mets 7:05 game, ticket registration including Gateway Clipper Shuttle Tickets, group photo on the field, and Fireworks show!

• Rocky Bleier, formerly of the Pittsburgh Steelers: featured speaker generously sponsored by GenRe

For event details, please visit: https://pamic.org/112th-Mid-Atlantic-Mutual-Advantage-Conventions

For questions, please contact Andrea Stroble at astroble@pamic.org.