MONTPELIER, Vt. (PRWEB)
June 17, 2020

Governor Phil Scott today signed new legislation strengthening Vermont’s captive insurance laws, increasing efficiencies while adding flexibility to regulatory policy and procedures. This year’s bill again highlights the continued collaboration between Vermont’s executive and legislative branches to ensure the state’s captive law remains the industry benchmark.

“COVID-19 has dramatically changed the way we all work, live and play, however it has not changed Vermont’s continued commitment to be the ‘gold standard’ within the captive insurance industry,” said Governor Scott. “The bill I signed demonstrates – as we do every year – that Vermont does not take this sector for granted and we are firmly committed to keeping pace with the ever-evolving needs of the captive insurance industry.”

This year’s captive bill includes new policies related to Vermont’s captive protected cells. A protected cell is a popular alternative risk transfer mechanism that often operates like a stand-alone captive. Vermont has identified protected cells as a promising area for growth within the state’s industry.

“One of the key changes recognizes the importance of cells in the captive industry, and makes it clear that a cell can operate—and should be regulated—much the same as an individual captive,” said Deputy Commissioner of Captive Insurance Dave Provost. “I believe the captive industry will welcome this change, along with other updates included in the bill.”

Additional key updates include allowing separate accounts within a cell of a sponsored captive, simplifying an agency captive owner’s disclosure requirements, aligning with the National Association of Insurance Commissioners (NAIC) statutory accreditation standards for Risk Retention Groups and allowing dormant captives to remain intact at a minimum capital level so they may be reactivated in the future.

“Even in the midst of a pandemic where the attention of the Governor and legislature is rightly focused on the health and welfare of its citizens, Vermont’s state leaders came through and passed a bill that updates and strengthens Vermont’s captive insurance statutes,” said Richard Smith, President of the Vermont Captive Insurance Association.

A summary of the changes in the law includes:

• Agency Captives: Provides for simplified disclosure for agency captive owners.
• Dormant Captives: Allows regulatory discretion in setting the capital of an uncapitalized dormant captive to keep their captive intact at minimal cost, for future reactivation in Vermont.
• Sponsored Captives: Reduces the minimum core capital for a sponsored cell captive from $250,000 to $100,000.
• Unaffiliated Business in Protected Cells of Sponsored Captives: Allows flexibility to insure unaffiliated business in a cell under the same circumstances as might be allowed in a stand-alone captive and will help keep the captive option open.
• Separate Accounts in Protected Cells: Explicitly allows cells to form separate accounts within a given cell. The provisions mirror those applicable to standalone captives and extends the protections of statutory clarity.
• Legal Investments in Cells: Provides flexibility in investments by giving sponsored captive companies, and the cells within said companies, the option to follow the old rules or develop a plan for Department of Financial Regulation (DFR) approval.
• Accreditation Standard for Risk Retention Group Examinations: Specifying the timing of examination reports for Risk Retention Groups to align with NAIC accreditation standards.

For more information on Vermont’s captive industry, visit http://www.vermontcaptive.com, call Tim Tierney at 802-505-5496 or email tim.tierney@vermont.gov.

The Department of Economic Development operates within the Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.

Share article on social media or email:

Actualize Consulting’s culture supports work/life balance.

I am most proud that this award is based on surveys taken by our team. It is truly a pleasure to work with such a talented and dedicated group. Founding Principal, Chad Wekelo

RESTON, Va. (PRWEB)
June 17, 2020

Actualize Consulting has been named one of The Washington Post’s 2020 Top Workplaces in the Washington, D.C. area. “I believe that our foundation of our people first and a keen focus on gratitude enables us to thrive. Communication, productivity, teamwork, employee engagement, and motivation all flourish when you infuse your corporate culture and life with gratitude,” said Chief Operating Officer Kerry Wekelo.

Top Workplace selection is based solely on employee feedback gathered through an anonymous third-party survey administered by research partner Energage, LLC, which measured several aspects of workplace culture, including alignment, execution, and connection. Actualize Consulting’s culture is a testament to their Culture Infusion program, which is the impetus to Kerry’s second business book, Gratitude Infusion: Workplace Strategies for a Thriving Organizational Culture.

Actualize Consulting puts people first while honoring their mission to be an industry leader in the management and automation of financial functions and corporate financial events. Principal Matt Seu said, “It is always a pleasure to share our unique workplace culture with others! Actualize consultants are dedicated to our clients’ success and put in the extra effort and enthusiasm needed to do their jobs well. What sets us apart is the commitment we made to incorporate the principles of goodwill, positivity, and gratitude. This is a win worth celebrating!”

“Now in its seventh year, The Post’s Top Workplaces list continues to highlight the companies that are leaders in the Washington-area in terms of employee engagement and satisfaction,” said Washington Post Top Workplaces editor Dion Haynes. “We had a record number of employees participate in the survey this year, making it clear that these organizations have made cultivating an atmosphere of support and respect a priority.”

The full list along with additional content will run in print in a special Top Workplaces magazine on October 14 and will be available on The Post’s site. The Washington Post will also host an awards ceremony in October to recognize the 200 top-ranked companies.

Actualize Consulting is a professional financial services firm specializing in business process engineering and technology solutions for clients in financial, insurance, government, and fortune 1,000 companies. As a boutique consulting firm, we specialize in complex operations of financial data and transformation in the areas of Capital Markets, Collateral, Mortgage and Fixed Income, and Treasury Operations.

Share article on social media or email:

LOS ANGELES (PRWEB)
June 16, 2020

As businesses reopen, commutes resume and more cars get back on the road, Mercury Insurance (NYSE: MCY) advises drivers to take extra precautions to keep themselves and others safe behind the wheel.

“Stay-at-home orders resulted in less vehicle traffic but, incidentally, speeding and reckless driving increased dramatically as drivers took advantage of the empty streets,” said Kevin Quinn, vice president of claims and customer experience at Mercury Insurance. “This dangerous behavior puts lives at risk and can result in unnecessary collisions and fatalities. It’s especially dangerous as cities, counties and states reopen and more drivers begin returning to the roads. Drivers need to check themselves and be aware and respectful of the increasing number of vehicles surrounding them.

“Many drivers are also out of practice – aside from maybe some trips to the grocery store, their longer commute driving skills may be a bit rusty. It’s important to review the rules of the road before setting out on your trip to ensure your safety and that of others.”

Quinn recommends 10 tips to help drivers refresh their skills and stay safe behind the wheel as everyday driving resumes:

1. Get reacquainted with your vehicle and driver settings. If your vehicle stayed in park for the majority of stay-at-home orders, it may require some maintenance. Check the oil level and tire pressure to ensure they haven’t decreased before driving. Make sure your seat and mirrors are still positioned optimally for an unobstructed view of the road ahead and remove as many blind spots as possible.

2. Have a collision avoidance plan. Plan ahead for potential driving emergencies – such as a dog running into the street, another vehicle running a stop sign or a sudden obstruction on the highway – and create a strategy for how to react. Having a collision avoidance plan helps to make you a safer driver and protects motorists around you.

3. Plan travel time accordingly. If you need to be at the office or an appointment by a specific time, be sure to allow yourself enough time to arrive at your destination without rushing. Account for potential delays like traffic congestion and don’t wait until the last minute to leave your home. Speeding and weaving in and out of traffic lanes to get where you need to be is dangerous and inconsiderate of other drivers.

4. Remove distractions. According to the National Highway Traffic Safety Administration, most crashes are the result of distracted drivers. Distractions such as using or manipulating your phone, noisy or overly active passengers, eating and multi-tasking will all result in unsafe driving conditions. Reduce or remove these types of distractions while on the road so you can focus on keeping yourself and your passengers safe while driving.

5. Be aware of other drivers. Driving safety isn’t just about your behavior, but also depends on those around you. Don’t assume they’re being attentive – they may be distracted and not see the stop sign or traffic light ahead of them. Use caution when entering intersections, changing lanes, turning and entering and exiting parking spots.

6. Remain cognizant of speed. Speed limits are set for a reason, so don’t break them. Driving under the speed limit can be dangerous for others on the road. If your car won’t accelerate to the posted limit, turn on your flashers and safely make your way to the side of the road for service.

7. Maintain proper following distance. Rear-ending makes up a substantial portion of total injuries sustained in collisions. Following too closely behind a car hinders your ability to come to a full stop on time and it also limits your sightlines. The rule of thumb is putting at least three seconds of space in between your vehicle and the car in front of you. Use a fixed object – such as a pole or overpass – and count the seconds between when the car in front of you passes it and when you pass it to determine the appropriate following distance.

8. Stay actively engaged in the task of driving. Most modern vehicles are equipped with advanced driver assistance systems – like lane departure warning and active emergency braking technology – to help drivers avoid collisions, but this technology isn’t a substitute for proper and safe driving practices. Keep your eyes focused on the road ahead, and check mirrors, over your shoulder and use your signal when turning or changing lanes.

9. Remember to yield to pedestrians. Walkers and joggers may have grown accustomed to fewer cars on the streets, thus, may forget to look both ways before crossing. They also might not be paying the utmost attention to their surroundings, particularly if they’re looking at their phones, but pedestrians do have the right of way, even if jaywalking. Use caution when driving on roads with high foot traffic.

10. Obey posted traffic signs. Many cities have been repairing roads during the stay-at-home period, when fewer people were driving. Keep an eye out for any temporary traffic signs surrounding transit construction.

“More traffic means there’s more chance to get into a collision, even if it’s a minor fender bender, so taking the steps to drive safely will help keep the number of crashes down and prevent your insurance rates from skyrocketing,” Quinn continued. “The key to driving safely is to see the big picture. A combination of alertness, defensive driving and common sense will help keep you out of harm’s way when back on the road.”

Visit Mercury Insurance Drive Safe Challenge and Mercury’s blog for more safe driving tips and resources.

About Mercury Insurance

Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices. For more information visit http://www.mercuryinsurance.com or Facebook and follow the company on Twitter.

Share article on social media or email:

AUSTIN, Texas (PRWEB)
June 16, 2020

ePayPolicy and Veruna have entered into a vendor-partner agreement to add the digital payment processing capabilities of ePayPolicy to the Veruna AMR, the company’s open-platform agency management system (AMS).

Both companies are InsurTech pioneers, redefining how independent insurance agencies conduct business through the innovative development and application of technology, and are committed to greater agency control and paperless operation.

ePayPolicy is on a mission to replace paper checks with convenient, simple, online payments via credit card or ACH. While digital payments are ubiquitous across the spectrum of consumer and business transactions, insurance has traditionally been slow to offer alternatives to checks — even though most are using an AMS to automate other aspects of the business. ePayPolicy gives policyholders the convenience of digital payment options while handling the specific accounting, compliance, and reporting requirements of independent agents and brokers.

“To reach today’s independent agents, it’s essential that we integrate with the agency management systems that are continuing to develop agency first solutions,” said Milan Malkani, ePayPolicy co-founder. “Veruna offers an exciting, innovative AMS that’s feature-rich. We’re honored to be named as their integration partner for payment processing.”

“Our goal is to help agencies outperform the past,” said Jennifer Carroll, CEO of Veruna. “We are in tune with their evolving needs in an ever-changing world, and the Veruna AMR offers agencies a robust, yet nimble, suite of management functions. Digital payment processing is a welcome and timely addition, and ePayPolicy is the perfect partner for us.”

The Veruna platform revolutionizes agency operations and makes higher levels of productivity possible with the ability to make more rapid, informed decisions utilizing real-time data, robust analytics, and automated workflows. By coupling exceptional technology with industry expertise, Veruna delivers an AMS designed to meet the needs of modern insurance agencies by enhancing mobility, flexibility, customization, and integration capabilities.

“ePayPolicy is redefining insurance payments, and Veruna is redefining agency management,” said Carroll. “I see exciting implications for forward-thinking agencies — and our clients.”

###

About Veruna

Veruna delivers the insurance industry’s only modern agency management system (AMS) built on the Salesforce platform and capable of driving quicker decisions using real-time data, robust analytics, and automated workflows with increased mobility, flexibility, customization, and integration all backed by the expansion capabilities inherent to the Salesforce AppExchange. For more information, visit veruna.com.

About ePayPolicy

ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s innovative electronic payment processing portal enables its clients to accept payment via credit card or ACH, without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide. To find out more visit epaypolicy.com.

Share article on social media or email:

LOS ANGELES (PRWEB)
June 15, 2020

The Insurance Industry Charitable Foundation (IICF), a unique nonprofit organization dedicated to helping communities and enriching lives, announced a $500,000 contribution from Lloyd’s to the COVID-19 Crisis: IICF Children’s Relief Fund. This generous donation will help deliver tens of thousands of meals to vulnerable children struggling with food insecurity and help to address educational disruption, family homelessness and other risks exacerbated by the pandemic. As part of its broader global response to the pandemic crisis, this gift from Lloyd’s brings the IICF relief campaign total to $1.1 million raised to date.

“We are tremendously grateful to receive this extraordinary donation from Lloyd’s, and for what it will mean to so many in need during these unprecedented times,” said Bill Ross, Chief Executive Officer of IICF. “Lloyd’s has long been a leading supporter of IICF, serving as an IICF Key Partner Company with representation on IICF Boards of Directors in several divisions. These funds will allow us to significantly increase our granting capacity to the fourteen nonprofits we are partnering with for the IICF Children’s Relief Fund across the country.”

IICF has seen widespread and united industry support for its crisis relief campaign, including more than 550 individual contributors. Early initial grants awarded through the IICF Children’s Relief Fund are helping to deliver nearly 600,000 meals to children at risk of food insecurity. IICF anticipates providing one million meals throughout this campaign to children and their families in need.

“As the industry’s leading charitable giving platform and convenor of brokers, insurers and service providers, the IICF’s value proposition rings more clearly now than ever,” said Hank Watkins, Regional Director and President, Americas at Lloyd’s, and former Chair of the IICF Northeast Division Board of Directors. “Lloyd’s is proud to join hands with our industry colleagues in supporting the IICF’s mission and efforts to meet the needs of those in our communities left vulnerable by the pandemic crisis.”

Industrywide, philanthropic giving in response to the crisis continues to increase. Using information collected by IICF, the Insurance Information Institute upgraded its estimate to $280 million donated by U.S. insurers and their charitable foundations in response to the COVID-19 crisis. This estimate was upgraded from $220 million following new and increased charitable contributions reported throughout May and into June. Additionally, more than $150 million has been contributed internationally.

As food banks and other nonprofit organizations continue to see needs for services rise precipitously due to the pandemic crisis, IICF’s mission of helping communities and enriching lives remains more important than ever. To learn more about the IICF Children’s Relief Fund or donate, please visit here.

About the Insurance Industry Charitable Foundation (IICF)

The Insurance Industry Charitable Foundation (IICF) is a unique nonprofit that unites the collective strengths of the insurance industry to help communities and enrich lives through grants, volunteer service and leadership. Established in 1994, IICF has served as the philanthropic foundation of the insurance industry for more than twenty-five years, contributing $39 million in community grants along with 300,000 volunteer hours by more than 110,000 industry professionals. IICF reinvests locally where funds are raised, serving hundreds of charities and nonprofit organizations, for maximum community impact. IICF is a registered nonprofit organization under section 501(c)(3) of the IRS code. Learn more at http://www.iicf.org or follow us on Twitter @doubleicf.

Share article on social media or email: