Happy April - we hope that everyone enjoyed their holiday weekend! In today's Big I Buzz, we are discussing how insurers are facing the cryptocurrency craze, additional support heading to small business in Wisconsin and why you should put this year's Big I Legislative Conference on your calendar. 

Insurers Have Not Yet Embraced Cryptocurrency Craze Despite Demand

According to Reuters, Insurers have yet to catch up with the growing acceptance of cryptocurrencies as an investment and in commerce. "Insurers and brokers estimate that of the few that provide such insurance, none can offer coverage beyond $750 million for any client." Recently, Elon Musk announced that Tesla's customers can now use bitcoin as payment. However, if Tesla wanted to insure all of its recent $1.5 billion bitcoin investment against hacks, theft and fraud, it would be out of luck. 

Brokers say that they see a growing demand for coverage, but they cannot match with sufficient supply. Read more here.

Gov. Evers Announces More Than $46 Million in Support to Small Businesses

On April 6, 2021, Gov. Evers, the WEDC and the DOR announced more than $46 million will go to support an estimated 9,300 small businesses across Wisconsin which will receive a $5,000 grant through the "We're All In" grant program. "The new grants are funded through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act. CARES funds were slotted to expire at the end of 2020, a federal omnibus bill signed before the end of the year extended the deadline until the end of 2021," according to the State of Wisconsin bulletin. Read the entire bulletin here. 

8 Issues Big "I" Members Will Champion During the Legislative Conference

This year's Big I Virtual Legislative Conference will be held April 13-16. Every day at 1 p.m. CST, sessions will run between 45 and 60 minutes. Here are 8 issues that Big I Members will champion during the conference: 

1. Maintain small business tax fairness

2. Oppose federal intrusion into insurance regulation

3. Secure a long-term flood insurance reauthorization

4. Concerns with the PRO Act

5. Preserve employer-sponsored health insurance

6. Defend the Federal Crop Insurance Program (FCIP)

7. Responding to future pandemics

8. Advocating for legal protections for independent insurance agents

You won't want to miss this conference AND registration is free to all Big I Members. Register and learn more about all of the topics being covered at the 2021 Big I Virtual Legislative Conference here. 

OCI Bulletin: Voluntary Extension of Special Enrollment Period for Products Offered Outside the Federal Marketplace

According tot he OCI Bulletin, "On January 28, 2021, President Biden signed an Executive Order reopening the HealthCare.gov marketplace to permit individuals to enroll in comprehensive health insurance coverage. The Centers for Medicare and Medicaid Services (CMS) announced the federal marketplace would reopen for a three-month Special Enrollment Period (SEP) beginning February 15, 2021 through May 15, 2021. In March, President Biden announced an extension to this SEP through August 15, 2021. 

OCI is encouraging insurers offering qualified health plans that have implemented a parallel SEP to provide an extension through April 15, 2021. If an issuer has already offered a SEP for their off-exchange plans, they are asked to submit a simple letter confirming extension of the off-exchange SEP be sent to ociratesforms@wisconsin.gov. 

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members)  here. We hope that everyone has a great rest of their week.