Happy Groundhog Day! We are receiving mixed signals from Punxsatawney Phil and Sun Prairie's Jimmy the Groundhog again this year. Punxsatawney Phil has predicted six more weeks of winter after seeing his shadow this morning in Philadelphia. However, if you prefer to stick to local groundhog news, you're in luck! Sun Prairie's Jimmy the Groundhog predicted an early spring. We'll keep our fingers crossed that Jimmy the Groundhog has some inside knowledge into Wisconsin's spring start.

In this week's Big I Buzz, we are discussing our Member Benefit of the Month, the increasing rate of drivers switching car insurance and the results from a new Thrivent Survey. 

Member Benefit of the Month: Trusted Choice Marketing Reimbursement Program

As a member of the IIAW, you're eligible for Trusted Choice's Marketing Reimbursement Program! This program offers multiple options for reimbursement.

1. Cobranding with Trusted Choice

When you use traditional cobranding on physical marketing materials you can receive up to $750 for use of the Trusted Choice logo on any consumer facing items such as store signage, advertisements, business cards or sponsorships branded with the Trusted Choice logo alongside your agency logo are all eligible! 

Under this same option, you can use digital cobranding to receive a reimbursement. All members can access an additional $750 for Digital Marketing efforts (TV, web, social media, etc.) that include the Trusted Choice logo.

2. Digital Upgrade

All member agencies (one per agency) are eligible to receive $500 for creating a new website with any of the Trusted Choice Preferred Partners. These partners include: ITC, Agency Revolution, Forge3, Titian Web, Advisor Evolved and Marketing 360. This is a flat reimbursement of $500 and all website must include the Trusted Choice logo on their homepage to be eligible for this reimbursement. 

Click here to see more information about these marketing reimbursement programs. 

Drivers Switching Car Insurance at Increasing Rates, Study Finds

A new study from J.D. Power and TransUnion shows that an increasing rate of consumers are finding alternatives when shopping for car insurance. According to Fox Business, "The number of drivers shopping for new insurance has remained relatively steady, with 11.4% of consumers obtaining new insurance quotes in the fourth quarter of 2021, the study showed. But the rate that drivers are switching providers is up, rising from 3.3% in the fourth quarter of 2020 to 3.5% in the fourth quarter of 2021. At the beginning of last year, the switch rate had dropped as low as 3.2%." In the spring of 2021, the studies have shown that high-risk drivers are the most likely to shop for new insurance.Michelle Jackson, TransUnion director of personal lines market strategy has attributed these results to the increased usage of telematics which allows insurance companies to collect information about mileage and driving habits. Additionally, the survey stated that consumers want personalized auto insurance. They're looking for alternative programs beyond traditional time-based insurance. Read more here. 

Thrivent Survey: 70% of Americans Have No Extended Care Plan

InsuranceNewsNet.com has reported that, "Despite the COVID-19 pandemic, a survey from Thrivent found that perceptions toward extended care planning haven't changed, and a significant percentage of Americans have not documented their plans, should the need for extended care arise." The survey found that 51 percent said that COVID-19 has not changed their approach to extended care planning at all and only 18% said that COVID-19 has made them realize that having a plan is more important than ever. Alongside these results, it also found that there are very few men and women who have talked about or have documented their extended care plan with their families. The survey found that a majority of those who haven't documented a care plan are women at 77% of women haven't documented for themselves or loved ones compared to the 64% of men who have. This is a great reminder for everyone to consult with their financial advisors about their extended care plans.

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.

Happy Wednesday! In this week's Big I Buzz, we are discussing the in-person IIAW Emerging Leaders event happening in February, new travel insurance regulations and the new update on Biden's COVID-19 shot-or-test rule for workers at large employers. 

IIAW Emerging Leaders Broken Bat Beer, Pizza and Wiffleball Event

Come meet the IIAW Emerging Leaders and learn more about how this committee values professional development, networking and giving back to the community. Join us February 24 from 3:30 to 7 p.m. at the Broken Bat Brewery in Milwaukee! We'll be enjoying Broken Bat beer, ordering pizza, networking and playing wiffleball. From 3:30 to 5:30, we'll be renting out their indoor wiffleball field and through the entire event, we'll have their private "Outfield" available for our networking event. All agents, carriers, brokers, vendors and other working int he independent insurance agency channel are welcome! Register for the event here: https://www.iiaw.com/event/wiffleball 

Biden's Shot-or-Test Rule Abandoned After Supreme Court Loss (2)

On January 13, the U.S. Supreme Court in a 6-3 decision stated that OSHA could not enforce the shot-or-test mandate. OSHA's temporary mandate would  have required most employers with 100 or more workers to either require employees be fully vaccinated or pass at least weekly COVID-19 tests. An announcement on Tuesday noted that the Biden administration is withdrawing its COVID shot-or-test rule for workers at large employers following the block from the Supreme Court on January 13th. Now that this withdrawal has been announced, OSHA has stated that they will continue to work on permanent COVID-19 standards. According to Bloomberg Law, "The decision to withdraw the temporary standard doesn't prevent OSHA from continuing to pursue a permanent version of the vaccination and testing standard, said Alka Ramchandani-Raj, a shareholder with Littler Mendelson P.C. in Walnut Creek, California, and co-chair of the firm's workplace safety and health practice. For permanent rule, OSHA wouldn't need to prove there was a "grave danger" since the grave danger threshold only applies to emergency temporary standards." Read more about the regulation update here. 

Wisconsin Updating Travel Insurance Regulations

Starting March 1, 2022, Wisconsin's travel insurance law will put regulations in place for 'travel retailers'. According to NU Property Casualty 360, "Wisconsin's travel insurance law will classify travel insurance as part of inland marine lines as well as accident and health lines if the policy includes sickness and disability coverage, according to the state's office of insurance." The OCI reported that the law will prohibit the use of "negative option" or opt-out processes that require a traveler to take an affirmative action to decline coverage when buying a trip.

NU Property Casualty 360 lists these as the rules for 'travel retailers':

"Business entities that offer travel services can now "offer and disseminate" travel insurance in Wisconsin under the licenses of a travel insurance producer if they adhere to the following guidelines: 

• The purchaser of travel insurance is provided required information such as a description of the material terms and the process for filing a claim.

• The limited lines travel insurance producer keeps a register of each travel retailer that offers and disseminates travel insurance on the producer’s behalf.
• The limited lines travel insurance producer designates an employee who is a licensed producer as the person responsible for compliance with the statutes and rules of this state.
• The designated responsible employee, the officers of the limited lines travel insurance producer, and any other person who directs or controls the limited lines travel insurance producer’s insurance operations complies with insurance intermediary fingerprinting requirements.
• The limited lines travel insurance producer pays all applicable licensing fees.
• The limited lines travel insurance producer requires each employee and authorized representative of the travel retailer whose duties include offering and disseminating travel insurance to receive a program of instruction or training.

The law stipulates that travel retailers, or their employees and authorized representatives, which are not licensed limited line travel insurance producers can’t take the following actions:

• Evaluate or interpret technical terms, benefits, or conditions of travel insurance coverage.
• Evaluate or provide advice concerning a prospective purchaser’s existing insurance coverage.
• Hold himself or herself out as an insurer, a limited lines travel insurance producer or an insurance expert.

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.

Happy Wednesday! In this week's Big I Buzz we are discussing predicted telehealth risks for the year, how to get an at-home over-the-counter COVID test and cryptocurrency crimes. 

Viewpoint: Telehealth Risks and Predicted Impacts for 2022

COVID-19 has changed the way we do a lot of things and healthcare is at the top of the list. Many doctors' offices adopted telehealth. Claims Journal defines telehealth as, "The delivery and facilitation of health-related services via telecommunications and digital communication technologies." Despite the conveniences of telehealth, there are some risks involved. According to Claims Journal, "Legal experts predict that the volume of virtual care lawsuits will increase as telemedicine becomes and increasingly common way for patients to access healthcare... For example, a report from Quest Diagnostics said that 67% of the primary care physicians they surveyed were concerned that they missed signs of patient drug abuse during the pandemic. Only 50% of survey respondents were confident they could recognize signs of drug misuse during telehealth visits, compared to the 91% that said the same of in-person patient interactions." Claims Journal checked in  with malpractice experts' to get their prediction of telehealth impacts for the year: their prediction was that as telehealth becomes more prominent, we will see an increase in claims resulting from lack of clarity around provider accountability, missed and delayed diagnosis and missteps in care transitions. Read more about the risks and predictions for 2022 here. 

How to Get Your At-Home Over-the-Counter COVID-19 Test for Free

As the omicron variant causes COVID spikes across the country many people are looking to get tested. Testing facilities are facing longer lines than usual, which can make the wait for a COVID test and results longer than hoped for.

So, how can you get your at-home over-the-counter COVID-19 test for free? Starting January 15, mots people with a health plan can go online, or to a pharmacy or store to purchase an at-home over-the-counter COVID-19 diagnostic test authorized by the FDA at no cost, either through reimbursement or free of charge through insurance. 

Do you have to submit your test for reimbursement or can you walk in and pick up at-home OTC tests for free? It depends on your plan. If you are charged for an at-home OTC test after January 15, you can keep your receipt and submit a claim to your insurance company for reimbursement. According to CMS.gov, "If  your plan has not set up a network of preferred stores, pharmacies and online retailers at which you can obtain a test with no out-of-pocket expense, you will be reimbursed the amount of the cost of the test. For example, if you buy a two-pack of tests for $34, the plan or insurer would reimburse $34. If your plan has set up a network of preferred stores, pharmacies and online retailers at which you can obtain a test with no out-of-pocket expense, you can still obtain tests from other retailers if you buy them outside of that network. Your plan is required to reimburse you at a rate of up to $12 per individual test (or the cost of the test, if less than $12). Save your receipt(s) to submit to your plan for reimbursement at a rate of at least $12 per individual test (or the cost of the test, if less than $12). 

You can read more about getting an at-home over-the-counter COVID test here. 

Cryptocurrency Crime Hit Record $14 Billion in 2021: Research

Blockchain researcher Chainalysis said that crime involving cryptocurrencies hit an all-time high of $14 billion in 2021. According to their report, Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier. The activity represented just 0.15% of total crypto transaction volumes, its lowest ever. Overall volumes soared to $15.8 trillion in 2021, up over five-fold from a year earlier. Insurance Journal reported that, "Driving the increase in crime was an explosion of scams and theft at decentralized finance - DeFi - platforms, Chainalysis said. DeFi sites - which offer lending, insurance and other financial services while bypassing traditional gatekeepers such as banks - have been plagued by problems that include flaws in underlying code and opaque governance." Read more about cryptocurrency crime in 2021 here. 

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.

Happy Holidays! This is the final Big I Buzz for the year, and we are covering a LOT! 

First, as a reminder, we will be closed on December 24, December 27, December 30 and December 31 for the holidays. If you have any questions arise during this time, feel free to send an email to our general inbox, info@iiaw.com. 

Sign up for Catalyit Now Before the Subscription Window Ends! 

Access to Catalyit's Full Access Subscription is only available 4 times a year, and their subscription window closes THIS FRIDAY and won't open again until next year. Sign up now at catalyit.com. IIAW members get a free basic subscription. What's Catalyit? Catalyit.com is a website created by Steve Anderson and several Big I state associations that bring all the agency tech guidance you need... in one place. Behind the login button, you'll enter a world crafted to help you discover, evaluate, select and implement tech. This includes: 

• Tools - The Catalyit Success Journey™, and our in-depth tech assessment, provide you with a custom roadmap for success.

• Guides & Reviews: Our topic guides share insights, help you compare solutions in minutes, and include reviews. 

• Training: From live coaching and Q&A sessions to our on-demand video vault, you'll be able to get the most out of your tools. 

• Community: Discuss trends, best practices and challenges with peers, experts and providers. 

• Consulting: Need custom, one-on-one support? Our team of experts can work directly with your agency. 

Your new basic subscription grants you access to a lot of this great content. once you're ready, upgrade to Full Access to unlock everything! But don't wait too long - the option to subscribe to Full Access closes on Friday, December 17th. Learn more at catalyit.com. 

Holiday Social Media Posts: 

As you're preparing for time off, we've put together a few social media graphics that you can share on your own pages to make your holiday marketing a little easier! How to save: right-click and save image as to save it to your desktop. 

Suggested Copy: Merry Christmas from the _____ team!

Suggested Copy: The New Year is the perfect time to review your insurance policies to make sure you have the coverage you need. Need help? Contact us at ___________. 

Suggested Copy: Will you be traveling for the holidays? 109.5 million Americans are planning to travel to their holiday destination. We are wishing everyone safe travels as they celebrate the holiday season. 

In addition to these graphics, you can also use any of the Trusted Choice graphics to help spruce up your social media posts! They have holiday and winter focused graphics that you can download to use on your pages.  Head over to the IIAW Facebook page, and feel free to share any of our posts onto your own page too!

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.

By: Josh Johanningmeier, IIAW General Counsel 

The Paycheck Protection Program, or PPP, was one of the federal government’s earliest Covid-19 pandemic programs.  The PPP loan program is administered by the U.S. Small Business Administration (SBA).  According to the SBA, just under 11.5 million PPP loans were made, totaling about $792 billion.  For many small businesses, including independent insurance agencies and countless agency clients, PPP loans were a lifeline during uncertain and disruptive economic times.

One of the key aspects of the PPP loan program was that, under certain circumstances, the loans would be forgiven.  The process for seeking loan forgiveness has been underway for many months at this point, and nearly 8 million borrowers have filed forgiveness applications, with nearly 97% of the loans forgiven and repaid by the SBA.  That is good news for those borrowers, but leaves thousands either unforgiven, or pending.  Some of the pending PPP loan forgiveness applications will be granted, of course, but there will be no shortage of denials as well.  It is important to understand that the SBA’s forgiveness decision is appealable, but borrowers must act quickly.

In mid-September, the final rule covering Borrower Appeals of Final SBA Loan Review Decisions took effect, and it provides the framework for aggrieved borrowers to appeal to the SBA Office of Hearings and Appeals (OHA).  Here are the key requirements to ensure an appeal is heard by OHA.

First, only the actual borrower on a loan, or its legal successor in interest, for which SBA has issued a final SBA loan review decision has standing to appeal the SBA loan review decision to OHA. This means that the lending bank cannot appeal on behalf of borrowers.

Second, SBA decisions are appealable only if SBA’s completed review of a PPP loan finds any of the following:

• The borrower was ineligible for a PPP loan—this looks

   back at whether the loan should have been made in

   the first instance.  A denial on this basis will mean that no

   portion of the loan is forgiven.

• The borrower was ineligible for the PPP loan amount

   received or used the PPP loan proceeds for unauthorized

   uses.

• The borrower is ineligible for PPP loan forgiveness in

   the amount determined by the lender (lenders

   processing forgiveness applications make

   recommendations for full or partial forgiveness amounts).

   In this situation, the SBA final loan review decision

   will disagree with the lender, but remember—only the

   borrower can appeal, the lender cannot do so.

• The borrower is ineligible for PPP loan forgiveness in any

   amount when the lender has issued a full denial decision

   to SBA.   Here too the SBA final loan review decision will

   differ from the lender’s recommendation, but in a way

   that is favorable to the borrower.

Finally, the appeal must be filed with OHA within thirty (30) calendar days after the borrower’s receipt of the final SBA loan review decision.  This timing is critical, and because most forgiveness applications were handled through the same lender that made the loan, the borrower will most likely receive the final SBA loan review decision from the lender.

Within that framework, borrowers will need to consider their appeal options in light of a very deferential standard of review by OHA—the final SBA forgiveness decision will be altered only where the OHA administrative judge determines that the SBA’s decision was based on a clear error of fact or law.  That said, with the volume of forgiveness applications being reviewed by the SBA, and the complexities of the PPP loan program in terms of eligibility and use of loan proceeds, borrowers should be prepared to quickly evaluate their appeal options with counsel and file their appeal by the 30-day deadline.

It is also important to note that the loan deferment period is extended during the pendency of the appeal, so borrowers will not enter repayment until their appeal is decided.  The timeframe for OHA to decide an appeal of an SBA loan review decision is laid out in the final rule and could be as fast as 90 days, though there is ample discretion for the judge to extend certain deadlines.  Considering the anticipated volume of appeals, it is likely that 90 days will be the exception, rather than the norm.

If your agency, or a client, is facing a full or partial denial of forgiveness of a PPP loan, act quickly to evaluate a potential appeal and consult with competent counsel to assist.