Tag Archive for: Insurance

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Wisconsin Banks Receive $28,845 in Distributions from American Bankers Mutual Insurance, Ltd.

$97.3 million has been declared in total distributions since 1991.

American Bankers Mutual Insurance, Ltd., the reinsurer for the directors and officers (D&O), bond and cyber insurance program co-endorsed by American Bankers Association (ABA) and Wisconsin Bankers Association (WBA), declared a $3 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.

This is the 33rd consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $97.3 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber and related insurance from this program are eligible to receive a distribution.

“The American Bankers Mutual Insurance program is a fantastic way for institutions to maximize the value of their ABA membership,” said Rob Nichols, ABA president and CEO. “On top of offering high-quality insurance products, the program has reliably paid out distributions for more than three decades. We hope members will consider participating as they evaluate their insurance needs.”

“For the 33rd year in a row, this program has delivered for its participating members. It provides the banking industry with a long-term, stable source of insurance and risk services, as well as meaningful distributions for eligible ABA member banks,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Ill.

To receive a distribution, a bank must be a member of ABA and have D&O, financial institution bond, and/or cyber insurance with ABA Insurance Services on Tuesday, January 17, 2023. Distributions will take place mid-February 2023.

About American Bankers Mutual Insurance, Ltd.
American Bankers Mutual Insurance, Ltd. is a bank-owned, mutual insurance company that reinsures policies written for the ABA-endorsed insurance program.

About ABA Insurance Services
ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering D&O, bond, cyber, and related insurance to financial institutions across the country. Co-endorsed by American Bankers Association and Wisconsin Bankers Association, this unique insurance program has been a market leader since 1987 and is recognized by insurance and banking professionals as a secure, stable, and affordable source of coverage.  For more information about ABA Insurance Services, call 800-274-5222 or visit www.abais.com.

About American Bankers Association
The American Bankers Association is the voice of the nation’s $23.6 trillion banking industry, which is composed of small, regional, and large banks that together employ more than 2 million people, safeguard $19.4 trillion in deposits and extend $12 trillion in loans.

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Association Update: Thank You for Choosing WBA EBC in 2023

Bankers insure locally with trusted professionals

By Daryll J. Lund

In 1982, the Wisconsin Bankers Association Employee Benefits Corporation, Inc. (WBA EBC) was formed to provide flexible, high-quality health benefits and insurance coverage exclusively to members of the Wisconsin Bankers Association (WBA). As our corporation moves into its 41st year, I thank each WBA member bank that has entrusted our team with their insurance needs.

As our organization continues to expand, it remains a top priority of our team to ensure that WBA members receive the options and preferred pricing that is typically reserved for large employers. Since 2018, WBA EBC has offered a statewide Association Health Plan (AHP) to all members. The AHP, administered by UnitedHealthcare (UHC), has saved WBA-member banks over $2.1 million in the last five years. By spreading the risk over large numbers we have been able to help nearly 50 banks and over 2,200 members.

By joining the WBA AHP, bankers enjoy benefits such as working with a dedicated, local association team; opportunities for cost savings; more plan options; a strong national network; and convenient resources.

Whether your bank is looking to add coverage to dental, medical, prescription drug, vision, or life and disability — WBA EBC is the one-stop-shop in providing your employees with afford- able, high-quality benefits for their well-being. Additionally, WBA EBC’s online portal allows for member-driven control of enrollment or changes, provided transparency with costs and expenses, as well as ensured banks have the ability to control administrative costs in the future.

Thank you to the 100+ banks throughout the state that have chosen the WBA-EBC for their insurance programs for 2023. With your enrollment, nearly 4,000 members have gained access to affordable insurance. WBA EBC Vice President Brian Siegenthaler, our dedicated team, and I look forward to continuing to provide flexible plans and wellness solutions to you and your employees.

Please visit wisbankins.com or contact Brian Siegenthaler at 608 441-1211 to learn more about the advantages we offer.

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Five Years In, AHP a Financial Success for Members

Experience the savings with WBA’s Association Health Plan

By Brian Siegenthaler

Five years ago, the Wisconsin Bankers Association (WBA) became the first Wisconsin business group to launch a statewide Association Health Plan (AHP). AHPs provide the same flexibility to small businesses that large organizations enjoy when it comes to negotiating pricing and coverage options for healthcare.

The plan — offered exclusively to WBA-member banks through WBA Employee Benefits Corporation (EBC), a subsidiary of the WBA, is administered by UnitedHealthcare (UHC). Since its inception, WBA’s plan has saved WBA-member banks over $1.8 million. We’ve added 2,000 members and are UHC’s fastest- growing AHP.

Joining the WBA AHP has several benefits, including:

  • A Local Association Team

We provide a consultative approach to help you create a desirable benefit portfolio for your association groups. Our strong customer support helps teams ease the process of addressing healthcare needs.

  • Opportunity for Cost Savings

As a small group of 1–50employees, you can access plans that give you strength in numbers. For rating purposes you’re seen as a large employer, and not subject to Adjusted Community Rating. For groups with 51 or more eligible employees, UHC is offering a Premium Discount and a Renewal Rate Cap of 9% for the first renewal.

  • More Plan Options

UHC offers plan flexibility with dozens of plan designs to choose from — allowing flexibility in options to balance costs. Consumer-driven plan flexibility includes high deductible options, health reimbursement accounts (HRA), and health savings accounts (HSA). The AHP features a customized 45-plan package for the WBA Association Health Plan Employers.

  • Easy to Switch

Our array of plans, doctors, and services are likely similar to what members have today, making for a smoother transition.

  • Strong National Network

The nation’s single largest proprietary network that reaches 98% of the United States’ population — more than 907,000 physicians and healthcare professionals at over 5,500 hospitals.

  • Convenient Resources

Mobile, online, or person-to-person resources that help members make well informed choices about their healthcare costs and needs.

The process to receive a fully underwritten AHP health insurance proposal has been improved. Just two items are needed to receive firm rates — a quote checklist and census.

In addition, WBA EBC is thrilled with the successful launch of the online system for streamlined insurance and human resources tasks. The online portal, accessible through a partnership with the Iowa Bankers Insurance Services, provides member banks with enhanced service, better transparency on costs and expenses, member driven control of enrollment or changes, and the ability to better control administrative costs in the future.

For more information or if you have any questions about WBA EBC’s insurance options, please visit wisbankin.com.

Siegenthaler is vice president for WBA EBC, a WBA Gold Associate Member.

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Insuring Safely and Locally

MBIS provides insurance for banks by people who know banks

By Daryll J. Lund

For over 10 years, Midwest Bankers Insurance Services (MBIS) has saved bankers throughout the Midwest time, money, and the headache that comes with disasters of all kinds.

MBIS is co-owned by the Wisconsin Bankers Association (WBA) and the Minnesota Bankers Association and is endorsed by the North Dakota Bankers Association. As our independent insurance agency focused exclusively on serving and educating community banks in the Midwest, our team of dedicated individuals is equipped with three distinct lines of coverage that will help prepare your bank for the unexpected.

Professional Lines

MBIS offers banks three professional lines of coverage including financial institution bond, directors and officers liability (D&O), and cyber/privacy liability. Whether your bank is seeking policies that will protect the bank from losses arising out of electronic theft of customer information; protection against dishonest fraudulent acts committed by employees, customers, or third parties; or a combination of all of these — MBIS has your best interest in mind.

Property and Casualty Lines

It is important to ensure the safety of what makes up your bank. MBIS’ five lines of coverage including property coverage, general liability, business auto, umbrella liability, and workers’ compensation offer flexibility and peace of mind for every aspect of your bank.

Property coverage protects bank buildings and business personal property from physical damage; general liability protects the bank from customer or third-party personal injury claims on premise; business auto coverage, includes physical damage and liability of owned autos, repo autos, non-owned autos, and hired autos; umbrella liability, provides excess liability over general liability and business auto liability limits; and workers’ compensation is for employment-related injury or illness and covers lost wages and medical expenses.

Lending-Related Lines

Finally, MBIS understands that every bank approaches lending from a unique perspective. With that, our team will tailor your plan to the specific needs of your bank. To protect your loan assets, MBIS has four types of policies for banks to consider. Mortgage protection/errors and omissions (E&O), which covers physical damage losses to the bank’s real estate portfolio if the borrower doesn’t have insurance and property goes into foreclosure. Lenders Single Interest covers the bank’s auto, truck, boat, snowmobile, ATV, etc. for losses if the borrower doesn’t have insurance and chattel is repossessed with physical damage. Force placed hazard and flood provides coverage to borrower, and MBIS’ Flood Compliance Solutions program incorporates flood certifications, borrower purchased flood insurance, lender force place flood insurance, and notification to all real estate borrowers that flood insurance is available.

Rest assured that your bank will be covered no matter what life throws at you, and save yourself the headache later by investing now in competitively priced, top-of-the-line policies offered by MBIS.

Contact Jeff Otteson at 608-217-5219 or jeffo@mbisllc.com to learn more about what MBIS has to offer for your bank.

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Legal Q&A: Revised Flood Q&As Provide Banks with Expanded, Organized Resource

By Scott Birrenkott

Q: Have the Agencies Finalized Their Revised Flood Q&As?

A: Yes. The OCC, FRB, FDIC, FCA, and NUCA (agencies) have reorganized, revised, and expanded the Interagency Questions and Answers Regarding Flood Insurance (Revised Flood Q&A).

Flood matters continue to be a hot topic with the examiners, and the Revised Flood Q&As are a helpful tool in working through many of the issues associated with flood compliance. The agencies previously issued flood interpretations, but those resources were scattered and found within various guidance documents such as the 2009 and 2011 Q&As. The Revised Flood Q&As supersede and replace those resources by consolidating and updating them into a single document.

The Revised Flood Q&As are organized by category and broken down into numerical designations within their categories. The agencies plan to update and manage these categories accordingly in the future. As an example of the benefit of the Revised Flood Q&As, examiners have recently been reviewing cross-collateralization and contents coverage calculations. The new category labeled “Other Security Interests” includes helpful discussion regarding such matters. For example, “Other Security Interests 7” discusses when flood insurance is required on contents, including examples of how to calculate. Question 8 then discusses a situation in which the contents might be located in another building, and question 9 covers applicability to contents taken as an “abundance of caution.” WBA has recently received questions regarding when contents coverage is required, as well as how to calculate insurable value when contents is included. These updated Q&As are helpful in understanding how the regulators view such situations.

While the flood rules themselves have not changed, the Revised Flood Q&As have been updated for ease of use and remain an excellent resource to consult when faced with a flood question. For any questions on flood matters or other compliance, also consider reaching out to WBA legal at wbalegal@wisbank.com or 608-441-1200.

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Enroll in an AHP That Will Help You Save!

UnitedHealthcare provides WBA-member banks cost-effective benefit packages

By Daryll J. Lund

Now’s the time to start thinking about your employee benefits package and how an Associated Health Plan (AHP), serviced by UnitedHealthcare, could help you save. Gain similar purchasing power advantages and options that larger employers receive when you join other Wisconsin banks by enrolling in our AHP.

Through your enrollment in an AHP, your bargaining position is strengthened to help you obtain more favorable rates. A variety of flexible plan options are available to help balance costs and your administrative costs can be reduced through economies of scale.

And your employees will benefit too. They’ll have access to UnitedHealthcare’s provider network — the largest in Wisconsin — resulting in less disruption and a smoother transition. Wellness programs designed to motivate healthier habits and cost estimator tools to assist with making more informed care choices will help your employees with their overall health and budgetary goals.

The advantages don’t stop there. If you’re looking to add vision to your employee benefits package, UnitedHealthcare has you covered. Like their medical network, UnitedHealthcare has one of the nation’s largest vision networks. That means your employees will have the freedom to visit their favorite provider or retailer for vision services and eyewear needs. Alliances with Warby Parker® and GlassesUSA.com are included.

Learn how much you may save by contacting Brian Siegenthaler from Wisconsin Bankers Association – Employee Benefits Corporation at bsiegenthaler@wisbank.com or 608-441-1211.

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Thank You… We Appreciate Your Choosing WBA Employee Benefits Corporation in 2022

By Daryll J. Lund

The Wisconsin Bankers Association Employee Benefits Corporation, Inc. (WBA EBC) was formed in 1982 and as our Association Health Plan (AHP) begins its fourth year, I would like to thank each WBA member that has chosen to trust us for their insurance needs.

The flexibility of our high-quality health benefits (dental insurance, medical insurance, prescription drug plans, and vision) as well as life and disability insurance are typically reserved for large employers but — through the purchasing power of WBA EBC — are offered exclusively to WBA members at preferred prices. In the last three years alone, our member banks have collectively saved $1.8 million thanks to their member-driven AHP.

This year we are pleased that nearly 40 banks throughout the state have chosen the WBA AHP through UnitedHealthcare for their health insurance program. Through your enrollment in our AHP, 1,800 members will have access to affordable, highquality benefits and insurance throughout Wisconsin. In addition, our partnership with Lincoln Financial provides life and disability coverage for 10,000 members and our Delta Dental plans cover 7,000 members.

I, along with WBA EBC Vice President Brian Siegenthaler and our dedicated team look forward to continuing to assist you and your employees through our one-stop-shop for members enrollment and administration. We thank you once again for choosing WBA EBC to provide for the well-being of all employees in your organization.

Visit www.wisbankins.com or contact Brian Siegenthaler at bsiegenthaler@wisbank.com or 608-441-1211 to learn more about the advantages we offer.

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Launching on Oct. 1: New Online Insurance Portal

WBA EBC is excited to announce the upcoming launch of an innovative new online system for streamlined insurance and human resources tasks. The online portal, accessible through a partnership with the Iowa Bankers Insurance Services, will provide member banks with enhanced service, better transparency on costs and expenses, member driven control of enrollment/changes, and the ability to better control administrative costs in the future. 

This upgrade and all included features are available to all WBA EBC bank clients for free as a value-add for your membership with WBA and commitment to our industry through your partnership with WBA EBC.  

The transition to an online system will benefit WBA EBC’s customers by facilitating fast, smooth, and consistent workflows that save time and money. Client banks will now have more time to devote to the strategic initiatives that drive the institution's bottom line rather than filing and documenting. 

After go-live, WBA EBC clients will have access to a one-stop-shop portal for administrators and employees for medical, dental, vision, and life and disability products through WBA. The new Benefits Portal includes some of the following features:  

  • One “Benefits Portal Login” button on the WBA/EBC home page that both benefits administrators and employees will use to log into the portal. Administrators will have access to their administrator account(s) for all employer records to which they have access AND their employee account using a single login. 
  • Standardized login credentials and login process that enable users (administrators and employees) to create, retrieve, and reset their own credentials 
  • Report Builder tool that supports custom queries and reports 
  • E-signature validation for online employee enrollment and maintenance transactions 
  • Mobile-friendly user interface 
  • Ability to search for forms, SPDs, and other documents 
  • Option enabling users to provide online feedback (report issues and suggest improvements) 

Leading up to the system launch on Oct. 1, 2020, WBA EBC will host training webinars to demonstrate features and provide tips on how to navigate the portal.  

If you are a WBA EBC client and haven’t registered yet for your training, please contact me at dlund@wisbank.com or WBA EBC Account Manager Racheale Ward at rward@wisbank.com, 608-441-1260.  

Hurry! Trainings are scheduled for Sept. 1 at 1:00 p.m. or Sept. 3 at 10:00 a.m.! 

Click here to register

For more information or if you have any questions about WBA EBC’s insurance options, please contact WBA EBC Director – Sales Brian Siegenthaler at bsiegenthaler@wisbank.com or 608-441-1211. 

Lund is WBA executive vice president – chief of staff and president of EBC and MBIS. 

By, Ally Bates

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Get to Know MBIS: Insurance for Banks, From People Who Know Banks

Bankers understand risk management. That’s what the business of banking is all about, after all. Bankers accept the risk of protecting their customers’ funds and manage the risk of extending those funds out as loans to build the community. Without effective risk management, no bank can be successful.  

That’s why Wisconsin Bankers Association wholly owned subsidiary WBA Employee Benefits Corporation (EBC) partnered with the Minnesota Bankers Association nearly a decade ago to form Midwest Bankers Insurance Services LLC (MBIS). This partnership created an insurance agency dedicated to providing community banks with comprehensive insurance options.  

As an association-owned entity, ultimately the revenue generated by MBIS flows back to support the overall mission of WBA, which is to support you, our member banks. Another advantage of working with MBIS: we serve only you. The banking industry is the only market MBIS serves; its products are specifically tailored to banks’ insurance needs. All of MBIS’ financial products are designed to protect banks, their officers, directors, and employees from disasters of all kinds.  

Because MBIS is owned by your association, you can rest assured we’re working on your behalf and you can contact us with concerns. For example, recently, we have fielded questions from bankers wondering about the impact of the current pandemic on pricing for their D&O liability policy renewals. Some experts have stated they expect increases of nearly 50% as a result of emerging claims related to COVID-19.  

Our response: while the D&O markets are a bit shaken right now, the banking sector has not seen the significant premium increases other areas have. However, some carriers are tightening in various ways, including more disciplined risk selection, increased retentions, lack of three-year prepay options, and narrower terms and conditions. 

MBIS’s lead D&O carrier, AmTrust, continues to offer broad terms, conditions, and less-than-market pricing with three-year prepay options. The MBIS-negotiated D&O forms have been broader than what we have experienced with policy forms negotiated by other agencies.  

For more guidance and insight like this, you need to work with an agency that knows banking as well as it knows insurance. That’s MBIS.  

Find out how MBIS can help your bank manage risk, and join our over 200 bank clients in Wisconsin, Minnesota, and North Dakota in enjoying peace of mind. Contact Jeff Otteson at 608-217-5219 or jeffo@mbisllc.com today. 

Lund is WBA executive vice president – chief of staff and president of EBC and MBIS. 

By, Amber Seitz

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Events

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Real Estate Escrow Accounts & Flood Insurance

Proper handling of escrow accounts and flood insurance is critical. No one wants to find themselves on the wrong side of an enforcement action or lawsuit. Attend this webinar to learn the important aspects of these two issues, including initial calculation and notice requirements.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Calculate the amount of flood insurance coverage and escrow payments
  • Use the escrow account and flood insurance model forms
  • Define when flood insurance is required
  • Explain when insurance can be force-placed
  • Distinguish between the requirements for shortages and deficiency replenishments on escrow

WEBINAR DETAILS
Improper handling of escrow accounts and flood insurance has led to enforcement actions and litigations. Escrow for taxes and insurance (AKA impound accounts), whether voluntary or required, comes with a host of calculation and notification requirements. The same is true for flood insurance. Unfortunately, mistakes and miscalculations can cause examination issues, consumer complaints, and risk. This webinar will explore these two issues from initial calculation and notice requirements to ongoing annual and other requirements.

WHO SHOULD ATTEND?
This informative session is directed to staff members who deal with initial and ongoing escrow and flood insurance requirements and notices, as well as those who work with outside third parties charged with these responsibilities. Audit, compliance, and risk management staff will also benefit.

TAKE-AWAY TOOLKIT

  • Escrow and flood calculation examples
  • Links to online model notices and forms
  • Timeline references
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits
  • Employee training log
  • Interactive quiz

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER – Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is president and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Heighes has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.

Involved with financial institutions since 1989, Heighes has over 25 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download
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Deep Dive into Force-Placed Flood Insurance

The Flood Disaster Protection Act requires time-sensitive actions by the lender or its designated servicer during the force placement of a flood insurance policy. However, recent enforcement actions have identified this as an area of weakness. How do your policies and procedures stack up?

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Explain force-placement timing requirements
  • Properly prepare a notice of underinsured or uninsured flood insurance coverage
  • Understand the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
  • Obtain documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
  • Calculate refunds for duplicate flood insurance coverage
  • Recognize examiner-identified force-placement exceptions
  • Explain the action steps required when a FEMA map changes a loan into a SFHA

WEBINAR DETAILS
Numerous recent enforcement actions have identified weaknesses in force-placed flood insurance procedures. Join this in-depth program for a thorough look at the required action steps when a designated loan is identified as being underinsured or uninsured for required flood protection. Even after the activation of the force-placed policy, numerous steps are required to address duplicate coverage situations and refunds. This session will review the necessary steps and documentation requirements to force-place flood insurance from start to finish.

WHO SHOULD ATTEND?
This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.

TAKE-AWAY TOOLKIT

  • Sample force-placed flood insurance procedures
  • Sample notice of insufficient flood insurance coverage
  • Force-placement transactional review checklist
  • SFHA tracking log
  • PDF copy of the slides
  • Employee training log
  • Interactive quiz

MEET THE PRESENTER – Molly Stull, Brode Consulting Services, Inc.
Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Stull has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Stull holds a bachelor’s from the University of Akron and an MBA from Ashland University.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $320 – Both Live & On-Demand Access + Digital Download
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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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