Adirondack Insurance Exchange: Your Questions Answered
[This post was updated on July 31st to clarify that The Allstate Corp. does not own Adirondack Insurance Exchange.] As we previously reported, on May 28th the financial strength rating of…
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Non-Renewal Notice on Homeowners Policy From Carrier Due to Exposure to Catastrophic Losses
Question: “A referral to me received the attached non-renewal notice from her current Homeowners carrier. It gave the reason for non-renewal as: “As part of our efforts to manage risk…
NYS DFS Disciplinary Actions: Be Careful When Charging Fees & Running Ads; Renew Your License
The latest insurance disciplinary action report from the New York State Department of Financial Services is out. Most of it is not particularly noteworthy. There were 27 actions taken against agents and/or…
NYS DFS Offers New Cyber Program Template
The New York State Department of Financial Services (DFS) this week unveiled a new model Cybersecurity Program Template for use by small businesses, including insurance agencies. All independent insurance agencies should consider…
Think All Policies Are the Same? (Part 7)
It’s been a while since I added to my list of examples of subtle but possibly significant differences between insurance policies of the same type issued by different insurers. This…
Can Someone Who Doesn’t Own the Home Be a Named Insured on a Homeowners Policy?
Question from a Big I NY member: “We had an insured who called yesterday to add her boyfriend/domestic partner to her homeowners policy as a named insured. My first reaction…
How Insurance Producers Get Penalized By NYS DFS
The latest insurance disciplinary action report from the New York State Department of Financial Services is out. As usual, it contains interesting information about what DFS is focusing its enforcement efforts on.…
The NJ Earthquake: Answers To Clients’ Insurance Questions
A magnitude 4.8 earthquake centered west of Manhattan struck the northeastern U.S. this morning. We at Big I New York hope that all of you, your families, friends, and clients are safe…
The Cybersecurity Certification of Compliance Has Changed
The DFS-regulated entities in the banking, financial services, and insurance sectors must complete the compliance filings that the financial services cybersecurity regulation requires by April 15th. This year, they will…
Let’s Play “Can They Do That?”
For those who may have missed it, the property casualty insurance markets are in a very hard market cycle. During a hard market, insurance carriers hike premiums, cancel and non-renew…
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