Can a Carrier Reject a Client-Signed LPR?
Question from an agent: “We recently had an issue with a carrier not accepting a signed lost policy release (LPR) cancellation request we sent them. My customer service representative (CSR) called them,…
News
Max Weekly NY WC Benefit Rising in July
The New York State Workers’ Compensation Board has announced that maximum weekly disability benefit will increase to $1,222.42. By law, the board adjusts the maximum weekly benefit each year, effective July 1st. The current…
ACORD Updates Commercial Lines Application Forms
Insurance industry standards setting organization ACORD has announced new editions of two commonly used application forms for commercial insurance. Agencies should start using the new editions immediately. Forms ACORD 125…
New: Cyber Reg FAQ Document
We are happy to announce a new resource to help you comply with New York’s financial services cybersecurity regulation – a “frequently asked questions” document. The seven-page file provides answers to some…
New Cybersecurity Reg Compliance Tool – Asset Inventory Workbook
As we mentioned last week, the New York financial services cybersecurity regulation requires all covered entities (including all insurance agencies) to create and maintain an inventory of their information system assets. Entities have until Nov.…
NY Cybersecurity Regulation: Data Retention & Disposal Requirements
Question from a Big I NY member: “Question regarding data retention. In our agency management system (AMS), we retain files as long as the provider does. Is that acceptable? We do so for protection,…
DFS Floats Hurricane Deductible Trigger Regulation
The New York State Department of Financial Services (DFS) has posted a draft of an amended regulation on hurricane deductible triggers. The department has invited interested parties to share their initial…
Potential Change to State Building Codes Could Create Property Insurance Coverage Gaps
Proposed updates to New York’s building and energy conservation construction code could leave some of the state’s property owners with insurance coverage gaps. Agencies and brokerages may want to begin…
E&O Report | “Thump, Thump, Thump” – What is Coming… E&O Issues Lurking in the Shadows
E&O Report | April 2025 | Volume 40, Number 4 Since humans walked upright we have tried to see the future….what comes next. One only need read the classics to see all the references…
Enhanced Cybersecurity Requirements Coming May 1st
All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1st. These requirements are part of the 2023 amendments the New York State Department of Financial Services (DFS)…
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