The New York State Department of Financial Services (DFS) has formally proposed an amended regulation on hurricane deductible triggers. The department is accepting comments from the public until July 7th. The…
It will be easier for victims of dog bites to hold pet owners liable thanks to a ruling last month from New York’s highest court. The Court of Appeals unanimously overturned…
Big I New York’s bill to create a single insurance producer’s license has been introduced in the New York State Assembly. Assemblymember Pamela J. Hunter (D-128th District) introduced Assembly Bill 8065 in that…
Capitol Hill was buzzing last week with hundreds of independent insurance agents who traveled to Washington, D.C. for the 2025 Big “I” Legislative Conference. Big I New York and Connecticut were well-represented with…
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,…
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…
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…
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…
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.…
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,…
