| It took months to land that important account. You followed up with responsive service and valued insurance products. Now, this key customer just requested a surety bond. And...they need the bond by tomorrow.
Why take the risk of referring this hard won client to a competing agent?
You now have access to a surety provider with capacity, experience and the right tools to meet your client's surety and fidelity bond needs. CNA Surety is known for its expert underwriting, solid financial strength, market leadership and creative solutions to all bonding requirements. The CNA Surety group of companies ranks as one of the largest writers of bonds in the United States.
Program Features
CNA Surety understands and can provide custom-tailored surety solutions to virtually all segments of the market, regardless of size or circumstance.
The commercial surety market includes numerous types of bonds categorized as license and permit, notary, public official, fiduciary, court, miscellaneous and federal, along with corporate commercial bonds.
CNA Surety Companies also write fidelity bonds, which cover losses arising from employee dishonesty and errors & omissions liability insurance.
Contract bonds guarantee the performance of obligations covered by a written agreement between two parties. The most common types include bid, performance and payment bonds. CNA Surety’s FAST-Track Bond Program for small contractors is highly competitive and emphasizes service with common-sense, streamlined underwriting.
Backed by the financial strength of the CNA Insurance Group, we have one of the highest US Treasury Underwriting Limitations in the surety industry.
- A.M. Best Rating of A (Excellent)
- Standard and Poor’s Rating of A+ (Stable)
- 2.2 million bonds in force with 550,000 new bonds annually
- Combined Treasury List capacity in excess of $1 billion
- Consistently excellent industry ratings
- 39 branch offices nationwide
- Surety bonds provided in all 50 states, Canada and Puerto Rico
- Program Benefits
- Direct access to CNA Surety portal for quoting, servicing, selling, information and more
- Live Support and extensive marketing materials are available
- Broad appetite
- Competitive commissions with no fees
- Quick enrollment
- All Big I NY members are eligible to participate
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| The New York State Department of Financial Services has asked producer trade organizations to distribute the following message:
Dear Producers, Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public member alternates to the Governing Committee of the NYAIP. Section 15A of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public members, 1 company member and their respective alternates to the Producer Certification Peer Review Panel. At the request of the Department of Financial Services (DFS,) the NYAIP is soliciting producer trade organizations for qualified producers (at least five years of work experience) who are interested in serving in the capacity of public member or public member alternate on the NYAIP Governing Committee or Peer Review Panel. Public members represent a broad segment of the public obtaining insurance through the NYAIP. Public member alternates serve in the absence of any public member with the full powers, rights, and entitlements of a public member representative.
Current Public Member vacancies include:
2 Governing Committee Public Members recommended by DFS 4 Governing Committee Public Member Alternates appointed by DFS 1 Peer Review Panel Public Member appointed by DFS 4 Peer Review Panel Public Member Alternates appointed by DFS
The Governing Committee The Governing Committee is responsible for the oversight and direction of the NYAIP pursuant to Article 53 of the Insurance Law. It currently consists of twenty-two total members, eleven of which are insurers (known as subscriber company members), ten public members, and one limited assignment distribution (LAD) servicing agent. Pursuant to the NYAIP manual, the Superintendent is responsible for appointing at least four public members alternates to serve in the absence of any public member. Each public member alternate serves for a term of one year.
Candidates should know that:
Governing Committee Meetings: - The Governing Committee meets 4 times per year (January, May, September and November). The January meeting is a teleconference and the 3 others are in person but may be held as a teleconference or include remote participation.
- In person meetings are conducted near the NYAIP offices in the Wall street area of NYC.
- Public members and alternates are expected to attend each meeting and receive a per diem for each meeting. Additionally, travel expenses are paid for by the NYAIP.
- Meetings generally last no more than 3 hours.
- Electronic votes are conducted ad hoc as needed and immediate response is expected.
- Every GC member must serve on at least one subcommittee.
The Peer Review Panel - Peer Review Panel members are appointed for a term of two years.
- Peer Review Panel Meetings are in person at the Plan office.
- Meetings are scheduled quarterly and are held only if there are cases for review.
- Recent history required only one meeting a year.
To facilitate the process, we have developed an electronic application (see link above). All applications will be provided directly to the Department of Financial Services for its consideration, and the Department will contact respondents for any further information if needed. Producers interested in serving on the GC should submit the required electronic application form for the DFS by no later than August 20, 2022. DFS will review all applications and submit its Public Member appointments and recommendations to the Governing Committee for its November 2022 Annual Meeting. The NYAIP and the Department of Financial Services appreciate your assistance and participation in the Governing Committee Alternate Public Member candidate process. Regards, The New York Automobile Insurance Plan
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| Photo by Sue Thompson. Used under a Creative Commons Attribution-No Derivatives 2.0 license.
Insurance standards setting organization ACORD has announced revisions to two of its published forms pertaining to flood insurance. You should plan on using the new editions starting in December. ACORD is treating both as new forms due to the number of changes.
ACORD 301 (2022/12), National Flood Insurance Program - Flood Insurance Application, replaces the 2015/04 edition. It is designed to work with the NFIP's Risk Rating 2.0: Equity In ACTION rating methodology, introduced last year.
ACORD 304 (2022/12), NFIP - Flood Insurance Cancellation/Nullification, replaces the 2018/08 edition. It is designed to work with the policy cancellation instructions in the Flood Insurance Manual. The Federal Emergency Management Administration (FEMA,) which administers the NFIP, provides additional information on its website.
The new forms should be available through agency management systems or an ACORD Advantage subscription by December. You should use them starting December 1.
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| What Happened: On July 29th, the NYSDFS released a pre-proposed draft of forthcoming amendments to 23 NYCRR 500, New York's sweeping cyber regulation. The DFS proposes a wide range of changes to the regulation, including but not limited to:
- Require covered entities to strictly limit the number of “privileged accounts", aka those able to perform security-relevant functions
- More specific requirements for entity risk assessments, required annually and when there is a material change to risk, as opposed to “periodically."
- Possibly requiring employees of covered entities to develop their own third-party service provider policies. We have requested clarification on this as it would have troubling implications for individual agents.
- Expand the definition of third-party service providers to include governmental entities.
- Certification of compliance will have to be backed up by internal documentation of compliance.
- If an entity was not in compliance at the end of the prior year, they will have to say so, identify the provisions with which they are not in compliance, and identify the areas that require improvement.
- The criteria for an entity to qualify for the limited exemption has been broadened:
Old | New | Fewer than 10 employees | Fewer than 20 employees | Less than $5 million in New York revenue | Less than $5 million in New York revenue | Less than $10 million in total assets | Less than $15 million in total assets |
- Individual insurance agents (those with licenses carrying the LA or PC prefixes) whose licenses are in inactive status (because no carriers have appointed them) will be completely exempt from the regulation's requirements unless they otherwise qualify as covered entities. For example, a person with an inactive PC license and who also has a valid property-casualty broker (BR) license would not be exempt.
- The enforcement section has been significantly expanded. A single act or single failure to act to satisfy an obligation required by the regulation will be deemed a violation of it. These include but are not limited to failure to protect systems or information due to noncompliance. They also include “the failure to comply for any 24-hour period with any section or subsection of this Part."
What's Next: This is the first step in the process of amending the cyber regulation; the department will accept comments on this draft until August 18th, then release a proposed amendment for formal comments. After the comment period, a final draft of the amendments will be adopted. The proposed amendments state that they will be effective immediately upon publication of the notice of adoption. However, compliance will be required later – for most of the changes, compliance will be required within 180 days of the effective date. Compliance with the new cybersecurity event reporting requirements will be required within 30 days, while compliance with the changes to the access privileges, multi-factor authentication (MFA) and training and monitoring requirements will be required one year from the effective date. Big I NY Has Your Back: Big I NY is carefully reviewing the proposed changes and will submit comments to the DFS. We will keep members apprised of important developments. Please contact Scott Hobson at SHobson@BigINY.org with comments or questions.
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