| What Happened: On Thursday evening, Governor Hochul signed Big I NY-supported amendments to the Comprehensive Insurance Disclosure Act (CIDA). Fifty-five days since the passage of the CIDA, agents and insurers can finally breathe a sigh of relief as significant beneficial changes are officially on the books. The CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Additionally, policy applications are no longer subject to mandatory disclosure, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90. What's Next: While the amended CIDA is less sweeping than the original, it still has implications for you and your customers. Read the latest analysis in our E&O report, and stay tuned for the upcoming E&O report which will provide recommendations on how to deal with any information requests you may receive pursuant to the CIDA. Big I NY Has Your Back: We opposed the CIDA when it was first proposed in 2021. Despite our objections the bill was swiftly passed by both houses of the legislature and sent to Governor Hochul. We mobilized agents across the state in a phone-in campaign that resulted in well over 100 phone calls. Ultimately, the Governor signed the CIDA only upon the condition that the legislature make “chapter amendments" to the bill, which removed the most objectionable pieces of the bill, i.e. mandatory disclosure of policy applications, and applicability to pending actions (as opposed to future).
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