Skip Ribbon Commands
Skip to main content
Jul 08
​ Albany Update: Emails Needed on Big I Photo Inspection Bill, Oral Arguments Scheduled for “Best Interest" Lawsuit, Big I NY Pushes Back against Wrongful Death Expansion

Emails Needed on Big I Photo Inspection Bill:

Unless you've been living under a rock, you know that for the first time ever, we successfully persuaded the legislature to pass our bill to make CARCO inspections optional at the discretion of individual carriers. Only one step remains: Governor Hochul must sign the bill. Your voice is critical now! Please take a moment to contact the Governor and tell her to do what's right for auto insurance customers: sign the Auto Insurance Consumer Relief Act.


Oral Arguments Scheduled for “Best Interest" Lawsuit:

Big I NY's four-year crusade against the unfair and unworkable first amendment to Regulation 187, which imposes among other things, a vague “best interest" standard on producers who sell life insurance and annuities, will culminate on September 8th, with oral arguments before the highest court in the state. At issue is the very constitutionality of the regulation, and perhaps, the state's ability to make similar regulations in the future. This ruling, expected in late 2022 or early 2023, will be the final word in the matter. Either the regulation will remain on the books or be struck down.

Let's take a minute to recap how we got here – and how Big I NY had your back every step of the way.

2018: The NYS Department of Financial Services (DFS) releases the draft amendment to Regulation 187; Big I NY submits formal comments in opposition. DFS adopts some changes but ultimately issues the final regulation including a vaguely-defined “best interest" standard.

November 2018: After careful consideration, Big I NY, the National Association of Insurance and Financial Advisers (NAIFA-NY), and PIA sue the DFS alleging the regulation is, among other things, unconstitutionally vague and impossible to comply with.

2019: The NY Supreme Court (trial level court) rules in favor of DFS.

2020: Big I NY is the sole association to pursue an appeal.

2021: In a stunning upset, the NYS Appellate Court rules 5-0 that the regulation is unconstitutionally vague. DFS appeals the ruling to the NYS Court of Appeals, the highest court in the state. The regulation remains in force during the appeal.

2022: The Court of Appeals hears arguments from both Big I NY and DFS. 


Big I NY Pushes Back against Wrongful Death Expansion:

This week, Big I NY joined a broad group of businesses in calling on Governor Hochul to veto a bill which would radically expand the kinds of damages recoverable in wrongful death actions, driving up liability insurance premiums for public and private entities across the state. According to an actuarial analysis by Milliman, Inc., the bill would increase medical professional liability costs by nearly 40%. Automobile liability and general liability insurance would increase by as much as $2.2 billion. The result would be a 12.6% increase in annual premium across the board for residents and businesses.


Comments

There are no comments for this post.

 ‭(Hidden)‬ Blog Tools