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Apr 01
Final Agreement Reached on NYS Budget
imageThe governor and legislative leaders have reached an agreement on the 2019-20 state budget, and we are pleased to report that it does not include any provisions which would harm the independent agent community. Most significantly, a troubling proposal to increase the power of the DFS Superintendent, which Big I NY strongly opposed, was rejected in the final budget.
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DFS "Superpower" Provision Eliminated | BIG I NY OPPPOSED
 
A proposal in the governor's budget would have given the DFS Superintendent the "highest deference" in the regulation of insurance and his or her interpretations of the insurance law. Fortunately, this troubling proposal was rejected in the final budget
 
Liability Minimums for Limos Increased | BIG I NY MONITORED
 
Stretch limousines must now carry a combined single limit of at least $1.5 million in SUM coverage. Additionally, all for-hire vehicles with a seating capacity of eight or more passengers are now required to carry combined single liability limits of $1.5 million. The change will be effective January 1, 2020 and will apply to all policies issued, renewed, altered or modified on or after that date.
 
Workers Compensation Board Authority Extended | BIG I NY MONITORED
 
The authority of the workers' compensation board is extended to resolve medical bill disputes, simplify the dispute process, and expand the list of authorized providers for workers' compensation claimants.
 
Autonomous Vehicles | BIG I NY MONITORED
 
The authorization for testing of autonomous vehicles is extended for an additional two years.



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