Albany is buzzing with activity, and Big I NY is hard at work representing your interests. Here is a recap of the recent developments at the state capitol.
Our 2021 legislative agenda has been released – read the full position paper here.
On Wednesday, March 17th, the Assembly Insurance Committee passed Big I NY-supported legislation to repeal the anti-arson application in NYC, the last jurisdiction where it still applies. We anticipate the bill will be put to a vote by the full Assembly in the near future, and once passed, must pass through the Insurance committee and a full vote in the Senate. This legislation was a key issue at Independent Agents Advocacy Week.
On Monday, March 15th, Big I NY convened a meeting with DFS Executive Deputy Superintendent of Insurance My Chi To and several large member brokerages to discuss forthcoming guidance on diversity, inclusion, and equality, and the role of IAs in leading by example. The new guidance was released on Tuesday, and Big I NY issued a statement in support.
On Sunday, March 14th, the NYS Senate and Assembly released their own “one house" budget proposals. Between now and April 1, legislative leaders and the governor will negotiate a final budget. This year's budget process is unusually tumultuous and uncertain, given the Governor's recent scandals and supermajorities in the Senate and Assembly, which give the legislature substantially greater influence in negotiations.
Big I NY supports provisions in the Governor's budget proposal to crack down on no-fault “medical mills", which was cut from both the Senate and Assembly proposals, indicating the issue is not likely to make the final budget. Big I NY supports proposals to allow e-notarization and electronic service of process. Both of these proposals were included in the Governor's and Senate's budgets, but not the Assembly's. Lastly, the Assembly's budget proposal includes an 18% surcharge on insurance company taxes. We oppose this measure as we are concerned it would lead to higher premiums.
On March 8th, Big I NY joined a broad-based coalition of employer groups, insurers, and labor unions in calling on the legislature to reject single payer healthcare.
On March 10th, Big I NY counsel argued our appeal of the “Best Interest" regulation for life insurance and annuities, arguing that the regulation is unconstitutionally vague. Watch oral arguments here
Contact Scott Hobson with questions.