|  My Experience with the Big I NY G100by: Yuliya Karpov, Commercial Sales Executive at NBT Insurance Agency
On January 21, I had the incredible opportunity to join the Big I NY G100 advocacy event in Albany, and it was an experience I won't soon forget. As part of the Central New York cohort, I joined insurance professionals from across the state to meet with legislators and share how the current insurance market is impacting New Yorkers.
The day was an eye-opening learning experience, offering a firsthand look at the legislative process and an opportunity to advocate for the needs of our customers and communities. Alongside my colleagues—Jacquie Kelly Kaden of RLK General Insurance Agency, Ashley Franczak from USI, and Larissa Hanslmaier from NYCM—we had the privilege of meeting with representatives from State Senator Chris Ryan's and Senator Pam Helming's offices.
In these meetings, we shared stories of how consumers are grappling with challenges in the current insurance market. We emphasized the need for New York State to take steps to stabilize the market and preserve access to vital insurance solutions. Our goal was clear: to ensure legislators understood the real-life impact of public policies on the people we serve every day.
What stood out most was the responsiveness of the lawmakers. They listened intently as we described the challenges facing policyholders, as well as our commitment to advocating for our customers and the industry. I felt our presence and dedication resonated deeply with them, laying the groundwork for ongoing dialogue on key issues.
In addition to the advocacy work, I thoroughly enjoyed witnessing the energy of an Albany session day. From the bustling halls of the Capitol to the sense of purpose shared by everyone present, the experience was inspiring. I also loved connecting with my assemblymember, Brian D. Miller, who represents the 122nd District. It was wonderful to see familiar faces and build stronger relationships with those shaping our state's policies.
One of the best parts of the day was learning from my colleagues in the industry. Each brought unique insights and perspectives that enriched our conversations with lawmakers. Together, we demonstrated how collaboration across agencies and roles can create a unified voice advocating for positive change.
As I reflect on the day, I'm proud to have been part of such important work. The Big I NY G100 experience reaffirmed my belief in the power of advocacy and the importance of staying engaged in public policy conversations. I look forward to continuing this work and contributing to a stable, accessible insurance market for all New Yorkers.
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| On January 9, State Senator Jamaal Bailey (D-Bronx/Westchester) was named chair of the Senate Insurance Committee. Sen. Bailey succeeds Sen. Neil Breslin (D-Albany), who retired after 28 years of public service in the State Senate. Sen. Bailey represents the 36th State Senate District, which stretches east of the Bronx River Parkway from East Bronx in the south and just north of Mt. Vernon. Sen. Bailey was first elected in 2016 after serving as Community Relations Director for Assembly Speaker Carl Heastie. In the State Assembly, Assembly Member David Weprin (D-Queens) was appointed to a second term as the Chair of the Assembly Insurance Committee. The bulk of legislation affecting the insurance industry must first pass through both the State Senate and Assembly Insurance Committees, making them critically important to our industry. Big I New York congratulates Sen. Bailey and Assemblyman Weprin on their Insurance Committee appointments and looks forward to working with both to foster a healthy and stable property and casualty insurance marketplace. We also want to express our deepest appreciation and best wishes to Sen. Breslin as he embarks on the next chapter in his life. Sen. Breslin and his team prioritized being accessible to Big I NY and our members and were always willing to hear our concerns, ask thoughtful questions, and be responsive to the needs of our members, customers, and industry. Congratulations Sen. Breslin on a remarkable career in public service!
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| New York Gov. Kathy Hochul this weekend once again vetoed legislation to dramatically expand the categories of damages that can be recovered via lawsuit for an alleged wrongful death. In the veto message, Gov. Hochul emphasized that the bill posed a risk to the financial well-being of the state's healthcare system and could lead to higher costs, including insurance premiums. Big I New York has been a staunch opponent of the proposal, citing a multi-billion annual impact on insurance premiums and other costs to New York families and businesses. The governor wrote that although she had proposed several changes to make the bill more palatable, the third iteration did not go far enough to address concerns. In a statement issued Saturday evening, Big I New York Board Chair David Bodenstein thanked Gov. Hochul for protecting New York residents and businesses. Leading up to the veto, Big I New York members delivered hundreds of letters to the governor urging her to prioritize affordability amid the economic challenges facing consumers. Thank you to those members who participated in the call to action. The support of the grassroots advocacy network is essential, especially on high profile issues such as this.
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| (DeWitt, New York, Dec. 12, 2024) — David Bodenstein, chair of the board of Big I New York and president of Mike Preis, Inc. in Jeffersonville, New York, issued the following statement today in response to the veto by New York Gov. Kathy Hochul of Assembly Bill 9232-B. This bill would have expanded the categories of damages that could be recovered in a lawsuit for an alleged wrongful death.
“Big I New York and its member independent insurance agents and brokers are very pleased that Gov. Hochul vetoed this costly bill. We strongly believe that the families of accident victims should receive fair compensation for their losses. However, we also believe they can obtain it under current law. This bill would have imposed crippling costs on all New Yorkers, including small businesses and health care providers, by driving up liability insurance premiums. Many New York businesses already have difficulty purchasing liability insurance protection at an affordable cost, if it is available at all. This bill would have worsened an already bad situation. We wish to thank Gov. Hochul for this action to protect New York residents and businesses."
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| The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger. A recently-enacted law requires DFS to issue a regulation setting standards for the triggers.
Colloquially referred to as the “three C’s”, we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process. With more than 100 definitions in use, it can be difficult for consumers to make an informed decision, not to mention the confusion that multiple definitions can cause in the aftermath of a storm. Additionally, many definitions are effectively the same but use different language. Big I shared perspective on several areas that are ripe for simplification and greater uniformity.
While clarity is the primary objective, choice and competition are also important considerations. Big I reiterated that DFS should be cautious about creating additional market disruption and recognize that consumers prefer to have options that align with their tolerance for risk and affordability. This opened a dialogue around areas that could offer consumers choice, such as preserving the option to choose from more than one windspeed trigger.
The DFS shared that they will continue to meet with stakeholders as they prepare to issue their proposed rule, at which point Big I NY will review and provide comments as needed. The rule will apply to all policies issued or renewed on or after the 180th day after it is adopted. We appreciate DFS leadership on this and look forward to helping develop a windstorm definition environment that fosters a healthy and competitive insurance marketplace.
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| On December 31, 2024, all remaining personal lines insurance policies issued by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled: Adirondack's Demotech Rating Withdrawn (May 29, 2024) Adirondack Insurance Exchange: Your Questions Answered (June 18, 2024) Adirondack To Agents: Start Replacing Our Policies (July 11, 2024) Adirondack Insurance Exchange, Mountain Valley Advise Clients To Replace Their Policies (July 23, 2024) Adirondack, Mountain Valley Withdrawal From the Market: Your Questions Answered (Aug. 2, 2024) We know that Big I New York members who were agents of those companies have been under enormous strain. You have been completing new applications and trying to replace the policies in a market with little capacity for them. In addition, members have told us that, despite multiple efforts to contact affected clients, some clients have not responded. Some of them will wake up on New Year's Day without home insurance. Because of this, many of you are naturally concerned about your errors and omissions liability exposure. Clients who have uninsured losses may threaten legal action. To protect your businesses, here's what we suggest: Consider making one final written attempt at outreach. We developed a form letter last summer for our members to use when writing to affected clients. Consider (if you have not already done so) contacting clients in multiple ways – U.S. mail, email, phone calls, text messages. Give them many opportunities to receive your message. Document every communication attempt you make. Make notes in your agency management system if you have one or in electronic or paper client files if you do not. Note the date and time you called or emailed; the name of the person you contacted; the name of the person who answered the phone if you left a message; and any other key details. The late attorney Jim Keidel frequently referred to documentation as an agency's “get out of jail free card" (Monopoly players will get the meaning.) Your documentation will help your agency beat an E&O claim if a client pursues one. This is the worst personal lines insurance market in memory. We hear every day from members struggling to take care of their clients. We have had regular meetings with the state Department of Financial Services since the Adirondack situation erupted to impress on them the need for reforms to keep carriers in the market: Big I NY, DFS Meet a Second Time About Personal Lines Market (Aug. 1, 2024) Advocating for Our Insurance Community: Addressing Market Challenges in New York (Aug. 23, 2024) We expect to have another one soon. While we have no magic market solutions to offer (we wish we did,) please know that your representatives on the Big I New York board of directors and our staff are making every effort to return the markets to a condition where every person who needs to buy home and auto insurance can do so easily.
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(DeWitt, New York, Dec. 12, 2024) —
David Bodenstein, chair of the board of Big I New York and president of Mike Preis, Inc. in Jeffersonville, New York, issued the following statement today in response to the delivery to New York Gov. Kathy Hochul of
Assembly Bill 9232-B. This bill would expand the categories of damages that could be recovered in a lawsuit for an alleged wrongful death. “Big I New York and its member independent insurance agents and brokers strongly oppose this costly bill. While we all want to see the families of accident victims fairly compensated, current law already gives them the ability to pursue that. This unnecessary bill will drive up costs for all New Yorkers, including small businesses, by forcing higher liability insurance premiums. It is already extremely difficult for some New York businesses to even purchase liability insurance, and this bill would make that vital coverage even less available. New York cannot afford one more cost hike. We urge Gov. Kathy Hochul to protect all New Yorkers by vetoing this bill."
Urge Governor Hochul to VETO Wrongful Death Expansion
Big I New York has represented the common business interests of independent insurance professionals since 1882. More than 1,750 agencies and their 13,000 plus employees currently rely on the DeWitt, New York-based not-for-profit trade association for legislative advocacy, continuing education and other means of industry support. In addition, most Big I New York members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States. For more information, go to
www.trustedchoice.com or
www.biginy.org.
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| It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action.
Hurricane Windstorm Deductible Trigger: Gov. Hochul APPROVED A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event." The new law requires the DFS to issue and adopt regulations regarding how triggering events are defined. Currently, carriers utilize a variety of triggers and language, which can create confusion for consumers as they compare coverage options. Big I NY will continue to contribute to this important conversation throughout the regulatory rulemaking process.
Backup of Sewer and Drain Anti-Concurrent Causation Clauses: Gov. Hochul VETOED A.10343/S.9421, which prohibited policies from excluding coverage for backup of sewer and drain on the grounds that the loss was caused by an excluded peril (i.e. flood) concurrently or in any sequence to the loss. In the veto message, Gov. Hochul stated that while the bill addresses an important homeowner issue, “it requires additional study and consideration as to its impact on insured premiums and market participation."
Additional Action: Gov. Hochul vetoed several other bills, including one directing the DFS to study the private flood insurance market. The veto included 28 other bills creating new commissions and studies, which the Governor noted would come with a collective cost of $24 million. Also rejected was a bill creating the position of “Insurance Liaison" to the state Disaster Preparedness Commission, citing the Commission's direct focus on emergency response and not insurance matters.
Wrongful Death: While there are still several bills awaiting action, one of the most consequential is the wrongful death bill (A.9232B/S.8485B). Big I NY continues to collaborate with a broad coalition of stakeholders to oppose this bill, which will drive costs for consumers across the board. This is the third time that the Legislature has passed a version of the bill, which dramatically expands the types of damages that a plaintiff may recover in a wrongful death suit. You can learn more and urge the Governor to veto the bill by visiting www.NotOneMoreCostHike.org.
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| Big I NY is pleased to share that we have become a member of Consumers for Fair Legal Funding—a coalition that supports regulation of the lawsuit lending industry through transparency, disclosure, and limits on interest charges and fees. With growing concerns around increasingly abusive practices by the third-party litigation funding industry, this is a unique opportunity to join a diverse group of organizations committed to consumer protection. Third-party litigation funding (aka TPLF) provides capital for litigants to finance lawsuits that they otherwise may not be able to afford. While not inherently bad, this unregulated space has quickly become rife with deceptive practices that take advantage of those seeking help and inflate the size of awards. In the very worst cases, TPLF abuses can even cause long term medical issues for claimants who are unwittingly caught up in insurance fraud schemes. On an international scale, TPLF has been a mechanism for foreign actors to influence legal proceedings against their competitors and gain access to intellectual property. Big I National made TPLF a centerpiece of its 2024 public policy priorities. Through the coalition, Big I NY will help raise awareness of abusive lawsuit lending practices and advance common-sense solutions to address these concerns.
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This week the Big I NY legislative team and a small group of agent members met with Counsel for Gov. Hochul to share perspective on the wide variety of windstorm deductible triggers used in New York insurance policies. Late in the legislative session, lawmakers passed A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event." Call participants expressed support for the bill, citing it as an opportunity to bring stakeholders together to narrow the scope of windstorm triggers and support clarity and choice for consumers. There are currently more than 100 different windstorm definitions approved by the DFS, including many that are effectively the same but use different language. Governor Hochul will have ten business days to act on the bill once it is transmitted to her, which is not expected to happen until after Election Day.
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