Monthly Archives: January 2020

Two Minutes With Tim – NY SHIELD Act – What Do Insurance Agencies Have To Do?

​New York enacted a cybersecurity law last year. What does that mean for insurance agents and brokers? If they're complying with the New York regulation on Cybersecurity Requirements for Financial Services Companies, not much. Just be prepared to notify the state attorney general if something goes seriously wrong. Watch: [embedded content]  Big I NY report, June 21, 2019 New York General Business Law Section 899-bb Source

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Two Minutes With Tim: Best Interest Standard (NYS Reg 187) – Do You Have To Take a Course?

​Starting on February 1, 2020, New York licensed life insurance producers must meet a "best interest" standard when making recommendations to clients. The good news: They aren't required to take a course for it. However, we believe they should anyway. Watch: [embedded content]  NYS Department of Financial Services post Free Big I NY webinar registration Source

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DFS To Auto Insurers: Don’t Discriminate Based on Immigration Status

​The New York State Department of Financial Services has told automobile insurers and insurance producers that it will not tolerate rate discrimination against newly-licensed undocumented immigrants. In a circular letter dated January 16, 2020, the department advised that these drivers "should not be subjected to any unfairly discriminatory practices when they seek motor vehicle insurance." The letter follows the enactment last year of New York's "Green Light Law." The law, passed by the State Legislature and signed by Gov. Andrew Cuomo last spring, allows all New Yorkers of legal driving age to apply for a standard, not for federal purpose, non-commercial driver license or learner permit, regardless of their citizenship or lawful status…

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