Monthly Archives: April 2020

DFS Okays Big I NY Request to Accept Emailed COVID-19 Notices Without Prior Consent

​Following repeated requests from Big I New York, the New York State Department of Financial Services has announced that insurance producers will be allowed to send the required COVID-19 premium payment rule notices to clients by email, regardless of whether the clients have given prior consent. This will relieve them of the requirement to mail or deliver such notices. Guidance is available on DFS's website​. The notices are required by emergency regulations the DFS issued on March 30. Those regulations implemented the governor's executive order declaring a moratorium on insurance policy cancellations, non-renewals and conditional renewals for 60 days. They also prohibited insurers from taking certain…

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NYS Budget Update

​The New York State Legislature approved an abridged 2020-21 state budget on April 2. The budget did not include the types of policy changes lawmakers have customarily added in other years. For insurance agents and brokers, this means the proposal to expand the powers of the Department of Financial Services were not part of the final product. Big I New York members argued strenuously against this proposal on Advocacy Day in Albany last month. The proposal’s failure is a testament to their persistence.​ Source

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Free IIABA Webinar: CARES Act SBA Small Business Lending Solutions

​As part of the CARES ACT recently approved by Congress, $350 billion will be available through various SBA lending programs to help small businesses – like your agency and those of your clients – survive and recover from losses suffered during the COVID-19 crisis. The new Paycheck Protection Program (PPP) is designed to help cover your short-term operating expenses so you can remain open and keep your local economies thriving. InsurBanc, recognized as a Preferred Lender by the U.S. Small Business Administration, is prepared to work with eligible businesses to obtain the emergency financing offered through the PPP. InsurBanc President & CEO Dave Tralka recorded…

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