Yearly Archives: 2020

Join Big I NY for our Virtual “Meetings on the Hill” as Part of National Legislative Conference!

​Legislative Conference has gone virtual this year, but just because we're not in D.C., doesn't mean we can't make our voices heard with our Members of Congress. Big I NY is scheduling virtual meetings with our Congressional delegation between May 13th and May 20th, and we need you! There are many critical issues facing our industry, and there has never been a greater need for agents to speak up. REGISTER FOR CONGRESSIONAL MEETINGS HERE We'll discuss legislation around Business Interruption Insurance, the Paycheck Protection Program, Recovery Fund, and Future Pandemic Losses.  Big I National will provide a 45 minute legislative briefing on May 13th at…

Continue ReadingJoin Big I NY for our Virtual “Meetings on the Hill” as Part of National Legislative Conference!

Emergency Coronavirus Regulation Extended For 30 Days

​New York Gov. Andrew Cuomo has extended for 30 days an order that prohibits insurance carriers from terminating some policies and requires them to be lenient with policyholders suffering financially from the COVID-19 pandemic. The requirements, which were scheduled to expire on May 7, will now expire on June 6. Big I New York wrote to the governor last week urging him to extend the requirements' duration. The governor issued an executive order on March 29 that required the state Department of Financial Services to issue regulations setting a 60-day moratorium on insurers cancelling, non-renewing or conditionally renewing some policies. The regulations also required insurers…

Continue ReadingEmergency Coronavirus Regulation Extended For 30 Days

WC Rating Board: New Classification for Idled Employees

​The New York Compensation Insurance Rating Board (NYCIRB) today announced that employers who are paying employees sidelined by the COVID-19 pandemic will pay a less-expensive rate for Workers' Compensation insurance. Big I New York had asked the NYCIRB to make this change. Many employers have taken advantage of the federal Paycheck Protection Program, which provides them with short term loans to cover payroll for two months during stay-at-home orders. Other employers are simply paying employees even though they are prohibited from operating. Workers' Compensation rating rules require premiums to be calculated based on the amount of the employer's payroll. While idled employees are still on…

Continue ReadingWC Rating Board: New Classification for Idled Employees