3, 2, 1 with Sue Keegan: New class & how to celebrate St. Paddy’s Day virtually

​​By Sue Keegan, AIC, MBA, Learning & Development Manager3 Things:​2 Ideas:​1 Question:Have you binge watched anything lately, and if so, what would you recommend? I binge watched all 7 seasons of West Wing and all 4 season of Search Party on HBOMax and wholeheartedly recommend both.  I am currently in the middle of the first season of Blown Away on Netflix and give it two thumbs up.  Let me know your recommendations via email at skeegan@biginy.org or post in our Community.​Source

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“What required a scalpel, the Department used a sledgehammer:” Vagueness of Best Interest Regulation Raised as Key Issue in Oral Arguments

On Wednesday, Howard Kronberg of Keidel, Weldon, and Cunningham presented oral arguments on appeal of our ongoing challenge to the best interest regulation for life insurance and annuities (Regulation 187). Our key argument for overturning the regulation is that it is unconstitutionally vague. Specifically, the regulation compels speech by the agent or broker (i.e. making a specific product recommendation), yet fails to provide concrete guidance on how specifically to comply with the law. The regulation holds that the producer must act in the “best interest of the customer” but is silent on what is sufficient to demonstrate they acted in the customer’s best interest, nor…

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When Can a Homeowners Policy Be Cancelled for ‘Willful or Reckless Acts or Omissions’?

​Question from a Big I New York member: We have a client who has a homeowners policy with [Carrier X], which was not supposed to be renewed by the carrier due to a 1/1/2020 loss involving "under-age drinking".  The policy was due to be non-renewed at its March 4th, 2021 expiration date. On February 5th, 2021, the underwriter notified us that the policy was inadvertently renewed; however, a mid-term cancellation will be issued for "Increase In Hazard" surrounding the 1/1/2020 loss.  A copy of the Cancellation Notice is attached. I'm concerned about the legality of this.  Is a carrier allowed to mistakenly renew a policy when…

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