Yearly Archives: 2021

State Proposes Regulations For Homegrown Cannabis

​The newly-created New York State Office of Cannabis Management has proposed new regulations that would govern the personal cultivation of cannabis plants. If adopted, the proposal published in the Nov. 17, 2021 edition of ​New York State Register would set the legal parameters for individuals who wish to grow marijuana plants  in their homes. Growing cannabis at home may increase the risks of losses covered by homeowners and renters insurance.The proposed rules permit cultivation of cannabis plants by individuals over age 21 in or on the grounds of their private residences. There are limits on the permissible number of "mature plants" (flowering plants visibly budding) and "immature plants"…

Continue ReadingState Proposes Regulations For Homegrown Cannabis

​ Albany Update: Big I NY Opposes Mandatory Insurance Disclosure Bill, UI Tax Hikes

​This week, Big I NY joined a broad coalition of business, municipal, and construction groups in calling on Governor Hochul to veto the “Comprehensive Insurance Disclosure Act". The bill would require the automatic disclosure of virtually all information related to a defendant's insurance coverage and information, including insurance applications. Typically such information is obtained through discovery, in which a judge has discretion to allow only relevant materials to be disclosed. The practical effect of this bill would be to put significant discovery costs on defendants, and give plaintiffs attorneys a trove of information to engage in a litigation “fishing expedition," pursuing claims based on a defendant's available coverage…

Continue Reading​ Albany Update: Big I NY Opposes Mandatory Insurance Disclosure Bill, UI Tax Hikes

DFS Finalizes Guidance For Carriers On Climate Change Risks

​The New York State Department of Financial Services (DFS) this week issued final guidance to licensed domestic insurers on how they should manage the financial risks presented by climate change. The document culminated a months-long process that started with proposed guidance on which 45 parties provided detailed comments.Acting Superintendent of Financial Services Adrienne A. Harris said that DFS intends the guidance to "support insurers’ efforts to manage the financial risks from climate change, bolstering the safety and soundness of the industry and the protection of consumers. " According to the document, DFS expects all New York insurers to start integrating consideration of climate change's financial risks…

Continue ReadingDFS Finalizes Guidance For Carriers On Climate Change Risks