Monthly Archives: October 2022

A Sad Day for the Big I NY Family

Kathy Weinheimer was a role model for me and I was lucky to meet her early in my career.  She was known for being a seemingly “all knowing” insurance expert.  Whether it was a coverage, regulation or insurance law question, Kathy was our go to.  However, the quality I most admired was her unique ability to engage with people.  She could make small talk (and big talk!) with literally every person she encountered.  She was interesting and interested.  There were no airs about her and she was a friend to all.   She will be incredibly missed on this earth.  While I know she in in…

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Court of Appeals Rules Regulation 187 “Best Interest” Standard not Unconstitutional

​On Thursday, October 20th, the New York State Court of Appeals ruled that the first amendment to Insurance Regulation 187, or the “best interest" standard for the sale of life and annuities, is not unconstitutional. Therefore, the regulation remains in force. As the Court of Appeals is the highest court in the state, no further appeal is possible.In response to the ruling, Big I NY President and CEO Lisa Lounsbury issued the following statement:While we respect the court's position, we strongly disagree with the decision. We maintain the Appellate Division Third Department correctly ruled that the amended regulation is unconstitutionally vague, and we are disappointed…

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NYAIP Changes Premium Deposit, Service Fee Rules

​The New York Automobile Insurance Plan (NYAIP) this week announced a series of rule changes that will impact how certified producers service clients insured through the Plan and the fees they can charge for those services.Under the revised rules:Deposit premium payments for all new business applications must be made electronically Producers will be required to accept the insured’s deposit premium in the form of a bank check, certified check or money order made payable to the producer for the insured’s portion of the initial deposit premium, if the insured cannot pay by credit card or debit cardVirtual confirmation of the owner/operator and virtual witness of signatures will…

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