Yearly Archives: 2022

​ Albany Update: Big I NY Calls for UI Tax Relief, Assembly Insurance Committee Hearing Postponed, Redistricting Drama Continues

​This week, Big I NY joined fifty business organizations in calling on the state legislature to use up to $3B in state funds to provide desperately-needed relief from rising unemployment insurance (UI) taxes. Soaring UI taxes demand the State's attention - inaction will only delay New York's economic recovery. According to the New York State Comptroller, compared to contributions made in 2020, total state and federal UI taxes paid by New York employers will increase by at least 45.4 percent to as much as 254 percent in 2025.3 This would be catastrophic for our state's job creators.The proposed Assembly Insurance Committee hearing to evaluate the…

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Get to Know Your Board: Marianne McCormick

Marianne McCormick, AAI, CPCU, is a Regional Director on the Big I New York Board. In our new blog series, Get to Know Your Board, she shares a bit about herself in Q&A format. Meet Marianne! ​​Marianne McCormick with Jim Lombardo, Big I NY AVP of Learning & Development​Who is/are your mentors (professional or personal)?​​I’ve been fortunate to have worked with wonderful people who encouraged me to learn more- do more. Fred Beaudry, at one of my earliest positions, encouraged me to move into commercial lines, he sent me to Drake University for their Commercial Lines school program and promoted studying for insurance designations. He always…

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DFS Urges Compliance Measures in Wake of Russian Attack on Ukraine

​ The New York State Department of Financial Services (DFS) is urging precautions following Russia’s invasion of Ukraine last week. In a Feb. 25 letter to all regulated people and entities, DFS provided detailed guidance. We encourage all of you to: Review the contents of the letter; andImplement those measures that are appropriate for firms of your size and scope of operations. This is particularly necessary if you do business with companies in either of the two countries.Writing that the “Russian invasion of Ukraine significantly elevates the cyber risk for the U.S. financial sector,” Superintendent Adrienne Harris said that regulated entities should:Review their cybersecurity programs…

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