Governor Hochul Signs Big I Priority Auto Insurance Quoting Fairness Law, Vetoes Noncompete Ban
What Happened:Great news! Governor Hochul has taken favorable action on two key bills affecting IAs and their customers. On December 23rd, the Governor signed into law a Big I NY priority bill, A.4668-B, which will require carriers to run an insurance motor vehicle record before binding coverage. This will protect customers from unscrupulous quoting and pricing practices whereby certain carriers will bind a policy only to later run the MVR and substantially raise the premium. Responsible insurance agents and companies utilize all available underwriting resources prior to binding a policy for an insured. The practice of intentionally disregarding driver history information in order to present…