Yearly Archives: 2023

Top 5 Things You Should Do Before Selling Your Agency

​For most independent insurance agency owners, their agency is their most valuable asset. It is a part of who you are, and a big part of your life. It is understandable that selling your agency will no doubt be a significant milestone in your career. Whether you are planning to perpetuate internally or sell externally, preparing to sell your agency is a complex and multifaceted process. The more time you give yourself to prepare in advance the more options you will have for your agency's future. To help you navigate this journey, we have compiled a list of the top 5 things you should do…

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What is NY First?

​​New York First is a partnership that brings together insurance company leaders and independent insurance agents that are members of Big I NY to advance issues and do research on behalf of the insurance industry.  A recent example was in 2022 when the NY First governing committee spearheaded and funded an aggressive public relations campaign to allow insurance companies in New York to waive burdonsome CARCO inspections.  This will save valuable staff time and help avoid situations where customers lose coverage because they were unable to complete an inspection. Currently, New York First is providing essential data to support Big I NY's meetings with top insurance…

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Limited Exempt Agencies: Here Are the Sections of the Cyber Reg You Must Comply With

​With the New York State Department of Financial Services' (DFS) recent adoption of the second amendment to the Cybersecurity Requirements For Financial Services Companies regulation​, members have naturally been contacting us to ask what they're required to do. The overwhelming majority of Big I NY members qualify for the limited exemption. If you're agency is one of them, here are the sections of the regulation you must comply with regardless of your agency's size:Section 500.2, Cybersecurity Program - you must have a program in place to protect your computer network and any nonpublic information (NPI) stored on it. The program is made up of the devices…

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