Yearly Archives: 2023

​ Albany Update: Governor Hochul Delivers State of the State Address

On January 10th, in the Assembly Chamber, Governor Kathy Hochul delivered her second State of the State Address. In her address, the Governor declared, “the state of our state is strong." Throughout her speech, the Governor outlined her various priorities for the upcoming Legislative Session, which she is calling the “Achieving the New York Dream," Agenda. Some of the priorities she mentioned in her speech include increasing housing in the State, raising the minimum wage, expanding access to mental health services and child care services, continuing to work on meeting the State's climate goals, and potential changes to New York's bail laws. The Governor also…

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FEMA Buys Half Billion Dollars of Flood Reinsurance

​ Photo by Tom Good. Used under a Creative Commons Attribution 2.0 License. The Federal Emergency Management Agency (FEMA) announced last week that it has purchased $502.5 million in reinsurance from 18 carriers on potential flood insurance losses during 2023. The coverage will apply to portions of insured losses that exceed $7 billion from a single flood event. This is the seventh consecutive year that FEMA has purchased reinsurance on the National Flood Insurance Program (NFIP.) FEMA paid $90.2 million in premium for the coverage. Read more on the FEMA websiteSource

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Law Change Helps Employers Who Owe NYSIF Money

​Employers in debt to the New York State Insurance Fund (NYSIF) may now be able to arrange installment payment plans to settle what they owe, under a law that took effect last summer. If you insure any businesses with outstanding premiums due to NYSIF, you may be able to help them pay off their balances.State law makes an employer who has not paid its billed premium and assessments to NYSIF ineligible to purchase another policy. It also states that NYSIF is not required to offer insurance to an employer at least partly owned by someone who has an outstanding premium debt to it. The amendment…

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