Daily Archives: February 16, 2024

The Cybersecurity Certification of Compliance Has Changed

​Entities that the New York State Department of Financial Services (DFS) will soon complete the compliance filings that the financial services cybersecurity regulation requires. This year they will notice a change. The DFS regulates entities in the banking, financial services, and insurance sectors. These entities must submit a statement by April 15 each year about the state of their compliance with the regulation's requirements. Before this year, they had to submit a statement that they were complying with them during the prior calendar year. An amendment to the regulation that took effect last November 1 expanded that requirement. Entities will have to complete and submit…

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New York’s Proposed Budget Includes Many Changes Affecting IAs and Customers: What You Need to Know

​By Scott Hobson, AVP of Government RelationsSHobson@BigINY.orgNew York's budget process is in full swing, and Governor Hochul recently released her executive budget proposal. As the first step in the budget process, the Governor's proposal lays out her vision for how the state will collect and spend tax dollars, as well as major policy initiatives for the year. Next, each house of the legislature will issue their own proposals, and the legislative leaders and governor will negotiate on a final budget, which is due by April 1st.Many of the Governor's proposals would impact IAs and their customers. Throughout the budget process Big I NY's government affairs…

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Let’s Play ‘Can They Do That?’

​For those who may have missed it, the property casualty insurance markets are in a very hard market cycle. During a hard market, insurance carriers hike premiums, cancel and non-renew policies, and do whatever they can to limit their exposures to loss. Sometimes their actions seem questionable.Today we launch a new recurring feature called "Can They Do That?" From time to time, we'll summarize some of the questions the Big I New York Research Department has received about carrier actions. As you read the questions below, keep one thing in mind: These are the ones we've received in the last eight working days.Can a carrier decline…

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