Yearly Archives: 2024

Do You Have To a Report Wholesaler’s Cyber Incident?

​A South Carolina based wholesale insurance brokerage reported last week that they had suffered an undescribed cybersecurity incident. It closed the wholesaler for a substantial part of the week.Some Big I New York members have asked whether the New York financial services cybersecurity regulation​ obligates them to notify the state Department of Financial Services (DFS) about this incident. If your agency does business with that wholesaler, you may have the same question.Based on the information we have received and what the wholesaler has said on its website, we do not believe New York agencies have an obligation under the regulation to report this incident to…

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Advocating for Our Insurance Community: Addressing Market Challenges in New York

​Big I New York met this morning with leaders from the New York State Department of Financial Services (DFS) about the pressing issues in our state's personal lines insurance markets. This meeting came at a pivotal time.  The wind-down of Adirondack Insurance Exchange's and Mountain Valley Indemnity Co.'s operations ​is having disruptive effects on local consumers and businesses. Big I New York President and CEO Lisa Lounsbury and Assistant Vice-President of Research and Information Tim Dodge represented our members. Three DFS representatives took part in the video meeting. During the conversation, we explained that independent agents and brokers are facing major hurdles in replacing policies…

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Three Reasons Why You Should Use Declination Forms

​A coverage declination form is a document that agencies should use as part of their workflow process for situations when a client declines coverage. The client signs the form to acknowledge that they reviewed the coverage with their agent and that they are declining to purchase coverage.While it may seem like just another piece of paperwork, the truth is that a coverage declination form can play a crucial role in protecting an insurance agency. Here are three reasons why your agency should use declination forms and make them part of your procedure manual:1.    Legal ProtectionWhen a client refuses a certain type of coverage, having a…

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