Yearly Archives: 2024

Contractors Required To Register With State Under Law Effective Dec. 31

Body: ​New requirements taking effect on December 30 will force construction contractors wishing to big on public works projects to register with the New York State government. Big I New York members who insure contractors may hear about this from their clients.Under a law enacted in 2022 and amended in 2023, these contractors must register with the New York State Department of Labor. They will receive certificates of registration that will enable them to bid on and work on public works projects and certain private projects that are subject to the public works law contained in the state's labor law. The law applies starting on December…

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Authorization for NFIP Ends Tonight

Abstract: Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, Decembe 20. Body: ​UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date."It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") BerraDue to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.For years, the…

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DFS Seeks Big I NY Input on Windstorm Deductible Trigger

Abstract: The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger. Body: ​The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger.  A recently-enacted law​ requires DFS to issue a regulation setting standards for the triggers.Colloquially referred to as the “three C’s”, we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process.  With more than…

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