Yearly Archives: 2025

DFS Floats Possible Hurricane Deductible Trigger Regulation

Abstract: The New York State Department of Financial Services (DFS) has posted a draft of an amended regulation on hurricane deductible triggers. Body: ​The New York State Department of Financial Services (DFS) has posted a draft of an amended regulation on hurricane deductible triggers. The department has asked interested parties to provide comments by April 10.The draft regulation would implement a law enacted last year. That law, which Big I New York supported, requires the department to “by regulation establish standards for hurricane windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event."…

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Potential Change to State Building Codes Could Create Property Insurance Coverage Gaps

Abstract: Proposed updates to New York's building and energy conservation construction code could leave some of the state's property owners with insurance coverage gaps. Body: ​Proposed updates to New York's building and energy conservation construction code could leave some of the state's property owners with insurance coverage gaps. Agencies and brokerages may want to begin offering property insurance clients higher limits of Ordinance or Law Coverage.The New York Department of State announced last month that it is considering amendments to the State Uniform Fire Prevention and Building Code and the State Energy Conservation Construction Code. The amendments would repeal the current versions of the codes…

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Enhanced Cybersecurity Requirements Coming May 1

Abstract: All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. Body: ​All New York regulated financial services companies, including insurance agencies, must implement additional cybersecurity procedures by May 1. These requirements are part of the 2023 amendments the New York State Department of Financial Services (DFS) made to the state's financial services cybersecurity requirements.While most Big I New York member agencies have fewer than eight employees and do not have a staff person known as a “system administrator," some may have one who performs some administration functions. A system administrator has special systems access, allowing them…

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