Yearly Archives: 2025

ACORD Updates Commercial Lines Application Forms

Abstract: Insurance industry standards setting organization ACORD has announced new editions of two commonly used application forms for commercial insurance. Body: ​Insurance industry standards setting organization ACORD has announced new editions of two commonly used application forms for commercial insurance. Agencies should start using the new editions immediately. Forms ACORD 125 (2025/03), Commercial Insurance Application Applicant Information Section, and ACORD 126 (2025/03), Commercial General Liability Section, contain revised fraud warnings for the District of Columbia and New York. The New York warnings pertain to commercial auto coverage. The prior edition date for ACORD 125 was 2024/11. The prior edition date for ACORD 126 was 2016/09.The new editions should be available through your…

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New: Cyber Reg FAQ Document

Abstract: We are happy to announce a new resource to help you comply with New York's financial services cybersecurity regulation - a "frequently asked questions" document. Body: ​ We are happy to announce a new resource to help you comply with New York's financial services cybersecurity regulation - a "frequently asked questions" document. The seven-page file​ provides answers to some of the questions Big I New York members ask most often about the regulation, including:Are licensed employees required to make the annual compliance filings?How do I get help completing the compliance filing?Does my agency have to submit the Notice of Exemption every year?Do agency employees have…

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New Cybersecurity Reg Compliance Tool – Asset Inventory Workbook

Abstract: We have developed a Microsoft Excel workbook that will help you meet the requirement to maintain an inventory of your cyber assets. Body: ​As we mentioned last week, the New York financial services cybersecurity regulation requires all covered entities (including all insurance agencies) to create and maintain an inventory of their information system assets. Entities have until Nov. 1, 2025 to comply with this requirement.We have developed a Microsoft Excel workbook that will help you meet this requirement. For each listed device, it has fields for several pieces of information including those the regulation specifically mentions (owner, location, classification/sensitivity, support expiration date, recovery time…

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