Yearly Archives: 2025

NY Cybersecurity Regulation: Data Retention & Disposal Requirements

Body: ​Question from a Big I NY member: "Question regarding data retention.  In our agency management system (AMS), we retain files as long as the provider does.  Is that acceptable?  We do so for protection, ie., say we wrote life insurance and fifteen years later the client dies and the company claims some type of misrepresentation from insured on application. We would want all of the backup notes, signed forms, questionnaires.  Is this okay?  I could not find on your website anything addressing this besides that we need to keep for the required legal periods, say seven years as a minimum, but what about longer?Also, say a client leaves us, I do…

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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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