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Max Weekly WC Benefit Rising To $1,171.46

​The New York State Workers Compensation Board has announced that the maximum weekly disability benefit will increase to $1,171.46. The change takes effect on July 1 and applies to injuries occurring on that date and before July 1, 2025.State Workers' Compensation Law requires the maximum weekly benefit to equal two-thirds of the Statewide Average Weekly Wage (SAWW) for the previous calendar year. The level is reset annually on July 1. The state Labor Department reported that the 2023 SAWW was $1,757.19.The rate for July 1, 2023 to June 30, 2024 is $1,145.43​.Read the Board's announcementSource

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Albany Update: CARCO Law Now In Effect, Big I NY Calls for Lawsuit Lending Divestment, Opposition to Unfair Business Practices Expansion

Big I NY's Photo Inspection Law Now EffectiveOn May 15th, our law to allow carriers to waive CARCO inspections​ went into effect. From now until October 2027, carriers doing business in NY may waive any or all CARCO inspections. Already, many carriers have announced they are waiving inspections, including Safeco, Travelers, Plymouth Rock, National General, and New York Central Mutual. We expect more carriers to follow suit.Big I NY Calls for Lawsuit Lending DivestmentThis week, Big I NY joined groups representing businesses, municipalities, and insurers, in urging the New York State and New York City pension funds to investigate and divest from third party litigation…

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NYS DFS Offers New Cyber Program Template

​The New York State Department of Financial Services (DFS) this week unveiled a new model Cybersecurity Program Template for use by small businesses including insurance agencies. All independent insurance agencies should consider using this template as the model for their cybersecurity programs. New York's financial services cybersecurity regulation requires all agencies to implement cybersecurity programs. In a guidance letter dated May 13, 2024, the department stated that the model "prompts licensees to carefully consider and address the core concepts of a cybersecurity program in order to help create a program that complies with the requirements of the Cybersecurity Regulation." It also includes frameworks for developing and…

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