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What a GREAT year for NextGen!!

2023 has come to a close and our NextGen group has done some amazing things this past year. Here are some highlights:January 2023NextGen Buffalo co-hosted an insurance sales training workshop presented by Ryan Hanley, founder and president of Rogue Risk.  February 2023NextGen members from across the state took part in the #DayintheLife social media initiative, sharing what we love about working in the insurance industry! Many NextGen members participated in Big I NY Virtual Advocacy Meetings with legislators from across the stateBig I Suffolk NextGen hosted a Top Golf insurance eventMarch 2023NextGen Buffalo brought together members for a Happy Hour at Hatchets and Hops (Axe-Throwing)NextGen CNY had a…

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​ Governor Hochul Signs Big I Priority Auto Insurance Quoting Fairness Law, Vetoes Noncompete Ban

​What Happened:Great news! Governor Hochul has taken favorable action on two key bills affecting IAs and their customers. On December 23rd, the Governor signed into law a Big I NY priority bill, A.4668-B, which will require carriers to run an insurance motor vehicle record before binding coverage. This will protect customers from unscrupulous quoting and pricing practices whereby certain carriers will bind a policy only to later run the MVR and substantially raise the premium. Responsible insurance agents and companies utilize all available underwriting resources prior to binding a policy for an insured. The practice of intentionally disregarding driver history information in order to present…

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NYSDFS Says Auto Carriers Must Refund SSL Premium When Insured Rejects

​Insurers writing auto insurance coverage in New York must refund premiums to insureds who have rejected Supplemental Spousal Liability Insurance coverage, the New York State Department of Financial Services (DFS) said Monday. The announcement came in a circular letter the department published late on December 18 addressed to carriers, producers, the New York Automobile Insurance Plan, and ​others.The letter, signed by Deputy Superintendent of Insurance​ Avani Shah, stated:"It has come to the Department’s attention that some insurers are not specifying a premium for SSL insurance or permitting a named insured to decline the insurance with an appropriate premium reduction.  As discussed further below, an insurer must specify the…

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