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Big I NY Meets with Top NY Insurance Regulator on Dire Market Conditions

​What Happened:On October 2nd, Big I NY's senior leaders met with the state's top insurance regulator to discuss the alarming state of the insurance market. Ted Walsh, Big I NY's Chair of the Board and David Bodenstein, Vice Chair, joined by Lisa Lounsbury and Scott Hobson traveled to the NYS Department of Financial Services (NYSDFS) headquarters in NYC to meet with John Finston, Executive Deputy Superintendent of Insurance, and Ellen Buxbaum, Director of Producer Supervision. In the meeting, we issued a dire warning – if the present trends continue, New York is headed for a crisis of availability.​Why it Matters:As the top official in the NYSDFS's…

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UPDATE: Flood Program Lives! At Least Until Nov. 17

​On Saturday, September 30, Congress passed and President Biden signed a bill to fund the government through November 17, 2023. The measure also extends the authorization for the National Flood Insurance Program (NFIP) through that date. Consequently, as of today you still have the ability to request new and renewal policies and coverage amendments for your clients who need NFIP policies.The NFIP, along with large portions of the rest of the federal government, was on track to expire at midnight on Saturday. The program's legal authority to operate is tied to the end of the federal government's fiscal year, which is September 30. While it…

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Employers With Health Plans Face New Reporting Requirement by Dec. 31

​Your business clients who carry group health insurance coverage must start making a new filing to the federal government this year, and many of them may not know it. Agents and brokers are not required to do anything, but some of you may want to inform your clients.The filing is known as a Gag Clause Prohibition Compliance Attestation (GCPCA.) Health plan sponsors and issuers are required to submit it annually by December 31, with the first one required by the end of this year. When submitting the completed form, a plan sponsor or issuer is verifying that they have complied with a federal law that…

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