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Governor Hochul Acts on Windstorm Trigger and Anti-Concurrent Causation Legislation

Abstract: It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action. Body: ​It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action.Hurricane Windstorm Deductible Trigger: Gov. Hochul APPROVED A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event."The new law requires the DFS to issue and adopt regulations regarding how triggering events…

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What to Expect When You Get a Fair Market Valuation

Abstract: Whether or not a sale is on the horizon, knowing the financial health and value of your agency is vital for every agency owner. Body: ​Whether or not a sale is on the horizon, knowing the financial health and value of your agency is vital for every agency owner. For many, the current M&A environment is causing agency owners to contemplate whether now is the right time to buy or sell. Knowing your agency's value is one of the best ways to prepare for opportunities that may arise either grow by acquisition or to potentially sell.While many believe that they only need a valuation…

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DFS: Beware Remote Workers With North Korean Ties

Abstract: The New York State Department of Financial Services (DFS) has cautioned the businesses it regulates that some remote technology workers may be secretly acting on behalf of the North Korean government. Body: ​The New York State Department of Financial Services (DFS) has cautioned the businesses it regulates that some remote technology workers may be secretly acting on behalf of the North Korean government. DFS issued the alert in a November 1 letter.  Big I New York members who hire virtual assistants or other remote workers should take precautions to avoid hiring one of these individuals.According to the letter, information technology (IT) workers operating on behalf of…

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