Author: SBd6tJhwJA

This author has written 791 articles

Court of Appeals Rules Regulation 187 “Best Interest” Standard not Unconstitutional

​On Thursday, October 20th, the New York State Court of Appeals ruled that the first amendment to Insurance Regulation 187, or the “best interest" standard for the sale of life and annuities, is not unconstitutional. Therefore, the regulation remains in force. As the Court of Appeals is the highest court in the state, no further appeal is possible.In response to the ruling, Big I NY President and CEO Lisa Lounsbury issued the following statement:While we respect the court's position, we strongly disagree with the decision. We maintain the Appellate Division Third Department correctly ruled that the amended regulation is unconstitutionally vague, and we are disappointed…

Continue ReadingCourt of Appeals Rules Regulation 187 “Best Interest” Standard not Unconstitutional

NYAIP Changes Premium Deposit, Service Fee Rules

​The New York Automobile Insurance Plan (NYAIP) this week announced a series of rule changes that will impact how certified producers service clients insured through the Plan and the fees they can charge for those services.Under the revised rules:Deposit premium payments for all new business applications must be made electronically Producers will be required to accept the insured’s deposit premium in the form of a bank check, certified check or money order made payable to the producer for the insured’s portion of the initial deposit premium, if the insured cannot pay by credit card or debit cardVirtual confirmation of the owner/operator and virtual witness of signatures will…

Continue ReadingNYAIP Changes Premium Deposit, Service Fee Rules

Homeowners Coverage When the Insured Uses a Gun

​The following is a rerun of a blog post that was originally posted on ​February 7, 2011.  It has been revised only to update some of the wording. Unfortunately, it is still timely.​​Question from a Big I NY ​member: Our insured has a license to carry a gun.  When being confronted by an attempted robbery, he uses the gun but the shot hits a bystander.  I do not see where an exclusion would apply in this case as it was not expected or intended.  Do you agree that his liability insurance would defend him in this situation?  Even if the shot hits the robber, I would think coverage…

Continue ReadingHomeowners Coverage When the Insured Uses a Gun