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State Fund Launches Subcontractor Compliance Monitoring Tool

​​                © NYSIF. All rights reservedThe New York State Insurance Fund (NYSIF) has introduced a new tool to make it easier for their policyholders to monitor their subcontractors' compliance with Workers' Compensation coverage requirements. Per an email we received from NYSIF on June 27:Beginning Wednesday (June 29), NYSIF workers’ compensation policyholders will have a new way of monitoring subcontractor's compliance with the workers' comp law, potentially saving them unexpected costs due to uninsured subs. Using their nysif.com online account​, policyholders can enter the FEIN (Federal Employer Identification Number) of a sub, and NYSIF will display if they have current workers'…

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Who’s Hiding in Your Agency?

​What have you done lately to grow your team members?The rest of America seems to have caught up with an issue we've had for a while - the need for more fantastic team members in our agencies. Even industry newbies with great attitudes that we could train would be welcome additions. We're all working on that (that'll be another post). But many agencies are falling short on something else they can control right now. That's empowering, training, and growing within.Yes, the need for CE naturally keeps at least our licensed staffers growing in some way every year. But are you growing operational skills? Are you…

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DFS Fines an Insurance Producer for Cybersecurity Violations … But Not One Like You

​In the five and a half years since the New York State Department of Financial Services implemented its Cybersecurity Requirements For Financial Services Companies​ regulation, I had yet to hear of an insurance producer being penalized for violations. Until this week. As is my habit, I checked the department's website first thing Monday morning and found a news release they had issued last Friday, June 24. The release announced a $5 million penalty against an insurance producer for violations of the regulation. I should mention that this wasn't any ordinary insurance producer. It was Carnival Cruise Line, the high-profile provider of ocean cruises whose annual revenue shrank to…

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