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​ Albany Update: Chapter Amendments to Insurance Disclosure Act Passed, Advocacy Week(S) Registration Open, Photo Inspection Co-Sponsor List Grows

Chapter Amendments to Insurance Disclosure Act Passed:This week, agents and insurers breathed a​​ sigh of relief as the legislature finally passed the highly anticipated chapter amendments to the new Comprehensive Insurance Disclosure Act (CIDA). As expected, the CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Additionally, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90. Anticipating these favorable changes, Big I NY prepared a summary in our February 2022 E&O report. The governor is expected to promptly sign the amendments into law and…

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Industry Roundup: ​Rating Upgrades Increase for U.S. P/C Insurers in 2021; Insurer Sues Real Estate Firm for Workers’ Comp Fraud; Gangs Now Arbitrate Payment Disputes as Ransomware Growth Continues; & More

​Rating Upgrades Increase for U.S. P/C Insurers in 2021Ratings for the U.S. property/casualty industry returned to pre-pandemic levels with some companies strengthening balance sheets and improving operating results, said financial strength rating agency AM Best.Insurer Sues Real Estate Firm for Workers' Comp FraudAn insurance company is suing a New York real estate firm for allegedly ducking nearly $1.5 million in workers' compensation premiums.Allstate Auto Lines Suffer as Inflation Boosts 'All the Costs'Allstate Corp. results missed estimates for the second quarter in a row as the highest inflation in 40 years drives up the costs of insuring and repairing automobiles.How Champlain Towers Could Impact Condo Insurance…

Continue ReadingIndustry Roundup: ​Rating Upgrades Increase for U.S. P/C Insurers in 2021; Insurer Sues Real Estate Firm for Workers’ Comp Fraud; Gangs Now Arbitrate Payment Disputes as Ransomware Growth Continues; & More

Become an IMS Sub-producer

Big I New York helps agencies gain access to useful insurance markets through its investment in Independent Market Solutions (IMS). This members-only program allows agents to quickly connect with carriers and find insurance products suitable for their clients' needs.IMS offers very competitive terms, and there is no cost to join. To start taking advantage of this exclusive member resource, you must complete New York's market access application. Before you begin the application, please make sure you have quick access to the following, which you'll need to complete the process:Agency (if applicable to your state) and individual agent license numbersAgency Federal Employee ID Number (FEIN)Agency E&O…

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