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Statement from Big I NY on the Confirmation of Adrienne Harris as Superintendent of Financial Services

​Today, Big I New York, a statewide nonprofit trade association representing approximately 1,500 independent insurance agencies and their over 12,000 employees, congratulated Adrienne Harris on her confirmation by the NY Senate as the state’s Superintendent of Financial Services. “Adrienne Harris’ impressive experience as a public servant, educator, and leader in the financial services sector, combined with her thoughtful regulatory philosophy, make her exceptionally well-qualified to serve as one of the most important financial regulators in the nation,” said Lisa Lounsbury, Big I NY’s President and CEO. “We congratulate her on this extraordinary achievement, and are confident she will serve the people of New York with honor and…

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3, 2, 1 with Sue Keegan: Go Big 2022; Cyber Reg Submissions; New CE Requirement Info

By Sue Keegan, AIC, MBA, Learning & Development Manager​3 Things2 IdeasAre you aware that the NY Workers Compensation Experience Rating Plan will change this year? The current experience rating formula does not give employers enough incentive to improve workplace safety. Risks with better-than-expected experience do not receive enough credit. Risks with worse-than-expected experience do not receive enough debit. Join us to learn about:     The revised plan     Other system changes     How these changes will impact employers.1 QuestionWhat was your first car?  Mine was a blue Honda CRX. I loved that car.  Let me know your first car via ​ email at  ​skeegan@biginy.org or post in our Community.Source

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Albany Update: Changes to Insurance Disclosure Bill Introduced, Executive Budget Released, Harris Confirmation Begins

As expected, chapter amendments to the Comprehensive Insurance Disclosure Act (CIDA) were introduced this week, which resolve our most serious concerns. The original bill, which we strongly opposed, would have required the automatic disclosure of all insurance information within 60 days of litigation, including the full policy application. This could have created substantial burdens and potential E&O exposure for agents, as well as compromising sensitive customer information. The chapter amendments remove the policy application from automatic disclosure, lengthen the time frame to 90 days, and will exempt motor vehicle PIP litigation. The amended CIDA is not expected to have a significant impact on independent agents. The…

Continue ReadingAlbany Update: Changes to Insurance Disclosure Bill Introduced, Executive Budget Released, Harris Confirmation Begins