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Agents In Action: Big I NY Members Meet with Key Lawmakers In-District

​Throughout the month of May, approximately 40 independent agents from across the state met with state lawmakers in their districts to call for the passage of pro-consumer legislation to help customers and agencies weather the challenging market. Agents met with 17 lawmakers who were identified as key votes on our bills.In the meetings, agents advocated in support of several important pieces of legislation,​ including bills to eliminate the diligent effort requirement for commercial excess lines coverage, eliminate the NYC anti-arson application, impose stricter penalties for staged construction accidents and staged auto accidents, and combine agent and broker licenses into a single “producer" license. They also…

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NYS DFS Urges Carriers To Offer Homeowners Loss Mitigation Devices, Discounts

​The New York State Department of Financial Services is encouraging property-casualty insurance carriers to offer their homeowners insureds free or discounted loss mitigation tools and services. In a new Circular Letter, the department also encouraged carriers, rate service organizations (RSOs, such as the Insurance Services Office,) and the New York Property Insurance Underwriting Association (NYPIUA) to file premium discounts for insureds who use the devices and services.The May 23 letter, signed by Deputy Superintendent of the department's Property Bureau Bernard Ganley, noted difficulties in the current insurance market. The purpose of the Circular Letter, he wrote, was “to reduce risks and costs to ensure a…

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Demotech Pulls Adirondack’s Rating

​Adirondack Insurance Exchange, an insurance carrier writing personal lines coverages only in New York, has lost its financial stability rating (FSR) from Demotech. The carrier announced the May 28 action to its agents and policyholders that afternoon. Demotech, an Ohio-based financial analysis firm that provides FSRs for insurance companies, did not offer an explanation on its website for the move. Adirondack agents received email notifications late on May 28. The carrier, a member of the Allstate Insurance Group, posted this update for policyholders on its website:“Demotech, Inc., a provider of financial stability ratings of property-casualty insurance companies, has withdrawn its financial stability rating for the…

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