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My Client’s Mortgage Lender Wants a Copy of the Replacement Cost Estimator

Abstract: While your agency naturally wants to assist its client, it is not the agency's responsibility to make the lender happy. Body: ​Question from a Big I NY member: We have been receiving requests from the banks to provide a replacement cost estimator to them for re-finance and new loans. Are you aware of any new law or regulation changes regarding this?Answer: This all apparently stems from actions proposed by Fannie Mae and Freddie Mac last winter. However, at the behest of the national Big I and the National Association of Mutual Insurance Companies, they put an indefinite hold on the actions last June. That hold…

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New Resource Helps You Comply With NY Cyber Reg

Abstract: You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups. Body: Big I New York has unveiled a new resource to help agencies comply with part of the New York financial servi​ces cybersecurity regulation. Specifically, it will make it easier for you to comply with the requirements regarding third-party service providers. You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups.The regulation's Section 500.11 requires all covered entities, including insurance agencies and brokers of any size, to “implement written policies and procedures designed to ensure the security of…

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Big I New York Advocates Visit Albany

Abstract: Last Tuesday, more than 40 Big I New York grassroot advocates gathered in Albany to visit with lawmakers and share their concerns about the state of the property and casualty insurance market. Over the course of the day, members engaged more than 50 state lawmakers! Body: Last Tuesday, more than 40 Big I New York grassroot advocates gathered in Albany to visit with lawmakers and share their concerns about the state of the property and casualty insurance market.  Over the course of the day, members engaged more than 50 state lawmakers!The afternoon began with members of the exclusive Group of 100 (G100) braving the…

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