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Big I NY Advocacy Leads to Kemper Commission Reinstatement

​In response to Big I New York's advocacy work, Kemper Personal Insurance will retroactively reinstate old commission levels for business its agents have produced since last fall. Big I New York learned this news this afternoon during a meeting with representatives of the New York State Department of Financial Services (DFS.) The carrier should formally notify its agents by the end of this month.The carrier, which announced last summer its intention to exit preferred auto and home markets countrywide, has taken several steps to reduce its volume in New York. These measures did not appear to comply with New York Insurance Law Section 3425. That…

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The NJ Earthquake: Answers To Clients’ Insurance Questions

​A magnitude 4.8 earthquake centered west of Manhattan struck the northeastern U.S. this morning. We at Big I New York hope that all of you, your families, friends, and clients are safe and suffered no injuries. However, it is possible that some of your clients suffered property damage. Your phones may ring with calls asking whether homeowners and commercial property insurance covers the damage. Here is what you and they need to know:Standard homeowners and commercial property insurance policies typically do not insure against damage caused by earthquakes or other types of earth movement. The ISO Homeowners 3 – Special Form states that the insurer…

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NYS DFS Proposes Auto Photo Inspection Reg Changes

​Reacting to Big I New York's successful effort last year to make the automobile photo inspection requirement optional, the New York State Department of Financial Services has proposed a major amendment to the regulation that implements the law. All members of the public can submit comments on the proposal.The department formally published the amendment in the April 3, 2024 issue of New York State Register. It changes Part 67 of Title 11 of the New York Codes, Rules, and Regulations (also known as “Insurance Regulation 79.") The New York Department of State publishes the New York State Register each Wednesday. It is the weekly publication…

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