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Trust Accounting & What Your Agency Might Be Missing

​By: Carey Wallace & Chris PeabodyIn insurance, sometimes we like to think it's as simple as understanding our insureds, their risk profiles, and making sure they have the right coverage for their needs. There is a lot more to it, but the nuances of insurance feel endless sometimes. In this blog, we will dive into one of the more overlooked aspects of operating your agency in a fiscally responsible way: Trust Accounting.As an agency owner, there is so much more to running your business than just selling insurance. You are also focused on building the right team, training them appropriately, focusing on marketing, keeping your…

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Advocacy Week Update: Agents Call on Lawmakers to Pass Photo Inspection Reform

This week, independent agents from across the state participated in virtual meetings with state lawmakers, urging them to pass photo inspection modernization as part of the state budget. Governor Hochul's executive budget proposal includes legislation to allow carriers to waive CARCO inspections, and we are pushing the Senate and Assembly to follow suit in their respective budget proposals.Independent Agents Advocacy Week began with a kickoff session keynoted by Senator Neil Breslin, chairman of the influential Senate Insurance Committee and sponsor of photo inspection reform legislation. “On photo inspection, we're pushing it again very hard…hopefully we'll get it passed and signed into law and we'll all…

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New Cybersecurity Reg Resource: How to ID ‘Nonpublic Information’

​One question we frequently get from members is whether a specific type of information is "nonpublic information" that the New York cybersecurity regulation requires them to protect. We've created an easy-to-use decision tree to help you figure that out. Simply answer the yes-no questions in order and you will be able to determine whether the regulation requires you to protect it or not.This file will be permanently posted in the Compliance Resources section of the Cybersecurity page on our website (www.biginy.org/cyber​). Click here to download it now​. Note: If you want to print it, you may have to adjust the print settings to shrink the file…

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