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Authorization for NFIP Ends Tonight

Abstract: Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, Decembe 20. Body: ​UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date."It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") BerraDue to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.For years, the…

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DFS Seeks Big I NY Input on Windstorm Deductible Trigger

Abstract: The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger. Body: ​The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger.  A recently-enacted law​ requires DFS to issue a regulation setting standards for the triggers.Colloquially referred to as the “three C’s”, we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process.  With more than…

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Big I NY Meets With DFS Again About Homeowners Market

Abstract: Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. Body: ​Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. The conversation focused on market disruptions expected when thousands of Adirondack Insurance Exchange and Mountain Valley Indemnity Co. policies are cancelled on December 31, 2024. Big I NY President and CEO Lisa Lounsbury, AVP…

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