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New Law Further Restricts Underwriting of Dog Breeds

​A law taking effect in March adds new restrictions to homeowners insurers’ ability to underwrite breeds of dogs residing in a home or apartment. The law, which builds on one that took effect a year ago, effectively requires insurers to provide liability coverage at full policy limits for most dogs regardless of breed.The New York State Assembly approved the bill last March by a vote of 115 to 32, and the Senate followed in May by a vote of 49 to 13. Gov. Kathy Hochul signed it into law on December 15, 2022.Previously, insurers were prohibited from:Refusing to issue or renewCancelling, orSurcharging a rate or…

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Reminder: What You Need To Do For the Cybersecurity Regulation

​We are knee-deep in 2023. This is the time of year when Big I NY gets a lot of questions from members about what they have to do to comply with the Cybersecurity Requirements For Financial Services Companies regulation. Though the New York State Department of Financial Services (DFS) has proposed a number of changes to that regulation, none of them are in effect yet. Therefore, your obligations are the same this year as they were last year. Here are answers to the questions we get most frequently:The agency must complete and submit the online Certification of Compliance to the DFS between now and April…

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David Weprin Named Chair of Assembly Insurance Committee

​On January 4th, Assemblyman David Weprin (D, Queens) was named chair of the influential Assembly Insurance Committee. Weprin succeeds former chair Kevin Cahill (D, Kingston) who lost re-election in 2022.​​ Virtually all legislation affecting the insurance laws and regulations in NY must be approved by the Insurance Committee before a full vote of the Assembly can be taken. As such, it is one of the most important legislative committees to our industry.Assemblyman Weprin represents the 24th Assembly District in Queens, the same district represented by his father, the late Assembly Speaker Saul Weprin, for 23 years and his brother Mark Weprin, for over 15 years. In…

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