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​ Albany Update: Favorable Amendments to Insurance Disclosure Act (Finally) Enacted

What Happened:On Thursday evening, Governor Hochul signed Big I NY-supported amendments to the Comprehensive Insurance Disclosure Act (CIDA). Fifty-five days since the passage of the CIDA, agents and insurers can finally breathe a sigh of relief as significant beneficial changes are officially on the books. The CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Additionally, policy applications are no longer subject to mandatory disclosure, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90.What's Next:While the amended CIDA is less sweeping than the original, it still…

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Industry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent

​Manufacturers are Now Hackers' Favorite TargetsManufacturing was the industry most targeted by hackers during 2021, accounting for 23.2% of incidents, according to IBM Security X-Force research. The sector edged out insurance and financial services by a slim margin.Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher ReFollowing a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, said Gallagher Re.Agency's Specialty Portfolio Often Fragmented by Working with Multiple CarriersThe Hanover Insurance Group recently released its State of Specialty Insurance Report, which highlights the risks of…

Continue ReadingIndustry Roundup: Only 3% of Employees Want to Return Full-Time to Their Offices; Cyber Market Primed to Grow and Eclipse Property by 2040; Auto Insurance Shopping Sees Quarter-On-Quarter Decline; Pet Benefits May be a Key to Retaining Talent

Breaking: Amendments to Comprehensive Insurance Disclosure Act Signed

​On Thursday evening, Governor Hochul signed Big I NY-supported chapter amendments to the new Comprehensive Insurance Disclosure Act (CIDA), which are effective immediately. Crucially, the CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Agents who received insurance disclosure demands for litigation already pending prior to 2022 can disregard these demands. Additionally, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90. Read the latest E&O report on the amended bill here.​Source

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