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NYSIR’s A.M. Best Rating Withdrawn

​[UPDATE: Since we posted this news item, we have learned that NYSIR is a "municipal reciprocal insurer," as New York Insurance Law Section 6102 defines that term. That same section of the law permits a municipal reciprocal insurer to opt out of having its policies covered by the New York Property Casualty Insurance Security Fund​ (also known as "the guaranty fund.") According to NYSIR's website, they have chosen not to participate in the NYPCISF. Therefore, should the carrier run into difficulty paying claims, they may assess each one of their policyholders (referred to as "subscribers") for the shortfall. It is possible that some school districts may…

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Do You Have To a Report Wholesaler’s Cyber Incident?

​A South Carolina based wholesale insurance brokerage reported last week that they had suffered an undescribed cybersecurity incident. It closed the wholesaler for a substantial part of the week.Some Big I New York members have asked whether the New York financial services cybersecurity regulation​ obligates them to notify the state Department of Financial Services (DFS) about this incident. If your agency does business with that wholesaler, you may have the same question.Based on the information we have received and what the wholesaler has said on its website, we do not believe New York agencies have an obligation under the regulation to report this incident to…

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Advocating for Our Insurance Community: Addressing Market Challenges in New York

​Big I New York met this morning with leaders from the New York State Department of Financial Services (DFS) about the pressing issues in our state's personal lines insurance markets. This meeting came at a pivotal time.  The wind-down of Adirondack Insurance Exchange's and Mountain Valley Indemnity Co.'s operations ​is having disruptive effects on local consumers and businesses. Big I New York President and CEO Lisa Lounsbury and Assistant Vice-President of Research and Information Tim Dodge represented our members. Three DFS representatives took part in the video meeting. During the conversation, we explained that independent agents and brokers are facing major hurdles in replacing policies…

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