Advocacy; Association News; Industry News

Abstract: Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany. Body: ​Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany.The event,…

​Today, we achieved a monumental victory for independent insurance agents with a unanimous ruling that the controversial “best interest” standard (the first amendment to Regulation 187) for life insurance and annuities imposed by the NYSDFS is unconstitutionally vague. While other member associations backed down over the course of this fight, Big I New York has continuously challenged the amendment since November 2018.[Read the complete text of the ruling] “Today’s ruling is a victory, not just for the state’s independent insurance agents and brokers, but for our customers,” said David MacLachlan, CPCU, Big I NY Chair of the Board. “This regulation has been virtually impossible for brokers to meaningfully comply…