Advocacy; Carriers

Important Update from President & CEO, Lisa LounsburyLast week, Kemper Insurance notified many agents that their producer and agency agreements were terminated, retroactive to October 1, 2023. Big I NY immediately responded by alerting the NYSDFS of this unfair and troubling action. NYSDFS investigated and subsequently compelled Kemper to rescind the changes, restoring all producer and agency agreements.  We spoke to Kemper Insurance and they confirmed that they will be restoring agency appointments back to October 1, 2023.  They also reiterated that agents are able to continue servicing their clients by contacting the Kemper underwriting department.  The NYSDFS is working with Kemper on the agent communication that…

​ Big I New York has asked Kemper Auto & Home to delay its announced commission reductions on certain auto insurance policies. The carrier was told in a meeting this week that the suddenness of its move is unreasonable and bad for its independent agents.The carrier informed many of its New York agencies this week that it is reducing the commission rate on its Kemper PrimeSM personal auto insurance product to an extremely low level. The change will take effect on June 1, 2022. Several Big I New York members contacted our office to ask whether the carrier's action is legal. We have concluded that…

​Governor Kathy Hochul has recommended Gaurav Vasisht to serve as Executive Director of the New York State Insurance Fund (NYSIF). Ultimate responsibility for appointing the Exeuctive Director rests with the NYSIF Board of Commissioners.Mr. Vasisht has served as an advisor to a former Chairman of the Board of Governors of the Federal Reserve System, as a lawyer to three Governors of New York, and in key roles at the New York Department of Financial Services, its predecessor, the New York Insurance Department, and the New York Attorney General's Office. As Senior Vice President and Director of the financial regulation program at the Volcker Alliance ("Alliance") from 2014…