2020 Recap: How Big I NY Fought for You in Albany

​2020 has been a tumultuous year, and the IA community and our customers faced many challenges. In a time of crisis, our advocacy efforts on your behalf are crucial. Here's how Big I NY had your back in Albany:Defeated A Regulatory Power Grab:In January 2020, the Governor announced an executive budget which would expand the NYS Department of Financial Services' (DFS) authority to levy fines and penalties against insurance agents and brokers, as well as substantially increases in possible fines. Big I NY met with key legislators in the Senate and Assembly, and deployed an aggressive grassroots lobbying campaign, culminating in our Independent Agents Advocacy…

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DFS Suspends Cost Sharing for Outpatient Mental Health Services for Essential Workers

​Today, the DFS adopted, on an emergency basis, the 60th amendment to Regulation 62. The amendment prohibits health insurers from charging copays, coinsurance, or deductibles for outpatient mental health services for essential workers, with the exception of high deductible plans. Health insurers are further required to notify outpatient mental health providers in their network that they may not collect any copay, coinsurance, or deductible from essential workers for such services.The regulation is currently in effect until September 28th, 2020. Read the amended regulation hereSource

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DFS Adopts (Slightly) New Insurance Regulation, Big I NY-Supported Change Included

​Yesterday, the NYS Department of Financial Services (DFS) issued a new emergency regulation​, which is a slightly revised version of the March 30th emergency insurance regulation imposing a moratorium on policy cancellations and proving a 12-month grace period for repayment. The previous emergency regulation expired on June 28th, and the replacement emergency regulation is in effect until the expiration of Executive Order 202.13, currently July 6th. The new emergency regulation is substantially the same as the original emergency regulation. Importantly, however, the new regulation does not include the requirement that producers notify customers of the regulation's provisions. Big I NY had urged the DFS to eliminate this requirement, as it would be…

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