Advocacy; Industry News

Body: Big I New York has joined a diverse coalition of business and industry groups in calling on State Lawmakers to oppose the “Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act."  The so-called FAIR Act would upend existing consumer protection law by dramatically expanding the instances in which lawsuits can be filed for “unfair" and “deceptive" acts and practices. The bill has the support of State Attorney General Letitia James who just last week was joined by bill sponsors State Senator Leroy Comrie and Assemblymember Micah Lasher at a rally to push the bill over the finish line before lawmakers leave Albany on June…

​Reacting to Big I New York's successful effort last year to make the automobile photo inspection requirement optional, the New York State Department of Financial Services has proposed a major amendment to the regulation that implements the law. All members of the public can submit comments on the proposal.The department formally published the amendment in the April 3, 2024 issue of New York State Register. It changes Part 67 of Title 11 of the New York Codes, Rules, and Regulations (also known as “Insurance Regulation 79.") The New York Department of State publishes the New York State Register each Wednesday. It is the weekly publication…

​ Photo by South Carolina National Guard. Public Domain.​ ​The National Flood Insurance Program will run​ out of authorization to operate on Dec. 16​, barring congressional action. The program, which Congress has authorized on a temporary basis since its inception in 1968, will lose the ability to issue or renew policies on that date.Reauthorization of the NFIP is not controversial. However, its authorization is tied to approval of an overall spending plan for the federal government. The government's fiscal year ends on September 30 each year. In most years, Congress fails to adopt a budget before the fiscal year end and the government operates under short-term…