Advocacy

On Thursday, October 12th, Big I NY met with counsel to Governor Hochul and urged that she veto legislation that would ban the use of non-compete agreements.While we appreciate the intentions behind this bill, we firmly believe that a blanket ban on non-competes would have detrimental consequences for the independent insurance industry, particularly in the context of business sales and acquisitions.Big I NY believes this bill must be vetoed for the following reasons:Preserving Business Value: Insurance agencies invest time and resources in building and maintaining client relationships. A non-compete agreement prevents departing agents from taking clients and policy expirations with them to a competitor, preserving…

​What Happened:On October 2nd, Big I NY's senior leaders met with the state's top insurance regulator to discuss the alarming state of the insurance market. Ted Walsh, Big I NY's Chair of the Board and David Bodenstein, Vice Chair, joined by Lisa Lounsbury and Scott Hobson traveled to the NYS Department of Financial Services (NYSDFS) headquarters in NYC to meet with John Finston, Executive Deputy Superintendent of Insurance, and Ellen Buxbaum, Director of Producer Supervision. In the meeting, we issued a dire warning – if the present trends continue, New York is headed for a crisis of availability.​Why it Matters:As the top official in the NYSDFS's…

This week, the New York State legislature adjourned until January of 2024. The legislature passed thousands of bills, including several that will have impacts for your agency. Big I New York actively lobbied on these issues and we are pleased that two of our highest priority bills have passed the legislature and will soon be sent to the governor for action.Photo Inspection ReformWhat the Bill Does: Allow insurance companies to waive CARCO inspections​ for the next four years. After four years the change will sunset and photo inspections will again be required, unless the bill is extended or further modified.What it Means for You: This bill…