Advocacy

​On Thursday, October 20th, the New York State Court of Appeals ruled that the first amendment to Insurance Regulation 187, or the “best interest" standard for the sale of life and annuities, is not unconstitutional. Therefore, the regulation remains in force. As the Court of Appeals is the highest court in the state, no further appeal is possible.In response to the ruling, Big I NY President and CEO Lisa Lounsbury issued the following statement:While we respect the court's position, we strongly disagree with the decision. We maintain the Appellate Division Third Department correctly ruled that the amended regulation is unconstitutionally vague, and we are disappointed…

Last week, the Lawsuit Reform Alliance of New York, with support from Big I NY, launched a new ad campaign, “Not One More Cost Hike", in order to educate elected officials, local business owners, families, and voters of the costly consequences of A.6770/S.74-A. As written, the bill will radically expand the types of damages recoverable in wrongful death lawsuits – sending insurance premiums skyrocketing.Agents are urged to contact Governor Hochul and ask her to veto this bill. An analysis from global actuarial firm Milliman, Inc. finds that if A.6770/S.74-A is enacted, insurance costs – including personal auto and general liability for small businesses – could…

This week, we joined over forty business associations representing virtually every sector of the state's economy in urging Governor Hochul to veto three harmful workers compensation bills.​ If enacted, they would increase workers' compensation benefits by millions of dollars, resulting in higher costs and premiums for all New York State businesses, especially small businesses, at a time when they are contending with unrelenting economic challenge.A.1118 (Bronson)/S.768 (Gounardes) redefines temporary total disability, marking a fundamental shift in the definition of disability and how wage replacement amounts are determined in New York State. This bill upends case law by allowing for unlimited awards at the temporary total…