Advocacy

​What Happened:For the past four years, Big I NY has been fighting a legal challenge against the New York Department of Financial Services (“DFS") concerning Amended Insurance Regulation 187. The Amended Regulation 187 requires the “Producer" to act in the “Best Interests" of the customer. It also requires that the Producer make a “suitability" “recommendation" based on an analysis of their “needs." In our view, the regulation is unfairly vague and extremely challenging for producers to comply with. We remain concerned that this will lead to reduced access to the trusted advice consumers deserve. In 2021, the Appellate Court, 3rd Department, unanimously ruled in our…

​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…