Advocacy

What Happened:On November 21st, Governor Hochul vetoed our bill, S.6028/A.6877, which would have allowed insurance companies to waive CARCO inspections. In her veto message, the Governor cited concerns that the bill would remove protections against fraud, increase insurance rates, and harm the businesses that perform photo inspections. What's Next:While we are deeply disappointed the bill was vetoed, we remain confident there is a path forward. In her veto message, Governor Hochul stated that “with modern technology the [photo inspection requirement] could be updated in a responsible way," and that “I am willing to work with the legislature, the insurance industry, and the automotive industry during…

​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…