Advocacy

​On Tuesday, the NYS Senate confirmed Adrienne Harris as Superintendent of Financial Services by a vote of 54 to 9. Read Big I NY's statement congratulating Harris on her confirmation as the state's top financial services regulator. Also this week, Big I NY agents met with several key state senators to urge them to support our photo inspection reform bill. The bill would allow insurance companies to make photo inspections for comprehensive and collision insurance optional, saving significant time and frustration for customers. Agents had the opportunity to meet with their lawmakers and voice their concerns. Meetings were productive, and so far several new senators…

​Today, Big I New York, a statewide nonprofit trade association representing approximately 1,500 independent insurance agencies and their over 12,000 employees, congratulated Adrienne Harris on her confirmation by the NY Senate as the state’s Superintendent of Financial Services. “Adrienne Harris’ impressive experience as a public servant, educator, and leader in the financial services sector, combined with her thoughtful regulatory philosophy, make her exceptionally well-qualified to serve as one of the most important financial regulators in the nation,” said Lisa Lounsbury, Big I NY’s President and CEO. “We congratulate her on this extraordinary achievement, and are confident she will serve the people of New York with honor and…

As expected, chapter amendments to the Comprehensive Insurance Disclosure Act (CIDA) were introduced this week, which resolve our most serious concerns. The original bill, which we strongly opposed, would have required the automatic disclosure of all insurance information within 60 days of litigation, including the full policy application. This could have created substantial burdens and potential E&O exposure for agents, as well as compromising sensitive customer information. The chapter amendments remove the policy application from automatic disclosure, lengthen the time frame to 90 days, and will exempt motor vehicle PIP litigation. The amended CIDA is not expected to have a significant impact on independent agents. The…