Advocacy

​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…

​On December 12, the NYS Assembly passed Big I NY-supported legislation to eliminate an unnecessary ​burden on customers by repealing the anti-arson application statewide. Section 3403 of the Insurance Law requires the completion of an “anti-arson application" for people seeking property insurance for fire or explosion to complete. If a policyholder fails to complete this application, which is required upon initial application for insurance and on each subsequent renewal of the policy, the insurer must cancel the policy. Technology has advance dramatically since the application was first required, and the law has outlived its usefulness. Insurance companies today are required by law to have fraud prevention plans, which are filed with…