DFS Seeks Big I NY Input on Windstorm Deductible Trigger

Abstract: The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger. Body: ​The New York State Department of Financial Services (DFS) and Big I New York met on Thursday to discuss pending regulatory action addressing the establishment of uniform standards around the windstorm deductible trigger.  A recently-enacted law​ requires DFS to issue a regulation setting standards for the triggers.Colloquially referred to as the “three C’s”, we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process.  With more than…

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Governor Hochul Acts on Windstorm Trigger and Anti-Concurrent Causation Legislation

Abstract: It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action. Body: ​It was a busy Friday afternoon for Governor Hochul as she acted on several bills sent to her desk for action.Hurricane Windstorm Deductible Trigger: Gov. Hochul APPROVED A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event."The new law requires the DFS to issue and adopt regulations regarding how triggering events…

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Big I NY Joins Consumers for Fair Legal Funding Coalition

Abstract: Big I NY is pleased to share that we have become a member of Consumers for Fair Legal Funding—a coalition that supports regulation of the lawsuit lending industry through transparency, disclosure, and limits on interest charges and fees. Body: Big I NY is pleased to share that we have become a member of Consumers for Fair Legal Funding—a coalition that supports regulation of the lawsuit lending industry through transparency, disclosure, and limits on interest charges and fees. With growing concerns around increasingly abusive practices by the third-party litigation funding industry, this is a unique opportunity to join a diverse group of organizations committed to…

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