Advocacy

​This week, the Senate Insurance Committee voted in favor of Big I NY – supported legislation which would make it easier to place commercial coverage in the excess market. The bill, S.498 (Breslin, D-Bethlehem)​, would simplify and streamline the affidavit process, and exempt commercial lines insurance transactions placed by wholesale insurance brokers from the requirement to obtain three separate declinations.New York's excess line market is critical to providing insurance for risks that are not underwritten by admitted carriers – such as those which are unique, volatile, or lack loss history. Current law requires brokers to obtain three declinations from admitted carriers before an excess line…

This week, Governor Cuomo released his proposed state budget. This is the first step in the state's budget process. Next, the Senate and Assembly will release their own budget proposals ("one-houses"), then the three budget proposals are negotiated into a final budget, which must be passed by April 1st.The governor's proposal includes several key provisions of interest to independent agents:No-Fault Reform The Superintendent of Financial Services would be granted greater authority to prohibit a provider of health services from demanding or requesting payment for health services rendered under the no-fault insurance law. The bill also establishes the Motor Vehicle Insurance Task Force, which will examine alternatives…

​The 2020 elections have largely come and gone. While exhausting, one thing is certain: our involvement in the political process is critically important to the future of our industry and our profession. InsurPac, your federal political action committee (PAC) exists for that very purpose. It solicits voluntary contributions​ and then disburses those funds to U.S. Congressmen, Senators and candidates for federal office who are supportive of our livelihood. This election cycle InsurPac disbursed $1,948,000 and won 93% of the races that it supported.​​​​InsurPac has your back. This past year the Big “I" has weighed in and won on some important issues, including:Earlier this year some legislators were taking direct aim…