Advocacy

​Important Notice: Starting tomorrow the full expansion of New York's Insurance Regulation 187 goes into effect.This requires agents to meet a new "best interest" standard, as defined by the NYS DFS when selling life insurance to state residents. This new standard took effect August 1, 2019 for annuity transactions. If you sell life or annuity products, this regulation affects you.   What does this mean for you? If you write even one life policy it's imperative that you fully understand how it will affect your day-to-day operations and compliance responsibilities.  Help WATCH: Tim Dodge & Scott Hobson walk you through compliance in this pre-recorded GearUp webinar WATCH: Two Minutes…

​Today, Big I NY joined a broad group of employer associations, chambers of commerce, and health plans in calling on the Medicaid Redesign Team (MRT) not to consider any new taxes or fees on private health insurance plans. New York State is currently facing a $4B Medicaid deficit. In response, Governor Cuomo has announced a new MRT, similar to the MRT created in 2011 by executive order. The MRT will be tasked with closing the funding shortfall. Big I NY is concerned that the MRT could look to increasing taxes on health insurance plans as a way to raise revenue. New York already collects more than…

​​The FY2021 Executive Budget language was released last night, and Big I NY has identified a number of issues that affect independent agents and brokers. The next step in the budget process is the Assembly and Senate budget proposals, called “one house budgets", which are typically released in late February or early March. Then the Governor and Legislative leaders will negotiate on a final budget which must be voted on and signed by April 1. The Good: The Executive Budget proposes a small business tax cut, which will lower the current corporate tax rate from 6.5% to 4% for businesses with less than 100 employees and…