Ask Tim; Industry News

Abstract: The Corporate Transparency Act's exemption from the beneficial ownership information reporting requirement applies to insurance producers of all sizes without regard to the number of employees. Body: ​ Question from a Big I NY member: Was the exemption for licensed insurance producers under the Corporate Transparency Act limited to those agencies with less than twenty employees? There was a Big I article that referenced this exemption threshold, but I could not find this threshold cited elsewhere. We have twenty-two employees so I am trying to determine if we should file a Beneficial Ownership Information report. Thanks.  Answer: The exemption applies to insurance producers of…

Body: ​Insurance industry standards setting organization ACORD ​has announced it has revised a form used with New York personal auto insurance applications. Form ACORD 65 NY (2025/03), New York Auto Supplement – Spousal Liability Insurance Declination Form, is for use on and after March 26, 2025. It replaces form ACORD 65 NY (2023/08​).The new edition is designed to reflect the guidance ​the New York State Department of Financial Services (DFS) has provided for situations where an insured wishes to reject Supplemental Spousal Liability insurance​. DFS provided this guidance in response to a change in state insurance law that Big I New York pushed for last year. This edition removes two paragraphs from…

Abstract: Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, Decembe 20. Body: ​UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date."It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") BerraDue to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.For years, the…