Industry News

Abstract: Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. Body: ​Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. The conversation focused on market disruptions expected when thousands of Adirondack Insurance Exchange and Mountain Valley Indemnity Co. policies are cancelled on December 31, 2024. Big I NY President and CEO Lisa Lounsbury, AVP…

Abstract: ​The New York State Attorney General's office is offering a new Business Guide to Website Privacy Controls​ to help businesses better protect consumers who visit their websites. Body: ​The New York State Attorney General's office is offering a new Business Guide to Website Privacy Controls​ to help businesses better protect consumers who visit their websites.Attorney General Letitia James said in a news release that businesses do not always accurately describe to website visitors how their information is tracked and the privacy controls they employ. The new guide:Identifies common mistatkes businesses make.Describes steps they can take to identify and prevent issues.Provides information to help businesses comply with…

​The New York Auto Insurance Plan (NYAIP, also known as “the Plan") is reminding insurance producers to take precautions when transacting business with Plan insureds by phone or email.The Plan's Special Investigations Unit (SIU) became aware of instances where producers took NYAIP applications, endorsement requests, and credit card transactions by phone. Some of them did not verify the applicant's or card holder's identity. They then falsely certified that they met the NYAIP identity verification requirement. The result was: Issues regarding applicant information.Disputed, unauthorized and questionable credit card transactions. The Plan reminds producers that when conducting business virtually, they must visually verify their insureds' identities. They…