Industry News

​Industry standards-setting organization ACORD has revised four personal and commercial automobile insurance forms to reflect a recent change in state law. The revised forms are for use on and after August 1, 2023. You should expect to see them in your ACORD Advantage subscriptions or agency management systems over the next few months.As we previously reported​, a law taking effect on August 1 will require every personal and commercial auto liability policy to include "supplemental spousal liability coverage" unless the insured specifically rejects it. Under current law, the insured has the option to add the coverage. After August 1, the insured will have the option…

​The New York State Workers Compensation Board has announced ​that the maximum disability benefit will increase to $1,145.43 per week. The change applies to workplace injuries occurring on and after July 1, 2023.State Workers Compensation Law requires the board to adjust the maximum disability benefit annually. The maximum is set at two-thirds of the statewide average weekly wage for the prior calendar year. The board said that the New York State Department of Labor has determined that the average in 2022 was $1,718.15.The new maximum benefit is a slight increase from the $1,125.46​ level that currently applies.Source

​The New York State Department of Financial Services (DFS) said in communications to its licensees today that it has addressed problems with license renewal application processing. If you've run into problems submitting a license renewal application in the last two months, you should try again.The issue was that individual agents and brokers were being asked questions about compliance with the Cybersecurity Requirements For Financial Services Companies regulation​. That regulation exempts from its requirements individuals who are covered by another entity's cybersecurity program. For example, producers and licensed customer service representatives who are employees of an agency are covered by their employer's cybersecurity program. These individuals are exempt from…