Industry News

​The Big "I" and ACORD are launching a new Big "I" member benefit. Starting Jan. 1, 2020, Big "I" members with an annual property & casualty gross revenue of less than $50 million will receive a complimentary license to use ACORD forms.  On Jan. 1, 2020, ACORD will begin charging all ACORD forms users an end-user license fee (EUL), which includes agents, brokers and carriers. Currently, most agents access ACORD forms via their agency management systems or other ACORD-authorized third-party forms redistributors. ​ The Big “I" has negotiated an agreement with ACORD where the Big “I" will cover the cost of the EUL when accessing the forms…

​Some employers may mistakenly believe that they are not required to pay certain employees at the overtime rate for hours worked in excess of 40 per week. While the federal Fair Labor Standards Act generally applies to the question of whether an employee is exempt or non-exempt from requirements such as overtime pay, New York State Labor regulations set a different standard. Big I New York members should verify that they are meeting the state requirements. Effective December 31, 2019, employees whose duties may exempt them from the overtime pay requirement are exempt only if their wages are at or above the following levels: In New…

Legislation would extend TRIA, NFIP and repeal the 'Cadillac tax.'​​ WASHINGTON, D.C., December 17, 2019— The Independent Insurance Agents & Brokers of America (the Big “I") commends the U.S. House of Representatives for passing legislation that would reauthorize the Terrorism Risk Insurance Act (TRIA), extend the National Flood Insurance Program (NFIP) and repeal the Affordable Care Act's “Cadillac tax," all as part of government funding legislation. ​ “The Big 'I' would like to thank the U.S. House of Representatives for bringing our independent agents a trifecta of early Christmas gifts this year with the passage of government funding legislation that includes a long-term reauthorization of…