Industry News

​Judging from phone calls and emails we've been receiving, it looks like many Big I New York members are doing work they don't have to do, at least when it comes to New York's cybersecurity requirements for financial services companies regulation. The confusion seems to be around the requirement for individuals and business entities to file notices of exemption with the New York State Department of Financial Services. Therefore, we want to remind you: An agency or brokerage is not required to file a notice of exemption at all after filing the first one in 2019. If the business no longer qualifies for the limited…

​ Insurance standards-setting organization ACORD ​has published an update to its application for Watercraft Insurance. The new edition is for use on and after March 1, 2020 and replaces the March 2016 edition. ACORD said the new form ACORD 82 (2020/03), Watercraft Application, contains updated fraud warnings for the states of Kansas and New York. The New York wording has also been moved to the place immediately above the insured's signature line. Other changes to the form are semantic or related to formatting.​  Source

​The New York Automobile Insurance Plan​ has asked state insurance producer trade organizations to distribute the following message: Dear Producers,  Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public member alternates to the Governing Committee of the NYAIP.  At the request of the Department of Financial Services, the NYAIP is soliciting producer trade organizations for qualified producers (at least five years of work experience) who are interested in serving in the capacity of public member alternates on the NYAIP Governing Committee for the 2020 term.   Public members on the Governing…