New DFS Cybersecurity Guidance Explained

Abstract: What the new DFS third-party service provider (TPSP) letter means and how your agency may respond Body: ​The New York State Department of Financial Services (DFS) issued new cybersecurity guidance for regulated entities, including insurance agencies, focused on third-party service provider (TPSP) oversight under the state's financial services cybersecurity regulation.The update doesn't add new requirements but clarifies how agencies may want to manage vendors with access to nonpublic information.What DFS Section 500.11 RequiresInsurance agencies and other covered entities must maintain written TPSP cybersecurity policies and procedures that address:Identifying your third-party service providersSetting minimum cybersecurity standardsPerforming due diligence on vendor securityPeriodically reassessing each TPSP's controlsThese…

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State Launches Worker Secure Choice Retirement Savings Plan

Abstract: The state government is now sponsoring a retirement savings program for private sector employees who lack access to a workplace plan. Body:  The state government is now sponsoring a retirement savings program for private sector employees who lack access to a workplace plan. Gov. Kathy Hochul announced the program, called New York State Secure Choice Savings Program, earlier this month. The plan lets employees save automatically through payroll deductions into a Roth IRA. it’s designed to be easy for employers to implement.What You Need to KnowStarting soon (expected late 2025), Ne​w York ​State law​ will require most businesses with:10+ employees,Two or more years in operation, andNo existing retirement…

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Agency Compensation 360: What To Know & How It Can Help Your Agency

Body:  ​​Knowledge is power, and it begins with understanding how your agency stacks up.The Agency Compensation 360 Study, offered in partnership with Catalyit, gives independent agencies across New York exclusive access to compensation trends, benefits, and role insights. This valuable tool helps agency leaders make informed decisions, stay competitive in today’s market, and attract and retain top talent.Participation is free for Big I New York members, and all data is kept completely confidentia. Results are reported only in aggregate. Every completed survey strengthens the collective knowledge of the independent agency community.Listen to the message in the video above from our President & CEO Lisa Lounsbury to learn why your participation…

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