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How Insurance Producers Get Penalized By NYS DFS

​The latest insurance disciplinary action report from the New York State Department of Financial Services is out. As usual, it contains interesting information about what DFS is focusing its enforcement efforts on. Here are some raw numbers:Total number of reported disciplinary actions: 27.Total number of actions against carriers: 1 ($577,250 fine against a life insurance carrier for disclosure failures.)Total number of actions against agents and brokers: 23.Total number of actions against other licensees: 3 (an adjuster, a life settlement broker, and a title insurance agent.)Total number of actions against NY licensees: 10.Total number of actions against out-of-state licensees: 16 in 10 states.Number of licenses revoked:…

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Big I New York Awarded Maurice Herndon Award

Wednesday, during the Big “I" Legislative Breakfast, Charles Symington, Big “I" president & CEO, presented Big I New York with the 2023 Maurice Herndon Award. The Maurice Herndon award is given every year to the state association that has done exemplary work on legislative issues and government affairs the previous year.“This year's recipient achieved new fundraising levels for both InsurPac, our federal PAC, and their state PAC," Symington said. “They've had very strong participation at the Legislative Conference and strengthened grassroots relationships with key members of their congressional delegation. And on the state level, our winners successfully defeated legislation that would've banned all noncompete agreements…

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Big I NY Advocacy Leads to Kemper Commission Reinstatement

​In response to Big I New York's advocacy work, Kemper Personal Insurance will retroactively reinstate old commission levels for business its agents have produced since last fall. Big I New York learned this news this afternoon during a meeting with representatives of the New York State Department of Financial Services (DFS.) The carrier should formally notify its agents by the end of this month.The carrier, which announced last summer its intention to exit preferred auto and home markets countrywide, has taken several steps to reduce its volume in New York. These measures did not appear to comply with New York Insurance Law Section 3425. That…

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