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Albany Update: Monumental Victory in Best Interest Regulation Lawsuit, Big I NY Photo Inspection Bill Clears Key Vote

​On Thursday, in a stunning unanimous decision, a New York Appellate Court sided with Big I NY, ruling that the 2018 amendment to Insurance Regulation 187 (AKA, the “best interest regulation) is unconstitutionally vague. Big I NY contended that, among many other issues, the regulation is unclear on what specifically producers must do in order to comply. The ruling is the latest development in Big I NY's ongoing legal challenge to the regulation, which began shortly after the regulation was adopted in 2018. The DFS is has 30 days to decide if they will appeal the ruling to the state's highest court, the New York…

Continue ReadingAlbany Update: Monumental Victory in Best Interest Regulation Lawsuit, Big I NY Photo Inspection Bill Clears Key Vote

Industry Roundup: April 29th

New York Warns of Supply Chain​ Attack Dangers in Recent SolarWinds ReportThe next great financial crisis could come from a cyber attack. At least, that's according to New York State Department of Financial Services (DFS) Superintendent Linda Lacewell in a statement regarding DFS' recent report outlining its investigation into the SolarWinds attack. The report summarizes the attack, the response by DFS-regulated companies and key measures to prevent future events of a similar nature.​Insurance 'The Final Safety Net' in Cyber​ Risk ManagementCyber insurance can serve as “the final safety net" for your agency in the worst-case scenario that something happens to you. It cannot act as…

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Monumental Victory for Agents: Big I NY Wins Lawsuit Appeal Against New York State DFS

​Today, we achieved a monumental victory for independent insurance agents with a unanimous ruling that the controversial “best interest” standard (the first amendment to Regulation 187) for life insurance and annuities imposed by the NYSDFS is unconstitutionally vague. While other member associations backed down over the course of this fight, Big I New York has continuously challenged the amendment since November 2018.[Read the complete text of the ruling] “Today’s ruling is a victory, not just for the state’s independent insurance agents and brokers, but for our customers,” said David MacLachlan, CPCU, Big I NY Chair of the Board. “This regulation has been virtually impossible for brokers to meaningfully comply…

Continue ReadingMonumental Victory for Agents: Big I NY Wins Lawsuit Appeal Against New York State DFS