Liberty Mutual Insurance Waives Growth Requirement for Agencies in Profit-Sharing

​Liberty Mutual Insurance announced that they are rolling out updated guidelines for their 2020 commercial lines profit-sharing agreement and will be waiving the 10% written premium growth requirement to earn a profit-sharing bonus."Despite the incredible challenges they've faced during the pandemic, independent agencies never stopped working hard. They continue to help customers protect what matters most, while keeping their teams safe and businesses afloat. But our shared customers have been hit hard and agencies need carrier support," said Big I NY's Chair of the Board, David T. MacLachlan, CPCU."I commend Liberty Mutual for leading the way, waiving the growth requirement for agencies in profit-sharing. There…

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On Our Mind…CE for Your Agency

​​​By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & DevelopmentMy wife just reminded me that back in March when I started working remotely, I boldly predicted I would be back at the office by mid-May, well……….As we stare straight at August, all the headlines (well many of them) are talking about kids going back to school and “how" it will all work.  It got me to think about your agency and your staff's needs for continuing education for license renewal as well as those taking certification and designation classes.What are your plans?  How do you implement them?  Have you discussed doing classes as a group…

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DFS Announces First Enforcement Action of NYS Cyber Regulation

​This week, the Department of Financial Services announced the first charges for violations of Reg 500, aka the Cyber Regulation. The Department alleges a laundry list of violations by First American Title Insurance Company, which resulted in the exposure of millions of customer documents.We have long speculated and advised you that DFS will not take violations of the Cyber Regulation lightly. Now, we have a bit more clarity: in this case, DFS holds that each instance of exposed customer information carries up to a $1,000 fine. Need a reason make sure your agency is in compliance? The DFS just gave you a billion reasons.The good news: Big I…

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