News

#InsuranceGivesBack

During the coronavirus pandemic, we've seen Big I NY members making donations, collecting food for food banks, pantries and other charities.   If you are looking for virtual opportunites to volunteer, the Insurance Industry Charitable Foundation (IICF) has a list of ways to serve your community remotely from making PPE masks to sending cards to the sick and elderly and more.   The national Big I Young Agents committee is hosting the third annual GIVE Movement now through June 8th.  It is an easy way to show how independent agents are supporting their communities.   We encourage you to take photos or videos of the good works you are doing and share…

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Cancellation Moratorium and Premium Repayment Provisions Extended Until June 28th

New York Gov. Andrew Cuomo has again extended an order that prohibits insurance carriers from terminating some policies and requires them to be lenient with policyholders suffering financially from the COVID-19 pandemic. The requirements, which were scheduled to expire on June 6, will remain in place until June 28th.  The governor issued an executive order on March 29 that required the state Department of Financial Services to issue regulations setting a 60-day moratorium on insurers cancelling, non-renewing or conditionally renewing some policies. The regulations also required insurers and premium finance companies to make accommodations for households and small businesses having trouble paying their premiums because of the pandemic. The expiration of…

Continue ReadingCancellation Moratorium and Premium Repayment Provisions Extended Until June 28th

On Our Mind…Keeping You Informed

By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​Hello! This week we will be sharing some updates from the Department of Financial Services to reinforce Big I NY's attempts to keep you informed and up to date with important information. Be sure to check our website out at www.biginy.org for a whole bunch more. Extenstion of ExpirationsThe New York State Department of Financial Services announced that it was extending the expiration of individual insurance agent and broker licenses through July 8. The move grants producers an additional 45 days to renew their licenses.On March 25, the department announced that it was suspending the expiration of producers' licenses for 60…

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