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On Our Mind…Do Something Nice for Someone

​By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​​ “We can't help everyone, but everyone can help someone." – Ronald Reagan I rarely go through the drive through at my local coffee shop.  I am either too cheap, running too late or just plain impatient.  However, I decided to get a small coffee to go the other morning and was pleasantly surprised when I went up to the window to learn that someone had already paid for my coffee.  I immediately thought to myself, “shoot I should have ordered a large!!“ Just kidding.  I said to myself, “wow that was really nice!!" I share…

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State Law Bans Telemarketing Calls During State of Emergency

​A New York State law enacted last year prohibits businesses from making unsolicited telemarketing phone calls during a state of emergency. Consequently, insurance agents and brokers should avoid making these calls during the present COVID-19 state of emergency. Gov. Andrew M. Cuomo declared a statewide state of emergency on March 7, 2020. It remains in effect until September 7, 2020. The law passed both chambers of the New York State Legislature unanimously last June and was signed by Gov. Cuomo on December 18. It amended the existing general business law pertaining to telemarketing. The law prohibits a business or its employees (supervisors are responsible for…

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DFS Says Premium Finance Company Restrictions Apply To Each Installment

​The New York State Department of Financial Services has confirmed to Big I New York that the moratorium on premium finance companies (PFCs) cancelling policies applies separately to each installment payment. Each installment is also eligible for alternative payment arrangements. An emergency regulation issued by the DFS in late March, on orders from the governor, requires PFCs to delaty cancelling policies when a policyholder misses an installment payment because of financial hardship resulting from the COVID-19 pandemic. It also requires them to permit these policyholders to make up the missed payment over a twelve-month period. Big I New York members have reported that PFCs have…

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