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NY P&C Insurance Summit: ‘State is on the Brink of an Insurance Crisis’

Abstract: Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany. Body: ​Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany.The event,…

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My Client’s Mortgage Lender Wants a Copy of the Replacement Cost Estimator

Abstract: While your agency naturally wants to assist its client, it is not the agency's responsibility to make the lender happy. Body: ​Question from a Big I NY member: We have been receiving requests from the banks to provide a replacement cost estimator to them for re-finance and new loans. Are you aware of any new law or regulation changes regarding this?Answer: This all apparently stems from actions proposed by Fannie Mae and Freddie Mac last winter. However, at the behest of the national Big I and the National Association of Mutual Insurance Companies, they put an indefinite hold on the actions last June. That hold…

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New Resource Helps You Comply With NY Cyber Reg

Abstract: You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups. Body: Big I New York has unveiled a new resource to help agencies comply with part of the New York financial servi​ces cybersecurity regulation. Specifically, it will make it easier for you to comply with the requirements regarding third-party service providers. You now have one-stop access to information about the cybersecurity practices of large publicly traded insurance carrier groups.The regulation's Section 500.11 requires all covered entities, including insurance agencies and brokers of any size, to “implement written policies and procedures designed to ensure the security of…

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