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End of Session Update: Four Bills Affecting Your Agency That May Soon Become Law

This week, the New York State legislature adjourned until January of 2024. The legislature passed thousands of bills, including several that will have impacts for your agency. Big I New York actively lobbied on these issues and we are pleased that two of our highest priority bills have passed the legislature and will soon be sent to the governor for action.Photo Inspection ReformWhat the Bill Does: Allow insurance companies to waive CARCO inspections​ for the next four years. After four years the change will sunset and photo inspections will again be required, unless the bill is extended or further modified.What it Means for You: This bill…

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State Budget Creates New Guaranty Fund Protection for Health Insurance

​The New York State budget enacted last month added new guaranty fund protections for health insurance policies. They took effect on May 3, 2023.A series of provisions in the budget bills renamed The Life and Health Insurance Company Guaranty Corporation of New York Act as "The Life and Health Insurance Company Guaranty Corporation of New York Act." ​The purpose of the act was amended to include health care providers as among the protected groups. It also states that the protected groups include those who may benefit from health insurance policies issued by health insurance and property-casualty insurance companies.If a health insurance company or a property-casualty company that…

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What’s Going On In The Market?

​As we head into the second half of 2023, the insurance marketplace remains in a state of flux. We've seen some strong underwriting results from carriers leading to softening in some markets, while also experiencing some of the hardest market conditions we've faced in decades for others.In February, we published our State of the Market – Q1 2023 and not much has changed since. These are common themes running through the property segment of almost every industry:Catastrophic weather events—major hurricanes making U.S. landfall in five out of the last six years, wildfires engulfing thousands of acres, unprecedented winter storms, Midwest flooding, etc.—have played a major…

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