News

REMINDER: Cyber Reg Certification Due This Weekend

​The deadline for submitting the annual certification of compliance with New York's cybersecurity regulation for financial services companies is this Saturday, April 15. If you haven't submitted the certification for your agency yet, you must do so by the end of the day Saturday.The certification is one of the requirements in the New York State Department of Financial Services (DFS) regulation Cybersecurity Requirements For Financial Services Companies, which is Part 500 of Title 23 of the New York Codes, Rules and Regulations (23 NYCRR 500.) Subsection (b) of Section 500.17 states:"Annually each covered entity shall submit to the superintendent a written statement covering the prior…

Continue ReadingREMINDER: Cyber Reg Certification Due This Weekend

What Is Your Agency’s Number? The Policies Per Customer Factor

​By: Carey WallaceSeveral factors impact the value of your agency. Some of the biggest factors include maintaining a strong and consistent organic growth rate, retention rate, profitability rate, and overall performance. In addition, agencies being aware of the risk factors that impact the value of your agency is key.Once you know these factors, you can work to minimize the risk inside your agency and maximize your value. Knowing the overall risk inside your agency is also critical because it is what any future buyer will take into consideration to help them predict the ongoing performance of the agency. There are many different factors that will…

Continue ReadingWhat Is Your Agency’s Number? The Policies Per Customer Factor

Albany Update: Photo Inspection, MVR Verification Bills Pass Assembly, Excess Lines Bill Introduced

This week, the NYS Assembly passed A.3172-A, our bill to allow carriers to waive CARCO inspections for the next four years, by a vote of 116-25. The bill was sent to the Senate, where it must pass the Insurance Committee and floor vote before being sent to the Governor. This is a major advancement in our campaign and it would not have not have been possible without the engagement of our agents, and the leadership of the bill's sponsor, Assemblyman Ken Zebrowski. With passage by the Assembly, we are increasingly optimistic about the prospects of this bill being passed and signed into law this session.…

Continue ReadingAlbany Update: Photo Inspection, MVR Verification Bills Pass Assembly, Excess Lines Bill Introduced