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DFS Fixes License Renewal Application Issue

​The New York State Department of Financial Services (DFS) said in communications to its licensees today that it has addressed problems with license renewal application processing. If you've run into problems submitting a license renewal application in the last two months, you should try again.The issue was that individual agents and brokers were being asked questions about compliance with the Cybersecurity Requirements For Financial Services Companies regulation​. That regulation exempts from its requirements individuals who are covered by another entity's cybersecurity program. For example, producers and licensed customer service representatives who are employees of an agency are covered by their employer's cybersecurity program. These individuals are exempt from…

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Albany Update: Assembly Votes to Repeal Anti-Arson Application

​​On March 9th​​​​, the NYS Assembly unanimously passed Big I NY-supported legislation to eliminate an unnecessary ​burden on customers by repealing the anti-arson application statewide. Section 3403 of the Insurance Law requires the completion of an “anti-arson application" for people seeking property insurance for fire or explosion to complete. If a policyholder fails to complete this application, which is required upon initial application for insurance and on each subsequent renewal of the policy, the insurer must cancel the policy. Technology has advance dramatically since the application was first required, and the law has outlived its usefulness. Insurance companies today are required by law to have fraud prevention plans, which are filed…

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Trust Accounting & What Your Agency Might Be Missing

​By: Carey Wallace & Chris PeabodyIn insurance, sometimes we like to think it's as simple as understanding our insureds, their risk profiles, and making sure they have the right coverage for their needs. There is a lot more to it, but the nuances of insurance feel endless sometimes. In this blog, we will dive into one of the more overlooked aspects of operating your agency in a fiscally responsible way: Trust Accounting.As an agency owner, there is so much more to running your business than just selling insurance. You are also focused on building the right team, training them appropriately, focusing on marketing, keeping your…

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