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Get to Know Your Board: Marianne McCormick

Marianne McCormick, AAI, CPCU, is a Regional Director on the Big I New York Board. In our new blog series, Get to Know Your Board, she shares a bit about herself in Q&A format. Meet Marianne! ​​Marianne McCormick with Jim Lombardo, Big I NY AVP of Learning & Development​Who is/are your mentors (professional or personal)?​​I’ve been fortunate to have worked with wonderful people who encouraged me to learn more- do more. Fred Beaudry, at one of my earliest positions, encouraged me to move into commercial lines, he sent me to Drake University for their Commercial Lines school program and promoted studying for insurance designations. He always…

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DFS Urges Compliance Measures in Wake of Russian Attack on Ukraine

​ The New York State Department of Financial Services (DFS) is urging precautions following Russia’s invasion of Ukraine last week. In a Feb. 25 letter to all regulated people and entities, DFS provided detailed guidance. We encourage all of you to: Review the contents of the letter; andImplement those measures that are appropriate for firms of your size and scope of operations. This is particularly necessary if you do business with companies in either of the two countries.Writing that the “Russian invasion of Ukraine significantly elevates the cyber risk for the U.S. financial sector,” Superintendent Adrienne Harris said that regulated entities should:Review their cybersecurity programs…

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​ Albany Update: Favorable Amendments to Insurance Disclosure Act (Finally) Enacted

What Happened:On Thursday evening, Governor Hochul signed Big I NY-supported amendments to the Comprehensive Insurance Disclosure Act (CIDA). Fifty-five days since the passage of the CIDA, agents and insurers can finally breathe a sigh of relief as significant beneficial changes are officially on the books. The CIDA will now apply only to actions filed after December 31, 2021 (not all pending actions, as originally passed). Additionally, policy applications are no longer subject to mandatory disclosure, PIP actions are exempted from disclosure, and the time frame for disclosure will be extended from 60 days to 90.What's Next:While the amended CIDA is less sweeping than the original, it still…

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