​ Did the FTC Just Ban Noncompetes? Not So Fast.

​What Happened:Yesterday, the Federal Trade Commission (FTC) sent shockwaves through the employer community with the announcement of a nationwide ban on noncompete agreements. The controversial and highly-publicized regulation was approved following a 3-2 vote of the commissioners. The rule now enters a 120-day public comment period before being effective.While the media coverage may give the impression this is a done deal, that is hardly the case. Despite the FTC's action yesterday, the ultimate fate of the noncompete agreement regulation remains in serious question. The FTC maintains that it possesses the legal authority to prohibit the use of noncompete agreements (and to ban other business practices and…

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The ONE Reason You Should Support IAPAC

Contributing to the Independent Agents Political Action Committee (IAPAC) is one of the most impactful things you can do for the profession that you love. It all comes down to one thing. The most important thing. Without this, nothing else matters.Protection. Every day you help people protect what matters most to them. But what are you doing to protect the future of your agency? Your career? The business we all love so dearly?IAPAC exists to protect you. As a non-partisan political action committee, its singular purpose is to support the election of state candidates who support our profession.You know Big I NY has your back,…

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How Insurance Producers Get Penalized By NYS DFS

​The latest insurance disciplinary action report from the New York State Department of Financial Services is out. As usual, it contains interesting information about what DFS is focusing its enforcement efforts on. Here are some raw numbers:Total number of reported disciplinary actions: 27.Total number of actions against carriers: 1 ($577,250 fine against a life insurance carrier for disclosure failures.)Total number of actions against agents and brokers: 23.Total number of actions against other licensees: 3 (an adjuster, a life settlement broker, and a title insurance agent.)Total number of actions against NY licensees: 10.Total number of actions against out-of-state licensees: 16 in 10 states.Number of licenses revoked:…

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