Legal and Compliance

The legislation would have banned the use of noncompete agreements and potentially other forms of employment contracts in the Empire State.

The Big “I” was successful in securing an exemption for independent agents from the act by showing that insurance producers already provide this beneficial ownership information to state regulators.

The act aims to enhance price transparency within the healthcare system, fostering informed decision making for patients and employers.

Without this exemption, the act would have required agencies with fewer than 20 employees to file new reports on their beneficial ownership.

A short-term reauthorization of the National Flood Insurance Program through to Feb. 2, 2024, was included. The legislation also included an extension of the current Farm Bill through to Sept. 30, 2024.

The Big “I” advocated for efforts to address the current property insurance crisis and its impact on consumers at a U.S. House of Representatives hearing.

The act would protect Big “I” members from criminal and civil liability and provide clarity for transactions involving legitimate cannabis-related businesses.

The hearing investigated how outside capital is funding litigation against companies and agencies to achieve policy goals and examined the lack of oversight in this area.

The deduction, which is scheduled to expire at the end of 2025, is heavily relied upon by many Big “I” members and their clients to expand their small businesses, hire more employees, and better serve their communities.

This week, the National Labor Relations Board (NLRB) issued an interpretative memorandum asserting that many non-compete agreements interfere with employees rights.