News

The act would prevent the Consumer Financial Protection Bureau from pursuing enforcement against any person regulated by a state insurance regulator.

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 American Property Casualty Insurance Association (APCIA) annual meeting this week focused on several hard market catalysts and the outlook for 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.

AM Best downgraded 32 property & casualty companies’ credit ratings in the first half of 2023, including 21 personal lines insurers.

In the current hard market environment, independent agents are proactively shopping ahead for their clients more than they have in the past.