Big I New York & Big I Connecticut Joint Position 

We believe that independent insurance agents serve customers best. They provide trusted advice and the right coverage options to protect what matters most and are typically consumers' first and last resource. Not only are independent agents vital for consumers, they are also to the insurers they represent.

The Big I New York board of directors has adopted a policy statement on agent compensation and appointments. The board intends it for all insurance industry stakeholders. The statement highlights that:

• Independent agents and brokers play a critical, unique role in the insurance marketplace.
• Agency compensation should fairly reflect the value that agents provide.
• Insurers should have discussions with their distribution force before taking any significant action.
• Insurers do face significant challenges in the current hard market.
• Regardless, "the practice of reducing agent compensation and terminating agency appointments is rash and misguided."
• When insurers inappropriately terminate agency appointments, they hinder agents' ability to serve the needs of their community.

We do want to express our gratitude to the companies that have remained steadfast partners with independent agencies. Their continued support and commitment demonstrate resilience in all market conditions, and we commend the for it.

The board of directors discussed and approved the policy.