(DeWitt, New York, Jun. 29, 2015) — The Independent Insurance Agents & Brokers of New York (IIABNY) is calling the 2015 session of the New York State Legislature a success. New York’s oldest insurance producer trade organization pointed to the achievement of a long-sought-after goal and the failure of legislation that it opposed.
The high point of the session for IIABNY was enactment of a law regulating certificates of insurance. It will stop unaccountable third parties from coercing insurance producers into issuing inaccurate certificates. IIABNY worked with the legislature and the governor for years to get this law enacted. It takes effect on July 28.
IIABNY also successfully fought off a bill, supported by trial lawyers’ groups, which would have broadly increased insurance premiums. The bill would have enabled individuals who believe their insurers have used unfair claims settlement practices to sue the insurers. The New York State Department of Financial Services already can punish insurers who commit these practices. This bill would have encouraged frivolous lawsuits against insurers whenever a claimant felt wronged.
During the final weeks of the session, many IIABNY members contacted their legislators and asked them to oppose the bill. As a result, the bill never came up for a vote.
Several other bills of interest to insurance producers passed the legislature. These include a bill to require insurers to use regional cost data when settling property damage claims (other than for autos); a bill clarifying the rules governing assessments of insolvent group self-insured Workers’ Compensation trusts; the extension of a law that broadens available insurance markets for large businesses; a bill to expand eligibility for blanket accident and health insurance; and a bill that would permit pregnant women to enroll in health coverage through the New York State of Health marketplace outside of the regular enrollment periods.
On the federal level, in January Congress and the president extended the Terrorism Risk Insurance Program. They also created a new facility that will make it easier for insurance producers to obtain licenses in multiple states. Both measures were high priorities of the Independent Insurance Agents & Brokers of America. Many IIABNY members personally lobbied their members of Congress over the past several years for passage of these measures.
The Independent Insurance Agents & Brokers of New York, Inc. has represented the common business interests of independent insurance professionals since 1882. More than 1,750 agencies and their 13,000 plus employees currently rely on the DeWitt, New York-based not-for-profit trade association for legislative advocacy, continuing education and other means of industry support. In addition, most IIABNY members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States. For more information, go to www.trustedchoice.com or www.iiabny.org.