(Dewitt, New York, June 15, 2017) - The Independent Insurance Agents & Brokers of New York scored a major win for its members and their workers' compensation clients today with passage of legislation the trade association developed to ensure policyholders receive timely notice when their insurance premiums are substantially increased at renewal. The legislation passed the State Senate and Assembly this week but still requires Gov. Andrew Cuomo's signature.

IIABNY took action when it began hearing from its members that their workers' compensation clients were often receiving renewal premium notices just days before the effective policy date and finding their premiums were increasing substantially. The increases were occurring most frequently when the renewal was being offered by an insurer that was an affiliate of the insurer providing the expiring policy.

Due to the lack of notice, agents lost the opportunity to look for more affordable alternative coverage for their customers. Currently, workers' compensation policyholders in New York are often forced to renew their policy at a new, higher rate.

"The State Legislature deserves credit for recognizing the current situation is unfair to our agents seeking to do what's best for their clients and the many businesses across the state who will be helped by the additional time to pursue more affordable workers' compensation coverage," said Richard MacDonald, IIABNY Chair of the Board.

The legislation developed by IIABNY (A.1620/S.1005) and sponsored by Assemblyman Andrew Hevesi (D-Queens) and Sen. Joseph Robach (R-Rochester) will provide worker's compensation policyholders with 30 days notice when their premiums are due to increase by more than 10 percent upon renewal in cases where the policy is being renewed by an affiliated insurer that is under common control with the insurer that wrote the expiring policy.

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.