Association Applauds Seward, Gallivan for Leadership and Industry Sense to Benefit Public
Jan. 4, 2017, Glenmont, N.Y.—The Professional Insurance Agents of New York State is applauding Sens. James L. Seward, R-51, and Patrick M. Gallivan, R-59, for introducing a bill yesterday (S.428), which would eliminate the requirement for policyholders to provide 30-day notice to withdraw from the New York State Insurance Fund. This has been a top-priority reform the association has worked toward since 2015.
“PIANY continues to strongly advocate for legislative action to remove NYSIF’s exemption from regulatory oversight,” said John C. Parsons II, CIC, CPIA, AAI. “We appreciate Senators Seward’s and Gallivan’s efforts to work with us to address the notice-requirement discrepancy between NYSIF and other insurers that provide workers’ compensation insurance in the state. We look forward to continuing our efforts this legislative session to get this bill signed into law.”
NYSIF is the largest single carrier of workers’ compensation insurance in the state (40 percent of the market). According to PIANY, this bill would even the playing field between the NYSIF and the admitted marketplace for workers’ compensation insurance, saving businesses money on their workers’ compensation insurance, without penalizing them with retaliatory actions when they find another insurance policy with another provider.
Members and volunteers told PIANY reforming the NYSIF’s 30-day notice requirement is just one of the items on PIANY’s current legislative agenda. Planning efforts that included the fall two-minute member survey, Advisory Councils and board and committee meetings also identified continuing need to standardize hurricane deductible triggers; the issues posed by continuing-education requirements on individual and business-entity license holders; and the recently proposed cybersecurity regulation as top concerns for the 2017 legislative session.
PIANY is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state.