CIBGNY Battles for brokers at DFS, targeting HO, other markets

Insurance Advocate goes way back with the CIBGNY to when it was 5 organozations – one per borough – and to when it had a giant annual black tie dinner – always covered with fotos- and had its annual Catskill convention, egg tossing and all. Many great men and women were the backbone of this group and their names continue today, The CIBGNY is still standing up, uniquely for the City broker, whether is a storefront with services in any one of teh 114 languages spoken in NYC or in a high rise downtown. Recently, CIBGNY President Rino Pietanza, its Vice-President Peter Conte – both second generation in leadership of the Group, and Legislative Committee Chair Jeff Greenfield, who has done so much for agents and brokers as did his father,  met with senior leadership at the NY Department of Financial Services, including two Deputy Superintendents and Senior Advisor the Superintendent. The meeting was held to discuss the availability of homeowners insurance in downstate New York, according to CIBGNY, who reported that they felt the meeting was productive. Among topics addressed were “the market withdrawal of Adirondack Insurance and Mountain Valley Indemnity Company, the industrywide underwriting restrictions that have taken place over the last 2 years, and the medium-to-long term stability of home insurance in Downstate NY”, a report to members stated.

The report outlined it further:

Adirondack / MVIC – many members were not happy with the process by which the carriers are leaving the marketplace. DFS felt the withdrawal agreement was a win for the marketplace, in place of a liquidation, which would have cancelled all policies immediately.  CIB made various requests to ensure an orderly cancellation process.

CIB presented several areas which it felt could improve market conditions, including DFS’s time delay in responding to rate increase and form filing requests by carriers. “While we are not pushing for higher rates for our clients, we need carriers to come back into the space to provide options to our clients”. DFS stated they are currently understaffed. Personnel in the rate filing area is returning shortly, which should speed up response times.They are also looking to other ways to improve the process.

CIB expressed concerns over the depth of this hard market “Supercycle” and presented DFS with a vivid picture of the Downstate homeowners market condition. CIB is aware DFS does not control nationwide market cycles, reinsurance, or inflation, but stressed the importance of having a responsive regulator in place for difficult times like this.

CIBGNY’s volunteer leaders are fighting for the independent agent and broker in an effort to improve insurance availability in New York….a fight worth joining with dues dollars and presence.

SA