The New York State Department of Financial Services (DFS) has updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the growing threat of cyber-attacks. The proposed regulation, presented by Superintendent Maria T. Vullo will be effective as of March 1, 2017, and will require banks, insurance companies, and other financial services institutions […]
Congratulations are in order. PIANY will present Gino A. Orrino, CPIA, with its Industry Professional of the Year award at the annual Metropolitan Regional Awareness Program. Orrino is principal of Orrino Capital Services LLC in Corona, N.Y. MetroRAP will be held at The Roosevelt Hotel on Thursday, Jan. 26. According to the PIANY standard, “the […]
I’m astounded by the lack of response by independent agents to the significant increase in competition for their clients. Not responding is a mistake. The competition is growing daily and it is no longer isolated to personal auto insurance or even just personal lines. This new competition is after small-to-medium commercial accounts as well as […]
Yes, you read that title properly. Every independent insurance agency should be making the most of Instagram as a part of their digital marketing plan. I’ll give you three reasons right off the bat that should help convince you: it allows you to connect with your customers and clients, visually promote your agency’s brand, and […]
One day in the hospital costs Medicare about $708. One day in hospice costs $183. One hundred twenty morphine tablets cost $20.88 retail. Health Savings Account money in the bank creates real options. But if you leave the choice up to the government, with a roll of the dice you could figuratively be in Jail […]
When a liability insurer is presented with a claim seeking defense and indemnity and the facts appear to exclude all coverage, it will provide a defense under a reservation of rights so that it can take the time needed to determine whether coverage applies or not. If the insured refuses the defense, fires the defense […]
Richard White, CEO of ShelterPoint Life has announced the election of John Roberts to the Company’s Board of Directors. Mr. Roberts is a senior-level insurance executive with 37 years of experience in disability, life, dental, and special risk businesses. He held leadership roles in group insurance, as well as operational management positions in underwriting and […]
Albany, N.Y., Jan. 5, 2017—The New York Insurance Association (NYIA) announces the election of its 2017 officers and board of directors. The following officers were elected for a one-year term ending Dec. 31, 2017: Chair: Steven Coffey, president and chief executive officer, Broome Co-operative Insurance Company, Vestal, N.Y. First vice chair: Elizabeth Heck, president and […]
Nationwide Mut. Ins. Co. v. Geico Cas. Edited by Lawrence N. Rogak In this property damage loss transfer arbitration, Geico contended that the amounts sought by Nationwide exceeded Geico’s policy limits. Despite this, the arbitrator made an award in excess of those limits. Nationwide moved to confirm the award, which was granted by District Court. The Appellate […]
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