Six regions—Central New York, Finger Lakes, Mohawk Valley, North Country, Southern Tier, and Western New York—are allowed to begin reopening based on their meeting of certain metrics, and the Phase I businesses eligible to restart (construction, agriculture, manufacturing, and wholesale trade) in those areas must comply with new, detailed guidance and safety plan requirements from the [...]
Governor Cuomo has laid out a 4-phased, regional approach to restarting NYS businesses after a wide-ranging shutdown in response to the coronavirus pandemic. The Central/Upstate New York regions and the construction industry are likely to benefit first. Additional information is available HERE. To access the Governor's 156-page NY Forward: A Guide to Reopening New York & [...]
DFS Says Producers Can E-Mail Clients about 90-Day Premium Deferral Period – No Physical Mailing Needed
The Department of Financial Services (DFS) has determined that producers only have to e-mail clients to tell them about the 90-day premium deferral period for COVID-19 financial hardship—and only send to the client e-mail addresses they already have.
In an April 9 letter to Department of Financial Services (DFS) Superintendent Linda Lacewell, NAIFA-NYS stressed the great, and arguably unnecessary, burden placed on producers complying with the 10-day notice deadline for 90-day premium deferrals, and urged DFS to reevaluate. The letter also conveyed results of the NAIFA-NYS COVID-19 survey.
The Department of Financial Services (DFS) has issued a model notice for agents to give policyholders telling them of the DFS emergency regulation that creates a 90-day, COVID-19–related deferral for payment of life insurance & annuity premiums. More information, including a NAIFA-NYS breakdown of the significant regulation, is in the COVID-19 Resource Center.
Saying that despite the COVID-19 crisis “we have to be able to walk and chew gum,” the Governor on April 3 signed a FY 2021 budget unlike any other NYS budget. It is “calibrated” to future revenues and losses in recognition, the Governor says, that “the State has no money” and is heavily reliant on federal [...]
For the second year in a row, and despite unanimous support in the NYS Senate and Assembly, Governor Cuomo on November 25 vetoed our legislation to provide continuing education (CE) credits for active membership in associations such as NAIFA-NYS. The bill was a revised re-introduction of the version vetoed by the Governor on Christmas Eve 2018. [...]
The life insurance agents and financial advisors join the many other New Yorkers mourning the passing of longtime state Senator William Larkin. Our sympathies go out to his wife, Pat, son Bill, and many other relatives and friends. Bill Larkin was a friend to so many, and NAIFA-NYS was honored to be among that group. Senator [...]
NAIFA-NYS Announces New Leadership Team to Strengthen the Voice of Life Insurance Agents in New York Albany, New York, July 3, 2019 — A new leadership team of financial professionals from across New York State has taken charge of the National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS), giving an even stronger, more energized voice to [...]
On June 18, the New York State Assembly approved unanimously—in a 101-0 vote—the NAIFA-NYS continuing education (CE) credit bill. The legislation, which passed the NYS Senate 60-0 on June 7, would require the Superintendent of the Dept. of Financial Services (DFS) to grant three (3) CE credits to active members of insurance producer associations—including NAIFA-NYS—that operate [...]