News Alerts

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Honorable George Nichols III Headlines NAIFA-NYS Webinar, Offers Insight into Promoting Equality through Insurance

By | June 18th, 2020|Categories: Member News, Members, NAIFA-NYS Legislative Updates, News Alerts|

During a special June 18 NAIFA-NYS town hall webinar, the Honorable George Nichols III, an accomplished insurance executive & regulator and current president of The American College, joined us for a June 18 town hall webinar and shared his views on how insurance—and life insurance in particular—can be part of a sustainable solution to economic imbalance.  He [...]

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Cuomo Approves 6 Regions for Phase I Reopening

By | May 20th, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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 [...]

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Governor Outlines 4-Phased Plan to Reopen NYS

By | May 4th, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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 & [...]

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DFS Says Producers Can E-Mail Clients about 90-Day Premium Deferral Period – No Physical Mailing Needed

By | April 10th, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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.    

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NAIFA-NYS Asks to DFS to Reconsider Notice Requirement for 90-Day Premium Deferrals

By | April 9th, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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.    

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DFS Offers Model Disclosure to Help Agents Comply with 90-Day Grace Period Regulation

By | April 7th, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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.    

Governor Cuomo Signs FY 2021 Budget

By | April 3rd, 2020|Categories: Member News, NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

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 [...]

Debt Among American Seniors Skyrockets 543% in Two Decades

By | February 27th, 2020|Categories: News Alerts|

Between 1999 and 2019, the total debt for Americans above age 70 skyrocketed 543%, according to the Federal Reserve Bank of New York, thanks largely to a deterioration in the nation's "modest social safety net".  The debt burden for this demographic amounts to $1.1 trillion; for Americans in their 60s, the total debt is $2.14 trillion—a [...]

The Race Is On: NAIFA, Others Push for State Approval of NAIC “Best Interest” Model

By | February 20th, 2020|Categories: News Alerts|

State insurance regulators finally have hammered out their "best interest" model regulation for annuities, and now NAIFA and other industry players are pushing states around the country, both liberal and conservative, to pass the new standard.  The goal, according to Diane Boyle, NAIFA's Senior Vice President for Government Relations, is to quickly establish a consistent approach [...]

Social Security “Blind Spots”: the Facts that Few People Know

By | February 13th, 2020|Categories: News Alerts|

According to a new survey from SimplyWise, there are five common blind spots in people's understanding of Social Security benefits and requirements--and that, of course, highlights the critical need for consumers to rely on a financial advisor.  According to SimplyWise, only 42 percent of survey respondents knew at what age they should begin claiming Social Security [...]