Tax Increases Cloud the Horizon

As an insurance and financial professional, you and your clients face unprecedented legislative and regulatory threats. Both state and federal lawmakers seek revenue to cover trillions of dollars of COVID-19 relief measures, infrastructure projects, and other programs. All of this spending will add to a colossal government debt. Who’s going to pay for all of this? It would be foolishly naïve to think lawmakers will ignore our industry and the products and services vital to the financial security of American consumers. They are looking at us, and we need to be ready. Taxation needs representation!

New CE Requirements

Take note that the Department of Financial Services (“DFS”) has finalized its regulation which as been in the works for some time regarding heightened continuing education for agents and brokers. The revised regulation now requires enhanced flood insurance education for insurance producers who sell flood insurance through the National Flood Insurance Program. In addition, DFS is the first state regulator to require

NEW YORK — New York Attorney General Letitia James today announced her historic candidacy for governor of the state of New York. The announcement, made in a video and on her website, highlighted the vast work that Attorney General James has done across the state throughout her career and lays out why she is the change that New York needs.

Welcome new members who joined NAIFA-New York this October!

Belonging to your professional association sets you apart from the competition by ascribing to a Code of Ethics, voluntarily investing & participating in a performance-driven networking group, and serving your industry through advocacy and community service.

To All Members of NAIFA-New York, 

All great organizations need committed Volunteers in order to grow and remain successful. 

As we look ahead to building on what has been a tremendous year, we are looking for members who wish to serve our Chapter.

In an online world, it pays to be visible. A benefit of your NAIFA membership is being included on our consumer facing search engine, FinancialSecurity.org.

The U.S. Government will not be able to support Medicaid for much longer due to the increased demand for long-term care.

As we last reported, on August 31, Governor Hochul announced that that Adrienne Harris was been nominated as Superintendent of Financial Services. Acting Superintendent Harris began work at the Department earlier this month.

Welcome new members who joined NAIFA-New York this September!

Belonging to your professional association sets you apart from the competition by ascribing to a Code of Ethics, voluntarily investing & participating in a performance-driven networking group, and serving your industry through advocacy and community service.

Legislative Update
On August 24th, Kathy Hochul become the first female Governor in New York State history.   Governor Hochul will complete the term of Andrew Cuomo (which expires at the end of 2022) who resigned the post in the wake of damning report by Attorney General Tish James which corroborated allegations of sexual harassment by Governor Cuomo.

Governor Hochul has announced that she plans to run for election in her own stead next year and has selected State Senator Brian Benjamin from Harlem as her replacement as Lieutenant Governor.  

Governor Hochul has kept most of Governor’s appointees in place for the time being as she undertakes a 45-day informal transition process.