Welcome new members who joined NAIFA-New York this July and August!
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.
In the latest departure of life insurance products, Lincoln Financial pulled new sales of both term and universal life policies from New York until an electronic signature process could be implemented.
Cybersecurity a Top Priority of DFS
Cybersecurity continues to be a top priority of the Department of Financial Services (“DFS”). Watch this space for revisions to the current cybersecurity regulation and continued enforcement actions for failure to have policies and procedures in place or for inappropriately filing a certificate of compliance. To keep up to date and utilize the tools available, be sure to check out DFS's Cybersecurity Resource Center, including its tools for small businesses.
Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has issued new guidance on preventing ransomware attacks. In the guidance, DFS identifies cybersecurity controls that significantly reduce the risk of a ransomware attack and should be implemented by companies wherever possible.
Legislative Session Update
As reported previously, the New York State Legislature concluded their legislative session on June 10 with their traditional flurry of legislative activity with 461 bills passing both houses during the final week.
As a point of reference, 892 bills passed both houses this session which began in January. Of the 892 measures, 652 have yet to be delivered to be Governor which is not atypical for this point in the year. We anticipate that most of these measures will be enacted into law with most of the vetoes occurring at the end of the year. It is unclear at this point what impact the pending investigations of the Executive Chamber will have if any on this process.
In a sign that the world is returning to some sense of normalcy, the State Capital is now open to the public.
June 22 was primary day in New York State. Due to the new ranked voting methodology, the winner in the NYC Democratic mayoral primary has not been declared but it appears that Brooklyn Borough President Eric Adams is the favorite to occupy Gracie Mansion next January.
As an aside, every state legislator seeking local office in New York City lost on primary day.
In Buffalo, Democratic Social of America member India Walton decisively upset four-term Mayor Byron Brown in the Democratic primary. Ms. Walton is the overwhelming favorite to be the next Mayor of Buffalo.
Finally, State Senator Todd Kaminsky has announced his candidacy for Nassau County District Attorney.
Legislative Session
As the June 10 close of session quickly approaches, the Assembly and Senate introduced and moved hundreds of bills the past couple of weeks. The Senate wrapped up their regularly scheduled Committee meetings and the Assembly will continue to hold Committee meetings until the week before they adjourn for the year.
Legislative Session
With the enactment of the State Budget, the Legislature has shifted its focus to programmatic issues. The Legislature plans to complete the 2021 Session on June 10th. Both houses will likely pass virtually thousands of bills over the next six weeks. The Attorney General’s investigation into sexual harassment allegations against Governor Cuomo will undoubtedly impact the pace and agenda for the balance of the Legislative Session.
Legislative Update from GreenbergTraurig, NAIFA-New York's lobbyists
Thank you to everyone that took time out of your busy day to complete our member survey. We truly appreciate it as your feedback will directly help to improve NAIFA-New York. We made notes of every single response that we received to ensure your feedback makes a difference.
Come together as NAIFA-New York on February 18 at 1:45 pm. Meet your 2021 NAIFA-NY Board of Directors and find out what's in store this year, as well as hear from industry legend, Joe Jordan. Joe will discuss the idea of using reverse mortgages as a bridge to social security and Medicare premiums driven by income, eating up social security, which is taxable.
