Members of NAIFA’s New York chapter (NAIFA-NY) held a virtual meeting with officials from the state Department of Financial Services (DFS). State President Gary Cappon, CLU, LUTCF, RICP, FSCP, CLTC, provided introductions and a brief rundown of NAIFA’s advocacy work and support for the agent and advisor community and the consumers they serve. He also discussed challenges with financial product availability in the state. President-Elect Vinny Dallo, ChFC, CLU, CLTC, LUTCF, and Vice President of Advocacy Paul Sciacca presented “A Day in the Life of a Financial Professional,” highlighting how NAIFA members serve families and businesses in the state.

Cybersecurity Continues as a Top Priority

Can you tell your clients you're fighting for them? If you attend NAIFA-NY's Annual Legislative Day, you can! 

NAIFA state legislative days provide great opportunities for insurance and financial professionals to share with lawmakers their expertise and understanding of how laws impact Main Street consumers. Insurance is a state-regulated industry and NAIFA works tirelessly to ensure the industry is being protected. No one tells the Main Street stories about the financial concerns, challenges, and triumphs of families and businesses as well as NAIFA members. These are stories that lawmakers want to hear.

NAIFA state Legislative Days provide great opportunities for insurance and financial professionals to share with lawmakers their expertise and understanding of how laws impact Main Street consumers. NAIFA works tirelessly to ensure the industry is being protected. No one tells the Main Street stories about the financial concerns, challenges, and triumphs of families and businesses as well as insurance and financial advisors. These stories from constituents are the ones that lawmakers want and need to hear.

Legislative Update

The Legislature this week ratified new lines for New York’s Congressional and state legislative districts. The once in a decade process marked the first time that Democrats in the State Legislature held complete control over the reapportionment process. Preliminary indications point to Congressional Democrats having the opportunity to pick up three seats in New York.

Under the newly adopted State Senate lines, New York City will gain one seat in Brooklyn and Queens. These new lines largely reflect the growth in population in New York City over the last decade.

Recently, NAIFA-New York leaders Gary Cappon, President, and Paul Sciacca, VP of Government Relations, attended an event with Governor Kathy Hochul to represent NAIFA-New York members.

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.

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.  

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.