Court Grants PIANY and Big I NY Request in NYDFS Regulation 187 challenge.

• Position: [IN THE NEWS]

ALBANY, N.Y. -- The New York State Supreme Court in Albany ruled in favor of a consolidation motion filed by the Professional Insurance Agents of New York State and Big I New York in the ongoing lawsuit over amendments to New York State Department of Financial Services (DFS) Insurance Regulation 187. The court granted a motion to consolidate the action with a similar lawsuit that was filed by the National Association of Insurance and Financial Advisors in New York County. Additionally, the venue for both actions will now be in Albany County.

"We are pleased the court ruled in favor of our request." said Big I NY Board Chairman Louis Atti, CPCU. Atti further remarked "Hopefully, this decision will lead to a swift resolution of our legal challenge."

On Nov. 16, 2018, New York's biggest and most influential insurance agent and broker associations filed a lawsuit against the DFS over amendments to Regulation 187, which would fundamentally alter the agent/broker-customer relationship in the sale of life insurance...