New York targets insurance coverage brokers, adjusters, and auto premiums in three new payments

Essentially the most substantive of the three is Senate Invoice 10017, filed by Senator Bailey on April 22. It targets Part 4228 of the Insurance coverage Regulation, the supply that units the foundations for the way life insurance coverage and annuity corporations pay their brokers and brokers. Underneath the present regulation, the superintendent is required to periodically modify the caps on coaching allowance subsidies, however the statute doesn’t repair a particular schedule. The invoice would exchange that open-ended timeline with a compulsory annual adjustment on January 1 of every 12 months, rising the prior 12 months’s limits by the identical proportion because the state’s minimal wage adjustment beneath the Labor Regulation. The superintendent would additionally retain the authority to approve coaching allowance subsidies exceeding these limits at any time. An analogous indexing mechanism would apply to the caps on prizes and awards that corporations may give brokers and brokers. These caps presently sit at 5 hundred {dollars} per single prize and two thousand {dollars} per agent per calendar 12 months, with corporations additionally permitted to pay a month-to-month prize price as much as fifty {dollars}. Starting January 1, 2027, these prize and award thresholds would rise annually by the identical minimal wage proportion adjustment.