Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
NYC Mayor Bloomberg Proposes $20B Flood Plan After Sandy
Jun 11 2013 // New York Mayor Michael Bloomberg called for a $20 billion system of flood barriers to protect low-lying areas from storms almost eight months after Hurricane Sandy devastated the region. In a report released today, the...
Chubb Must Face Bear Stearns Suit Over Coverage for SEC Deal
Jun 11 2013 // Chubb Corp.’s Vigilant Insurance must face a lawsuit by Bear Stearns Cos. accusing the insurer of breach of contract for refusing to pay part of a U.S. Securities and Exchange Commission settlement, New York...
A New Threat for Hardest-Hit Sandy Victims: Soaring Flood Insurance Costs
Jun 10 2013 // George Kasimos has almost finished repairing flood damage to his waterfront home in New Jersey, but his Superstorm Sandy nightmare is far from over. Like thousands of others in the hardest-hit coastal stretches of New...
Brown & Brown Announces Asset Acquisition of Rollins Agency in New York
Jun 10 2013 // Brown & Brown of New York Inc, a subsidiary of Brown & Brown Inc., said it acquired certain assets of The Rollins Agency in Rye Brook, N.Y. With roots dating from 1910, The Rollins Agency provides a wide range of...
N.Y. Scrutinizing Sandy Rebuilding Contracts for Potential Overcharges
Jun 7 2013 // New York State Comptroller Thomas DiNapoli is examining the billions of dollars being spent to rebuild after Superstorm Sandy a month after he forced one vendor to cut its price by more than $63,000. DiNapoli discovered...
S&P Wins Transfer of Ratings Lawsuits by States to Federal Court in New York
Jun 7 2013 // Standard & Poor’s and its parent company McGraw Hill Financial Inc. on Thursday won a ruling that moves 15 lawsuits in which they were accused of fraudulently inflating credit ratings to a single federal...
Groups Warn N.Y. Assembly’s Insurance Reform Bills Have Potential to Backfire
Jun 6 2013 // Industry groups are warning that the New York State Assembly’s recent approval of the post-Sandy insurance reform package has the potential to backfire and are urging the state Senate not to take up this...
N.Y. Assembly Approves a Flurry of Post-Sandy Insurance Reform Bills
Jun 5 2013 // The New York State Assembly approved on Tuesday a comprehensive post-Sandy insurance reform package comprised of 14 pieces of legislation. All approved measures now move to the state Senate for further consideration. The...
AIG CEO Comments on ILFC Sale, ‘Systemically Important’ Classification
Jun 5 2013 // American International Group Inc. Chief Executive Officer Robert Benmosche raised doubt about whether the company will complete a sale of its plane-leasing unit to a Chinese investor group by a deadline this...
N.Y. Reaches Reform Agreements With 4 Additional ‘Force-Placed’ Insurers
Jun 3 2013 // New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached...
Tokyo Prepares for a 1-in-200-Year Flood to Top Sandy
Jun 3 2013 // Tokyo, the world’s most populated metropolis, is building defenses for the possibility of a flood in the next 200 years that could dwarf the damage superstorm Sandy wrought on the U.S. East Coast. Japan’s...
New York City Tops List of Cities With Most Questionable Claims
Jun 3 2013 // New York City tops the list of U.S. cities with the highest number of questionable insurance claims, according to the latest analysis by the National Insurance Crime Bureau (NICB). The NICB’s annual look at...
New York Legislators Take Aim at ACC Clauses
Jun 3 2013 // The New York State Assembly’s insurance committee on May 23 approved a bill that would prohibit the insurers’ use of anti-concurrent causation (ACC) clauses in the state. The bill, A07455, was introduced by...
Former U.S. Federal Reserve Insurance Counsel Frank Alerte Joins Colodny, Fass, Talenfeld, Karlinsky, Abate & Webb
May 31 2013 // Ft. Lauderdale, FL, 5/31/13 – Frank Alerte, a former executive insurance counsel at the U.S. Federal Reserve, Guy Carpenter and BB&T, has joined the law and governmental consulting firm of Colodny, Fass,...
AIG Ends a Bailout-Related Lawsuit Against N.Y. Federal Reserve
May 30 2013 // American International Group Inc. has agreed to end litigation against the Federal Reserve Bank of New York over whether the insurer retained the right after its 2008 taxpayer-funded bailout to sue over losses on...
Group Applauds N.Y. Senate Passage of Certificates of Insurance Bill
May 30 2013 // The Professional Insurance Agents of New York State Inc. applauded the New York State Senate for passing a bill, S.3084-A/A.3107-B, on Wednesday, which has long been advocated by the association. The bill now moves to the...
N.Y.-Based Navigators Management Taps AIG Exec as New Chief Claims Officer
May 30 2013 // Rye Brook, N.Y.-based specialty insurer The Navigators Group appointed Glen Bronstein as chief claims officer of Navigators Management Company, the Group’s principal U.S. underwriting agency subsidiary. Prior to...
Third Person Sentenced in New York Auto Insurance Scam
May 30 2013 // Federal authorities say a 67-year-old central New York man has been sentenced for his role in staging a motor vehicle crash to collect insurance money. The U.S. Attorney’s Office says Joseph Demme of Whitesboro was...
Allstate, Citigroup Settle Mortgage Securities Lawsuit
May 30 2013 // Allstate Corp. and Citigroup Inc. agreed to settle a lawsuit filed by the insurer in New York state court accusing the bank of fraudulently selling hundreds of millions of dollars of mortgage-backed securities. Allstate,...
N.Y. Liquidation Bureau Distributed $346M in 2012; Over 6,000 Claims Resolved
May 29 2013 // New York State’s Financial Services Superintendent Ben Lawsky announced the publication of the New York Liquidation Bureau’s 2012 annual report. The report said that last year the Bureau distributed a record...
