Latest New York Headlines

Shrinking Citizens Signals Progress in Florida Property Market

Oct 20 2008 // Florida remains focused on recovery of its property insurance market. But new rules for reinsurers, a national catastrophe plan and the use of occupational rating in insurance are also on the radar of Florida Insurance...

People

Oct 20 2008 // Angelo Ganguzza, vice president of Boca Raton, Fla.-based LIG Insurance Agency and Kimberly Langston Gray, managing partner of Langston Insurance Agency in central Florida, accepted election to the Professional Insurance...

Oct 20 2008 // Darleen Madden has been elected president of the Independent Insurance Agents of Dallas (IIAD) for a term beginning Sept.1, 2008, through August 2009. Madden is co-owner of Glenn-Madden & Associates located in Dallas,...

New York City Hosts Crane Safety Conference

Oct 17 2008 // Crane safety experts from around the nation are meeting in New York City to discuss national standards following several deadly crane accidents this year. Nine people died in two crane collapses earlier this year in...

New York AG Goes After AIG Exec Compensation, Event Expenses

Oct 16 2008 // During recent Congressional hearings into the financial crisis at American International Group (AIG) and the resulting $85 billion federal bailout for the financial giant, Rep. Elijah Cummings, D-Md., asked former AIG CEO...

Insurers to New York: It’s Not Just Gas That Drives Insurance Rates

Oct 16 2008 // The Property Casualty Insurers Association of America (PCI) said it was disappointed by New York regulators’ decision to deny most auto insurers’ rate increases based on the assumption that higher gas prices...

Ex-New York Insurance Broker Sentenced to Probation

Oct 15 2008 // A 59-year-old former New York insurance broker who sold insurance despite having his license revoked in 2002 was sentenced to five years’ probation yesterday for pocketing $90,000 in premiums from businesses in...

New York, United Kingdom Regulators Sign Cooperation Arrangement

Oct 15 2008 // New York State Insurance Superintendent Eric Dinallo and Hector Sants, chief executive officer of the United Kingdom Financial Services Authority – the United Kingdom’s insurance regulator – have signed a...

New York Governor: Gas Prices Lowered Auto Premiums by $515M

Oct 15 2008 // New York drivers will pay almost $515 million less than what auto insurance companies were originally seeking to charge next year, said Governor David A. Paterson, announcing that auto insurance rates for New York drivers...

Forecast: NYC Building Boom Will Peak in 2008

Oct 15 2008 // New York City’s building boom will peak this year, with construction jobs plunging from a record 130,100 in 2008 to 100,250 in 2010, according to a report released yesterday. The report by the New York Building...

Glens Falls Bank to Acquire New York’s Upstate Agency

Oct 15 2008 // Arrow Financial Corp. reported that its Arrow’s lead subsidiary, Glens Falls National Bank and Trust Co., agreed to acquire Upstate Agency, Inc., an independent property and casualty insurance agency headquartered in...

New York Jury Awards $10.7M to Woman Forced to Wait for Brain Scan

Oct 14 2008 // A jury has awarded nearly $11 million to a woman who became partially paralyzed after waiting two hours for a hospital brain scan. Jurors found New York Hospital Medical Center of Queens was negligent in caring for Candida...

Lehman Debt Auction Gives Clue to Potential Insurance Payouts

Oct 13 2008 // Sellers of insurance on bonds issued by bankrupt Lehman Brothers Holdings Inc. are now likely to face demands that they pay out more than 91 cents on the dollar to buyers of those insurance contracts. That’s the...

Small Business Owners Unfamiliar With Risks in Self-Insured Groups’ Workers’ Comp Insurance

Oct 10 2008 // Small business owners are not fully aware of the financial risks involved in obtaining workers’ compensation insurance through self-insured groups, according to the results of the most recent Small Business Opinion...

AIG Domestic Life Units Get $37.8 Billion Cash from Federal Reserve

Oct 8 2008 // The Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated domestic life insurance subsidiaries of the American International Group (AIG). Under this program,...

New York Insurance Chief Says AIG Bailout was Unavoidable

Oct 7 2008 // Washington policymakers had no choice but to rescue American International Group Inc. after a dramatic investor crisis left the giant insurer starved for cash, New York insurance chief Eric Dinallo told lawmakers...

Renewal Rights Agreement Bolsters Narragansett Bay in New York

Oct 7 2008 // Narragansett Bay Insurance Co. has entered into a renewal rights agreement with Adirondack Insurance Exchange that should bring to the company 4,500 Long Island homeowner’s policies with approximately $10 million in...

New York Governor Vetoes Bill to Give Benefits to Drunk Drivers

Oct 6 2008 // New York Gov. David Paterson has vetoed legislation to extend no-fault insurance benefits to drunk drivers. The bill, S.8294-A, would have repealed New York’s Alcohol Exclusion law, which allows insurance companies...

Some See Spitzer Role in AIG Crisis

Oct 6 2008 // Spitzer forced Greenberg out of the company he built over nearly 40 years. Lost by many in the financial markets’ nightmare were ghosts of Wall Street past. Some are blaming the historic $85 billion federal bailout...

Crane Safety Guidelines Needed

Oct 6 2008 // In March 2008 a construction crane collapsed into a neighborhood bar and nearby apartments in New York City, killing seven people. In Bellevue, Wash., in June 2006, a large crane fell into an apartment building killing a...