Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Ratings Roundup: Am Farm/Ranch, Great Northwest, Business Alliance
Sep 4 2008 // A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘B-‘ (Fair) from ‘B+’ (Good) and issuer credit rating (ICR) to ‘bb-” from ‘bbb-” of Oklahoma City-based...
Ironshore to Sell E&S Coverage in New York
Sep 3 2008 // Ironshore Specialty Insurance Co. has been approved as an eligible excess and surplus lines insurer in New York. The Excess Line Association of New York added the company to its list of eligible E&S insurers...
Gas Prices Drive N.Y. Rate Decreases
Sep 1 2008 // One of New York state’s largest auto insurers, GEICO, agreed to drop two requests for rate hikes after a plea by the state’s top regulator to consider the effect of high gas prices on customers’ driving...
Business Moves
Sep 1 2008 // Aon, Benfield Chicago-based Aon Corp. is acquiring UK-based broker Benfield Group Limited for about $1.75 billion. The price includes $6.55 (£3.50) per share in cash and assumption of $170 million (£91 million) of...
Liberty Mutual Sues New York over Workers’ Comp Law Changes
Sep 1 2008 // Boston-based insurer Liberty Mutual Holding Co. has filed a federal lawsuit challenging several recent amendments to New York State’s workers’ compensation law as unconstitutional. The suit alleges that changes...
N.Y. Toughens Penalties for Bribing Crane Inspectors, Falsifying Reports
Sep 1 2008 // New York Governor David Paterson has signed into law new criminal and civil penalties for crane inspectors who falsify their inspection reports, and those who try to interfere with the crane inspection...
N.Y. Requires Showing of Prejudice Before Insurers Disclaim for Late Notice
Sep 1 2008 // New York has enacted a bill requiring a showing of prejudice before insurers can disclaim coverage for late notice. The bill amends Section 3420 of the New York Insurance Law to require liability policies to provide that...
Business Moves
Sep 1 2008 // Aon, Benfield Chicago-based Aon Corp. is acquiring UK-based broker Benfield Group Limited for about $1.75 billion. The price includes $6.55 (£3.50) per share in cash and the assumption of $170 million (£91...
New York Workers’ Comp Rates to Drop 5 Percent
Aug 27 2008 // Premiums for workers’ compensation insurance in New York will drop 5 percent in 2009, said Gov. David Paterson, marking the second straight annual decline since landmark reform legislation was passed in 2007. The...
New York Freezes Malpractice Insurance Rates
Aug 25 2008 // Gov. David Paterson is freezing medical malpractice insurance rates for a year as he seeks a broader solution to high business costs doctors claim are driving them out of New York. The freeze heads off a scheduled...
New York City Bus Workers File Lawsuit against Diesel Makers
Aug 22 2008 // A group of New York City bus workers claim in a lawsuit that diesel exhaust from idling buses exposed them to severe illnesses, including lung and throat cancer. The lawsuit, filed in state court on Monday, names 13 diesel...
New York Agents Want Export List Expanded
Aug 21 2008 // Agents say that the search of the admitted market ends up being just a time-waster for them and their clients. They already know which risks their insurers will accept and not accept. Insurance agents and brokers from...
By Lilla Zuill
Aug 21 2008 // The exchange would allow underwriters to form syndicates to reinsure and insure unusual or very large exposures. N.Y.’s Dinallo Sees Insurance Exchange Open by 2009 New York Insurance Superintendent Eric Dinallo said...
Proposed New Coverages for N.Y. Export List
Aug 21 2008 // Primary and excess property insurance Contractors: Primary and excess liability coverage for general contractors, subcontractors and all construction trades for construction, building, demolition or renovation. Also Owners...
Editor’s Note: The Debate Continues
Aug 21 2008 // If there are to be rules, let them apply to everyone equally. Agents, brokers and carriers across the nation are following the debate over whether contingent commissions should be permitted and how much compensation...
N.Y. Court Holds Up Assessments for Failed Workers’ Comp Trusts
Aug 21 2008 // The New York Workers’ Compensation Board must do a better job of justifying a significant assessment against employer groups in the state that self-insure for workers’ compensation claims, a Supreme Court judge...
New York to Revive Lloyd’s-like Exchange
Aug 21 2008 // New York Insurance Superintendent Eric Dinallo said a revival of the defunct New York Insurance Exchange could happen as early as next year. Dinallo said the next 18 months was a “realistic horizon” to revive...
Editor’s Note: The Spitzer Error
Aug 21 2008 // To conclude the Liberty Mutual ruling marks the end of the Spitzer era may be wishful thinking. Liberty Mutual downplayed its recent victory when the New York Supreme Court declared that contingent commission agreements...
Contingent Commissions Legal, N.Y. Court Rules
Aug 21 2008 // Agent groups praised Liberty Mutual for fighting the battle in court and winning. In a twist to a scandal that has rocked the insurance industry in the past several years, a New York appeals court has ruled that contingent...
Agents’ Group Promotes Wright to Assistant Vice President
Aug 19 2008 // The Independent Insurance Agents & Brokers of New York has promoted Regina Wright to assistant vice president of finance. Wright most recently served as director of finance for the DeWitt-based trade group for...
