Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Insurance Fraud: A Perpetual Bane for Industry, Consumers
Mar 25 2002 // Since the insurance industry’s inception, fraud has proved a perpetual problem, an inherent risk that will likely never be totally eliminated. Carriers have long warned that fraud ultimately causes them to raise...
Manhattan DA Charges 22 in WTC Fraud
Mar 25 2002 // It’s almost inevitable that after every major disaster some individuals will try to profit from the situation; therefore, it came as no real surprise when Manhattan District Attorney Robert M. Morgenthau announced...
NYSID Unveils Proposed Laws for Sponsored Captives
Mar 22 2002 // Gregory V. Serio, New York’s Superintendent of Insurance and Empire State Development Chairman Charles A. Gargano issued a joint announcement concerning legislative proposals which would allow “a wider range of...
NYSID Urges Assembly to Pass Risk Based Capital Standards for P/C Insurers
Mar 19 2002 // New York State Insurance Department Superintendent Gregory V. Serio urged the State’s Assembly to pass pending legislation which would extend the use of Risk Based Capital standards to property/casualty insurers. The...
NY Charges 30 in $1.6 Million Stolen Car Insurance Fraud
Mar 13 2002 // The New York State Insurance Department and NYC law enforcement officials announced that 24 car owners and 6 “middlemen” have been charged with participating in a fraud scheme to collect insurance recoveries...
PIANY Opposes Reinstatement of Collision Damage Waivers
Mar 12 2002 // The Professional Insurance Agents of New York State has gone on record as opposing proposed legislation to reinstate collision damage waivers on private passenger vehicle rentals. Collision Damage Waivers (CDWs) –...
AAI Warns Bill Would Increase N.Y. Workers’
Mar 6 2002 // New York employers already reeling from rapidly escalating workers’ compensation medical costs would face substantial new increases if a bill to increase chiropractic fees is approved in the legislature, according to...
N.Y. Superintendent Details Need for Federal Backstop for Terrorism Losses
Mar 4 2002 // New York Superintendent Gregory V. Serio testified recently before the U.S. House of Representatives Committee on Financial Services Subcommittee on Oversight and Investigations, detailing the status of the insurance...
AAI Says Appeal of Reg 68 Ruling Costs NY Drivers $2 Million a Day
Feb 28 2002 // The Alliance of American Insurers (AAI) has strongly attacked the decision of groups led by trial lawyers to appeal trial Judge William Wetzel’s decision to give the New York State Insurance Department the go-ahead...
NYSID Issues Guidelines for Insurers on CPA Consulting Payments
Feb 22 2002 // Superintendent of Insurance Gregory V. Serio announced that the New York State Insurance Department has issued guidelines for the insurance industry concerning the disclosure of consulting work performed by independent...
Farmers in Exclusive Program with NY Detective’s Ass’n.
Feb 19 2002 // The Farmers Insurance Group of Companies announced that it has developed an exclusive insurance program to be made available to members of the Detectives’ Endowment Association (DEA) of New York City. “This...
Preserver Group Extends Tender Offer Deadline
Feb 13 2002 // Preserver Group, Inc. announced that it will extend the expiration date of its cash tender offer for all of its shares of common stock which was set to expire on February 14 to 5:00 p.m. New York City time on February 28,...
Family of NY Asbestos Victim Awarded $53.5 Million
Feb 12 2002 // A Manhattan jury awarded the family of Stephen Brown, who died from an asbestos related illness, $53.5 million in damages against Honeywell International, as the successor in interest of Allied Signal Corp. and its Bendix...
NY P/C Agents Can Now Renew Licenses On-line
Feb 8 2002 // New York State Insurance Department Superintendent Gregory V. Serio announced that for the first time property/casualty agents in New York State can renew their licenses over the Internet. “The new on-line program...
NYSID Advises Consumers on Assigned Risk
Feb 6 2002 // Responding to concerns that some drivers may think that the Assigned Risk Plan is their only option for auto insurance, New York State Insurance Department Superintendent Gregory V. Serio advised residents of the five...
OneBeacon Strengthens Management Team in NY/NJ Metro Region
Feb 5 2002 // Boston-based OneBeacon Insurance Group, a wholly owned subsidiary of White Mountains Insurance Group, Ltd. announced the appointment of two new members to its field management team. Both will report to John Cavoores,...
IRC Cites Fraud as Cause of NYC Claims Jump
Jan 29 2002 // A new study by the Insurance Research Council (IRC) has concluded that a 20 percent increase in claims costs in the New York metropolitan area is primarily due to widespread fraud targeting the state’s no-fault...
20 Arrested as NY Auto Fraud Unit Breaks Up Another Insurance Scam
Jan 25 2002 // Six weeks after arresting 112 persons on various charges of insurance fraud, (See IJ Website Dec. 6) New York’s Auto Insurance Fraud Unit has struck again with the arrest of 20 persons accused of being part of...
NAMIC REpresentative Warns of ‘Stultifying’ Economic Consequences of Reinsurance Shortage
Jan 21 2002 // Warren Heck, chairman and CEO of the Greater New York Mutual Insurance Company will explain to the NAIC’s Reinsurance Task Force the more general economic problems that accompany the post-9/11 reinsurance...
NYSID’s Frauds Bureau Posts Record Year
Jan 17 2002 // The New York State Insurance Department’s Frauds Bureau (FB) set new records last year for the investigation and apprehension of persons suspected of committing insurance fraud in the State. I investigations resulted...
