New York Superintendent of Insurance Gregory Serio announced that the Insurance Department has approved a State Farm Mutual Insurance Company overall rate reduction of 5% on their private passenger automobile rates which will reportedly benefit thousands of New York’s drivers.
“Today’s announcement is good news for New York’s drivers and represents tangible signs that New York State is making progress in the auto insurance marketplace. With Regulation 68 in effect for over a year and the crucial victory upholding this law in the Court of Appeals, this rate reduction represents a stabilization in auto insurance rates in New York State which we predicted would result from the implementation of this important regulation,” said Serio. “State Farm’s voluntary rate reduction is a clear example of how Governor Pataki’s auto reform initiatives are benefiting New York’s drivers.”
The Superintendent made the announcement on the same day the New York State Insurance Department opened a Frauds Bureau office in Brooklyn.
The Frauds Bureau office will be shared with fraud investigators from the Assigned Risk Plan pooling resources and expertise in a collaborative effort to fight insurance fraud in Brooklyn.
“As the Department works to continue to ensure a viable auto insurance marketplace, eliminating insurance fraud remains a top priority. Trends have indicated a need to reinforce the fraud fighting efforts in Brooklyn and to that end, the Department is proud to announce the opening of a Frauds Bureau unit in Brooklyn,” added Serio. “This investigative reinforcement will serve to enhance the current fight against insurance fraud.”
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