New York insurance law News

N.Y. Updates Insurance Company Disaster Response, Recovery Plan Requirements

The New York Department of Financial Services (DFS) has issued updated disaster response and recovery plan requirements for all insurance companies licensed to conduct business in New York state. It issued these updated requirements in light of disasters that may …

IIABNY Lauds New York Senate Committee’s Approval of Workers’ Comp Bill

The Independent Insurance Agents & Brokers of New York (IIABNY) applauded a New York Senate committee’s action to protect employers from surprise insurance premium increases in their workers’ compensation policies. The Senate Labor Committee approved IIABNY’s bill during its meeting …

N.Y. Assembly OKs Bill to Expedite Claims Processes After Disasters

The New York State Assembly recently approved a bill (A04458) that would require insurers to expedite claims investigation and settlement processes after declared disasters and emergencies. Under the legislation, which passed the Assembly on June 17, insurers would be required …

Groups Warn N.Y. Assembly’s Insurance Reform Bills Have Potential to Backfire

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 legislation. The reform package includes a …

N.Y. Assembly Approves a Flurry of Post-Sandy Insurance Reform Bills

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 approved bills range from establishing a “homeowner’s …