Allcity Insurance Company will non-renew all voluntary statutory automobile (public livery vehicles: black cars, suburban cars and medallions) policies effective March 1, 2001. In addition, the company said, effective immediately, it will no longer accept new applications or binders for voluntary private passenger automobile insurance.
However, the company will fulfill its renewal obligations in accordance with New York insurance law. The company also announced that it intends to withdraw from the voluntary commercial automobile business, consistent with regulatory requirements.
For the nine months ended Sept.30, 2000, net earned premium revenues were approximately $3.0 million, $4.1 million, and $1.5 million for the voluntary statutory automobile, voluntary private passenger automobile, and voluntary commercial automobile lines, respectively, and represented approximately 12.6 percent, 17.5 percent, and 6.1 percent respectively, of the company’s total net earned premiums for that period. The amounts shown above for the voluntary private passenger automobile business primarily resulted from renewals.
Topics New York
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