A top official from New York State’s Department of Financial Services (DFS) recently spoke about the state’s property/casualty insurance markets, calling it overall very good but “a bit more of a mixed bag” from a granular level. And it’s shaping …
New York officials say they’ve reached a settlement with Markel Insurance Co. that will result in $2.75 million in restitution to college students who were overcharged for insurance. The New York Attorney General’s office and the New York Department of …
New York Governor Andrew Cuomo announced today that his administration has established a new emergency disaster protocol that insurers should expect to follow in the event of future severe storms and other natural disasters. The emergency disaster protocol includes a …
Homeowners’ insurance needs to be more standardized because customers are confused about what their policies protect, New York’s financial regulator said. Few fully understand all the complexities of their coverage, Benjamin Lawsky, superintendent of the state’s Department of Financial Services, …
New York State’s financial-services regulator is pressing insurers including American International Group Inc., Lincoln National Corp. and Principal Financial Group Inc. to boost reserves at units in the state, a person familiar with the matter said. The group of insurers, …
New York State’s financial-services regulator said rules adopted by state watchdogs for some life insurance contracts failed to boost reserves to adequate levels in the industry. Of sixteen companies that are major sellers of universal life policies with secondary guarantees, …
The New York Department of Financial Services on Monday approved a revised loss cost filing from the New York Compensation Insurance Rating Board (NYCIRB) with an effective date of Oct. 1, 2013. As a result, policyholders in New York State …
National Association of Insurance Commissioners President Jim Donelon questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk. “I don’t see an obvious need for such …
New York Gov. Andrew Cuomo and the state’s Department of Financial Services announced the “bottom 10” banks with the worst statistics for paying out insurance claims to Superstorm Sandy victims. Officials said they have notified these banks to speed up …
New Jersey’s top insurance regulator this week commended the actions of New Jersey community banks, national banks and servicers — including Wells Fargo Bank, JPMorgan Chase, Bank of America, and CitiMortgage. The regulator said these financial institutions continue to pursue …
