New York News

New York Enacts Law Allowing Gifts Worth Up to $25 From Producers

New York State Gov. Andrew Cuomo signed a bill this month that allows property/casualty insurers, brokers and agents to give gifts worth up to $25 to insureds or prospective clients during the insurance sales process. The new law amends the …

N.Y. Man Pleads Not Guilty in Father’s Fake Death Plot

A New York man accused of helping his father try to fake his own death by falsely reporting that the elder man had disappeared while going for a swim was arraigned Tuesday on conspiracy to commit insurance fraud and other …

Son of N.Y. Man Who Vanished at Beach Is Charged With Insurance Fraud

A man who reported his father missing at a New York beach was charged Monday with insurance fraud and filing a false report several days after his father turned up alive in South Carolina, following a massive air and water …

UK Bank May Have Hidden $250 Billion in Iran Deals; May Lose U.S. License

New York’s top bank regulator threatened to strip Standard Chartered Plc of its state banking license, saying the British bank was a “rogue institution” that hid $250 billion in transactions tied to Iran, in violation of U.S. law. The New …

N.Y. Pilot Program Allows Colleges to Self-Fund Student Health Plans

A pilot program now underway in New York State will allow large universities to self-fund student health plans, with the goal of providing health coverage to students at a lower cost. The program is the result of legislation that New …

Natural Gas Drilling Co. Tells N.Y.: Stop the Local Bans or We’ll Sue

A natural gas drilling company is taking a new tack in the industry’s fight against local drilling bans: It’s threatening to sue if New York regulators don’t step in and extinguish the prohibitions. John Holko, president of Lenape Resources, sent …

Fourth Man Pleads Guilty in Texas-Based Tour Boat Coverage Scam

Prosecutors say a fourth man has pleaded guilty in a Texas-based insurance scam linked to a deadly New York tour boat accident. Investigators in Houston say Robert Steve Mills of Bonita Springs, Fla., pleaded guilty to conspiracy to launder money. …

The City of Schenectady, N.Y., Demands Insurance for Dangerous Dogs

Residents of Schenectady who are convicted of dog-related offenses have to buy liability insurance to pay for medical expenses of anyone bitten by their animals. The city council voted Monday to require the special insurance for owners convicted of two …

New York Licenses First Mutual Bond Insurer for U.S. Municipal Market

New York State’s Department of Financial Services announced this week that it has licensed Build America Mutual Assurance Company (BAM) to operate as the first mutual bond insurer serving the U.S. municipal market and guaranteeing state and municipal debt.After receiving …

N.Y. Gov. Cuomo Urges Homeowners to Protect Against Storm Losses‎

New York Gov. Andrew Cuomo is urging to take steps now to protect their homes in the event New York is hit by any of the nine to 15 storms the National Oceanic and Atmospheric Administration (NOAA) predicts for the …