The New York state Legislature has passed A.10344 that would amend the Insurance Law to incorporate parametric insurance. This bill, introduced by Sen. Skoufis, D-42, and Assemblywoman Gina Sillitti, D-16, at the request of the New York State Department of Financial...
The 2023-24 legislative session has officially come to a close in New York state. True to form, the Legislature worked tirelessly, passing hundreds of bills on the last day of the session. During the session, PIANY was committed to supporting measures that would...
In the 2023 E&S edition of PIA Magazine, I wrote about the perils and pitfalls that insurance producers face when placing business in the nonadmitted—or excess & surplus lines—marketplace through the lens of Lord of the Rings. [EDITOR’S NOTE: You can access...
In a significant legislative achievement, the New York state Senate has passed S.4199, which would establish a standardized definition of windstorm for homeowners insurance policies. This bill was the top legislative priority for PIANY for the 2024 session. The...
New report shows that there is some downward pressure on the property-catastrophe reinsurance market. Safest drivers ranked by state: four PIA Northeast states are in top five. Connecticut announces vote on funding to curb neighborhood flooding in Portland. PIANJ elects its officers for the 2024-25 administrative year. The PIANJ | PIANY Annual Conference was held from June 2-4 and had over 1,600 attendees: thank you for making it such a success! Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, education opportunities and upcoming events in this issue of the Weekly Dispatch.
Property owners along New York state’s Great Lakes and rivers may now have increased insurance options soon. The New York state Assembly passed A.9821, sponsored by Assemblyman Steven Otis D-91, on Wednesday. This legislation is set to widen the eligibility criteria...
When it comes to navigating the streets, electric scooters, or LSESs, are as trendy as they are tricky. As the popularity of LSES and their presence on the roadways increases, it became all but certain that questions about insurance coverage would arise. For example,...
NOAA has forecasted an above-average Atlantic hurricane season. A new DOL rule is facing pushback from business groups. The Connecticut Superior Court, Hartford judicial district, placed PHL Variable Insurance Co. and subsidiaries into rehabilitation. Commercial auto liability minimums to increase in New Jersey on July 1. In New York, the DFS issued a new circular letter on property/casualty carriers offering loss mitigation tools. Mandatory flood risk disclosure bill passes the Vermont Senate. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, education opportunities, upcoming events, and information you may have missed in this issue of the Weekly Dispatch.
After the New York state Legislature passed the Grieving Families Act in two consecutive sessions in 2022 and 2023, Gov. Kathy Hochul vetoed the legislation both times. Now, this bipartisan bill may be making a renewed push at the end of the 2024 legislative session....
The minimum limits for commercial automobile insurance customers in New Jersey will increase effective Monday, July 1, 2024. Under P.L. 2023, c. 276, intrastate commercial vehicles with a gross vehicle weight of more than 26,000 pounds are required to carry...