In May, an application for an overall loss cost decrease of 6.4% was submitted to the New York State Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as requested with an effective date of Friday,...
Recently, PIANY received an update from the New York State Insurance Fund, which details modifications to the Safety Group Enhanced Discount and Preferred Risk Business Discount; the addition of a new endorsement for employees telecommuting from a location outside of...
Gov. Andrew M. Cuomo signed chapter amendments for the New York Health and Essential Rights Act—also known as the NY HERO Act—last month, which ease the regulatory burden for many businesses. What is the NY HERO Act? The NY HERO Act is intended to prevent current and...
Following confusion over insurance claims after major, hurricane-strength storms, PIANY has made the standardization of windstorm deductible triggers a legislative priority to clarify the definition of windstorm. How a windstorm is defined can make a substantial...
This past legislative session, New York legislators aimed to change underwriting decisions by restricting insurance companies from refusing to issue or renew policies solely based on the breed of the dog. The legislation, A.4075/S.4254, also would prohibit insurers...
New legislation (S.7052) that would require complete disclosure of a defendant’s insurance documents in a personal-injury court case passed the state Senate and state Assembly on the last day of New York’s 2021 legislative session. What the bill would require If it is...
When Gov. Andrew M. Cuomo signed the New York Health and Essential Rights Act—also known as the NY HERO Act—in May, he promised that there would be chapter amendments to ease the regulatory burden for many businesses. Earlier this week, Cuomo signed those chapter...
The New York state legislative session concluded last week. It was a session that started like no other and ended like virtually every other session previously. The COVID-19 pandemic was ever-present during this legislation session—it impacted not only what business...
During the 2021 New York legislative session, PIANY advocated for passage of S.6028/A.6877—sponsored by Sen. Neil D. Breslin, D-44, and Assemblyman Kenneth Zebrowski, Jr., D-96, respectively—which would allow insurance companies to make photo inspections of...
New York insurance producers are no strangers to electronic delivery of insurance documents—during the COVID-19 pandemic, sending documents electronically became the easiest and safest way to connect with clients. However, certain legal restrictions in the state...
