Day: February 26, 2025

Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

Nordstrom
NYDFS Cracks Down on Insurers

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

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Miami Lawmaker Takes Aim at Condo Insurance for Noncompliant Buildings

H. Cutner
Miami Condo Insurance

Noncompliance with Building Safety Laws Draws Scrutiny A Miami lawmaker is spearheading efforts to hold condominium associations accountable for adhering to Florida’s newly implemented building safety regulations. These laws, adopted in the aftermath of the tragic Surfside condo collapse in 2021, are designed to ensure the safety and sustainability of residential buildings, particularly those three stories and higher. Under state law, condominium associations were required to complete a building inspection and conduct a funding study for future repairs by December 31, 2022. However, of the 11,270 associations mandated to comply,…

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