Tag: insurance oversight

California’s FAIR Plan Offers a Lifeline, But Is It Sustainable?

Nordstrom
California Wildfires Costs

California Expands FAIR Plan Insurance Limits Amid Wildfire Risks and Insurer Withdrawals The California Fair Access to Insurance Requirements (FAIR) Plan serves as the state’s insurer of last resort, stepping in to provide essential property coverage when traditional insurers leave high-risk zones. Established in 1968, the FAIR Plan is a private consortium of insurance companies operating under state oversight. It was never designed to replace private insurance but to act as a safety net for those unable to secure coverage due to location or elevated risk factors. Recent years, however,…

Read More

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…

Read More