Tag: New York State Department of Financial Services

New York health insurance rates will be higher next year

Nordstrom
Health insurance - Person holding heart health and dollar sign

Premiums will be higher by an average of double-digit percentage points for 2024 coverage. Residents of New York state will be facing an average health insurance rate increase of 12.4 percent for 2024’s individual plans. State records have also shown that small group plans will see a 7.4 percent increase next year. The rate increases for health insurance in New York are still considerably lower than those that were sought by insurers earlier in the year. They had been requesting rate hikes of almost 21 percent for individual plans and…

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New York state pushes insurance companies to provide faster storm claim response

Nordstrom
Insurance companies - Home Insurance Claim

The remnants of Hurricane Ida brought record-breaking rain, flooding large parts of NYC. Insurance companies are braced for a massive wave of claims in New York following record-breaking rains left behind by the remnants of Hurricane Ida. State officials are calling for insurers to step up their processing, to help flood victims to recover more quickly from the damage they suffered. Large areas of New York City were submerged by the massive rainfall that came on fast. The New York State Department of Financial Services, which regulates insurance companies in…

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Zenefits slapped with unlicensed insurance sales fine

G. Turner
auto insurance practices fine penalty

New York regulator has fined the startup $1.2 million for selling health benefits without adequate licensing. Zenefits, a health benefits broker, has been hit with a $1.2 million fine by the financial services regulator in New York. The penalty was issued for allowing unlicensed insurance agents to advise, negotiate and sell health insurance policies. This is only the most recent regulatory strike against the software startup and is likely to be a painful one. Zenefits is no stranger to being accused of unlicensed insurance activities. The first of these issues…

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Insurance company AIG to pay $35 million fine

Julie Campbell
AIG Insurance company CEO - Building in Manhattan

The American International Group will be paying the penalty to the New York industry regulator. The American International Group insurance company is now required to pay a $35 million penalty for the violations of its former subsidiaries that had been selling coverage without a license in New York. This, according to a statement issued by the New York State Department of Financial Services. According to the statement from the department, former units of AIG had not only been selling within the state without proper licensing, but they had also been…

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Force placed insurance settlement achieved in New York

H. Cutner
forced placed insurance homeowners

The state has reached a decision to help to prevent future questionable practices in the industry. New York has faced a number of financial industry questionable practices in recent years and, among them, has been the issues with force placed insurance, where homeowners have found that they were paying far more than they would if they had found the coverage on their own. The coverage is purchased by mortgage lenders on behalf of homeowners that have let their policies lapse. The primary struggle that was faced in the force placed…

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NY Soldiers, vets, and their families may receive insurance protection from Cuomo administration effort

Marc

The New York State Department of Financial Services has released a news statement that included Superintendant Benjamin M. Lawsky’s announcement that life insurance companies will be required to pay the full amount to the beneficiaries of the policies that were held by veterans, soldiers, and others, without holding the money in their accounts. Unless either the beneficiary or the policy buyer specifically indicates that the funds should be provided otherwise, this will be the new standard for all life insurance policies of this nature. For many years, the life insurance…

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New York lawmakers pass new regulation allowing insurers to issue policies without waiting for approval

Nordstrom

New York legislators have passed a new insurance regulation that will allow most insurance companies in the state to issue policies without filing rate proposals. The regulation pertains to the commercial market and is meant to give insurers more flexibility in serving commercial clients. Lawmakers hope that the regulation will bring some speed to the commercial insurance process as they fear that the market may be growing somewhat stagnant. The New York State Department of Financial Services believes that the law will be a boon to the economic development of…

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