About New York Insurance Laws, Health Insurance and Regulations…The New York insurance industry is among the strongest and most resilient that can be found in the country. The state serves as home to some of the largest insurance groups in the U.S., and even hosts divisions from international insurance corporations that do business all over the world. Domestic insurers are governed by the state’s Department of Financial Services, which enforces the multitude of insurance regulations that are meant to protect consumers and businesses alike.
The New York insurance industry is home to a robust auto insurance sector that provides a wide range of coverage options for drivers. All drivers n the state are required to carry insurance coverage for the vehicles they operate. The Department of Financial Services has determined that drivers may carry a minimum level of coverage for their vehicles in order to be considered insured. This coverage must account for: $25,000 for injury; $50,000 for death; and $10,000 for property damage caused by any one accident. Personal injury protection (PIP) coverage is not required by the state.
There are many factors that go into calculating the cost of auto insurance coverage in the state. According to the Department of Financial Services,
The average cost of auto insurance in New York is $1,919, though rates can often go as high as $2,710, well above the national average of $1,725.
Homeowners are not required by the state to purchase and maintain property insurance policies. The New York insurance industry does offer a range of coverage options for homeowners and businesses and it is strongly advised that consumers purchase policies that can protect their properties from natural disasters and other loss scenarios. The average cost of homeowners insurance in New York is $686, though rates largely depend on the type of property being protected and the location of this property.
Health insurance will be mandatory for all U.S. citizens in 2014, per the Affordable Care Act. New York is home to a population of nearly 20 million people, 13% of which do not have health insurance coverage. These residents will be compelled to purchase and maintain health insurance policies in 2014 when the Affordable Care Act is fully enacted. The federal law also calls for states to host health insurance exchanges, which are meant to mitigate the financial impact of the insurance mandate by giving consumers access to affordable plans offered by the New York insurance industry.
Though the New York Legislature was unable to pass a law that would allow the state to build an exchange system, Governor Andrew Cuomo enacted an Executive Order that established the New York Health Benefit Exchange. The exchange is operated by the state itself and not the federal government.
New York Insurance Resources:
New York Insurance Commissioner: Benjamin M. Lawsky
New York Department of Insurance Website: http://www.dfs.ny.gov/insurance/dfs_insurance.htm
New York Insurance Agent Licensing Info:http://www.dfs.ny.gov/insurance/iablicn.htm
File Insurance Complaint: http://www.dfs.ny.gov/consumer/fileacomplaint.htm