National Rifle Association sues state of New York over insurance crackdown

Insurance crackdown - Gun Insurance - Guns

The pro-gun group accuses New York of conducting an unconstitutional “political blacklisting campaign.” The National Rifle Association (NRA) has filed a lawsuit over the New York insurance crackdown reported by Live Insurance News last week. The NRA sued state Governor Andrew Cuomo as well as New York’s financial Regulators. It accuses them of an unconstitutional “political blacklisting campaign” to halt banks and insurance companies from partnering with the group. The NRA filed its lawsuit against the state in the U.S. District Court for the Northern District of New York. The…

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Health insurance rates to rise in New York in 2016

Health Insurance rate increases

Insurance premiums are growing for those with coverage in New York Health insurance rates in New York are expected to rise next year. This is a trend that is becoming more common throughout the country, as insurers seek approval to raise premiums in order to recover from financial losses associated with increasingly expensive medical claims. In New York, regulators have been challenging major rate increases and have managed to find some success. As such, rates are expected to increase by a modest degree, well below what the average increase would…

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New York home to third highest auto insurance premiums in the country

auto insurance fraud

Study shows that auto insurance premiums in New York are higher than the national average New York is a notoriously expensive state, with a high cost of living and an abundance of luxuries that few other states can rival. For drivers, the costs associated with living in New York are all too clear. According to a study from InsuranceQuotes.com, the state is home to the third highest auto insurance rates in the United States. Though New York falls behind both Michigan and Rhode Island in terms of insurance premiums, this…

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Insurance news made with Falcone fund manager ban

New York Insurance news

U.S. regulators have banned him from the coverage and securities industry for five years. The latest insurance news has just been released, revealing that Philip Falcone, the hedge fund manager, has now been banned by U.S. regulators from the securities industry for a period of five years. Further bans were also put into place beyond this wide reaching one, in New York. The bans making the insurance news also include prohibiting Falcone from any decision making roles at a unit of his firm, Fidelity & Guaranty Life Insurance. This, according…

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New York regulators question insurance industry over cyber security preparedness

cyber insurance

Insurance industry facing challenges in digital world Cyber security is becoming a major issue throughout the U.S. and the insurance industry is beginning to feel the pressure to become more prepared to deal with the threats that exist in the digital world. The insurance industry is well attuned to risks, but hackers and other malicious groups represent a risk that is nearly impossible to quantify due to the rapidly changing nature of the Internet and how data is being used and stored. In New York, insurance regulators are beginning to…

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Homeowners insurance payments in New York finally get approval

New York homeowners insurance payments

Homeowners insurance continues to be a problem after Hurricane Sandy For the past several months, New York residents have been struggling to recover from the impact of Hurricane Sandy. Though the hurricane struck the state in late October 2012, the damage it has caused continues to linger due to the lack of funds needed for the recovery effort. Some victims of the powerful storm have seen their claims denied by their insurance companies, but the vast majority have experienced delays in their homeowners insurance payments; delays that have slowed recovery…

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Lenders ease their grip on claims funds for Hurricane Sandy relief

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy claims payouts to be freed due to agreement with Department of Financial Services Eleven of New York’s major lending companies have reached an agreement with the state’s Department of Financial Services. The agreement involved expediting the claims payouts that are due to homeowners that have been affected by Hurricane Sandy. Many of these homeowners are waiting on their claims payouts in order to begin the recovery process, but insurance companies have been issuing payouts at a sluggish pace for some time. The state government is keen to increase…

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New life insurance rules may have dramatic impact on industry

New York Homeowners Insurance Rules

Top regulator warns of potential impact of new life insurance rules The New York Department of Financial Services has issued concerns regarding emerging rules that may affect the nation’s life insurance industry. Benjamin Lawsky, Superintendent of the agency, released a five-page letter to state insurance commissioners throughout the U.S. warning them that new rules for the life insurance sector could severely impact claims reserves and lead to insolvencies. These rules are summed up in “principles-based reserving,” a concept that has already become somewhat popular amongst states with flagging life insurance…

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Force-placed coverage causes probe of New York insurance companies

A closer look into forced placed insurance practices The state insurance regulator in New York is currently performing an investigation as to whether or not the rates for force-placed insurance that are being charged by companies should be deemed excessive, and is requesting data from insurers such as Assurant Inc. The New York Department of Financial Services released a statement that said that it is trying to obtain basis for “consistently high profits” that are occurring at the investors’ and homeowners’ expense. It is also requiring that insurers such as…

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New York insurance regulators still contending with FEMA over insurance claims generated by Hurricane Irene and Tropical Storm Lee

In the wake of Hurricane Irene and Tropical Storm Lee, New York insurance regulators have been inundated with consumer complaints regarding claims. State regulators have been aggressively pressuring insurers and FEMA to resolve complaints and pay out claims, but their actions have run afoul of federal regulators who claim that the state is over stepping its boundaries. In October, FEMA issued a statement regarding the New York Department of Financial Services, decrying the department’s efforts in obtaining information from insurance companies. State regulators, in response, have only continued to work…

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