Tag: Benjamin Lawsky

Health insurance rates are on their way up next year in NY

H. Cutner
New York Health Insurance

Residents of New York will find that their health plans aren’t quite as affordable as they were for 2014. Regulators in New York have now given their approval to increase health insurance rates for next year, although the hikes in the premiums are not going to be as high as what the industry had initially wanted. The rate increases will also apply to the policies that are being sold on the state’s new exchange. The health insurance rate increases will apply to the policies that are being sold in the…

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Auto insurance scams in New York shut down with doctor claims suspensions

Julie Campbell
Auto Insurance scams

A number of “dirty” docs are now being pursued by the state regarding accidents that never happened. New York is now going after twelve doctors that signed off on auto insurance claims for accidents that never occurred, in order to allow their “patients”, and themselves, to collect millions in payments from the no-fault system in the state. Notices went out to the dozen physicians as well as six additional health providers. Those notices have barred them from being able to submit auto insurance claims on the no-fault system in New…

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Auto insurance concerns put an end to RelayRides in New York

Logan B.
New York auto insurance

Car-sharing service shut down due to auto insurance regulations RelayRides, a popular car-sharing service, has announced that it will cease operations in New York due to auto insurance concerns. Car-sharing programs are becoming more popular as consumers grow more environmentally conscious and look to save money on transportation costs. These programs are typically used by those commuting to and from work, but New York regulators claim that RelayRides violates the state’s auto insurance laws, which could cause some significant problems for the company itself as well as the insurance companies…

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New life insurance rules may have dramatic impact on industry

Marc
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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New York regulators to investigate insurer’s rate proposals for accuracy

Marc

As complaints regarding insurance rate hikes begin to weigh on regulators in New York, the state’s Financial Services Superintendent, Benjamin Lawsky, has announced a new investigation into the matter. Regulators will be investigating the data submitted by insurance companies to justify their premium increases. The goal is to determine the accuracy of the data that these insurers use. These investigations will work alongside the regular rate review process and insurers will not know when they will be investigated. Lawsky notes that any errors made by insurers in their requests for…

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