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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New York insurance agents lobby for change
The New York City Department of Buildings says that it will be making changes to its general liability insurance requirements for contractors working in the city. Insurance agents are closely watching the government agency, hoping that the changes will be more lenient on contractors than those made in the past. Earlier this year, the department issued sweeping changes to its regulations regarding liability insurance. The majority of the changes were met with sharp criticism from contractors and insurance agents for making coverage virtually impossible to obtain. The department has taken…
Read MoreNYC hears agents and corrects contractor insurance decision
A government agency from New York City has changed their original decision regarding the city’s contractor insurance requirements following the warnings of agents. The NYC Department of Buildings announced that it would alter its contractor general liability insurance requirements for the city. The Independent Insurance Agents and Brokers of New York added that the department also decided that it would not enforce the requirement for advance notice of cancellation to any greater extent than the New York Insurance Law. The Agents’ organization worked with attorneys and other insurance interests in…
Read MoreNew regulations in New York make for impossible contractor insurance requirements
New insurance regulations are slated to go into effect in New York City next week, leading many insurance agents to warn contractors in the City that it may be too late to obtain increased coverage. The City’s Department of Buildings has made changes to the requirements associated with general liability coverage. Effective June 13, insurance policies that do not cover liability for completed work, explosions, collapses and other catastrophic events will be prohibited. Several of the new regulations will make it nearly impossible for the majority of contactors in the…
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