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…
Read MoreNew York regulators launch investigation into the state’s life insurance industry
The New York Department of Financial Services has begun an investigation into the state’s life insurance industry. The investigation seeks to account for the $52.6 million in unpaid benefits that has been missing for the past several months. The money has yet to reach the 8,000 beneficiaries to which it is owed. Shortly after the investigation was announced on Monday, the money quickly made its way to beneficiaries, which has sparked concerned amongst the state’s insurance regulators. In accordance with the investigation, the state’s life insurance companies are required to…
Read MoreHealth insurance rates to rise by an average of 8% in New York
Data from the New York Department of Financial Services, which succeeds the state’s Insurance Department, shows that New Yorkers can expect to pay at least an average of 8% more on health insurance next year. In other, more populated areas of the state, such as New York City, the rates could get double-digit increases. Regulators have approved rate proposals from several insurance companies. The rate increases will affect more than 2 million policyholders throughout the state. Regulators approved the sleuth of rate increases in the hopes that the move would…
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