Two insurance groups have filed an appeal with the New York Supreme court regarding a decision regarding the state’s new broker disclosure rule. The rule, New York Insurance Regulation 194, requires insurers to inform policyholders on how policies are paid out even if such information is not requested. Several other states have similar rules, much to the chagrin of the insurance industry that often withholds information it deems arbitrary. The two insurance groups are looking to have the rule revoked. The Independent Insurance Agents & Brokers of New York and…
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Allstate sues 10 New York area defendants for $5 million in insurance fraud
Allstate Insurance Company has filed a lawsuit against 10 defendants in the New York area in order to help to recover $5 million in fraudulent insurance claims. This is the company’s fourth lawsuit of this nature this year. The complaint includes specific mention of five medical professional corporations, a physician, one corporation, and three individuals who are not physicians. Thirty one fraud lawsuits worth over $170 million in damages have been filed by Allstate in the state of New York since 2003. New York state is a hotbed of insurance…
Read MoreRegardless of tornado losses, Allstate posts better results than predicted
The largest publicly traded American home and auto insurance company, Allstate Corp., has posted its losses for the second quarter, following catastrophe expenses that broke insurance industry records; but its results weren’t as bad as had been predicted. Allstate’s catastrophe losses reached $2.34 billion, making that quarter one of the worst in the entire history of the company. It had already been anticipating significant losses as a result of April and May’s tornado and severe weather activity in the United States. That said, analysts had not anticipated the revenue to…
Read MoreExcellus of New York files for rate increases, cites soaring health care costs
Excellus Blue Cross Blue Shield of New York has approached state insurance regulators for approval to raise its health insurance rates. The proposal is planned to take effect next year and will impose a 19.5% increase on some of the policies in the state. The company says that the increase is necessary in order to keep up with soaring medical costs. This is the same reasoning that prevails amongst the majority of the nation’s health insurers, but the notion has yet to gain traction amongst lawmakers, who have been tasked…
Read MoreNew 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…
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