Live Insurance News

Hurricane Sandy sparks aggressive support from New York officials

November 22, 2012November 20, 2012 Marc

New York officials mobilize to help victims in wake of Hurricane Sandy Homeowners in New York are still reeling in the wake of Hurricane Sandy, which struck the state and its neighbors in late October. The storm proved to overcome expectations of its strengths and caused havoc throughout the state, generating widespread floods and claiming 131 lives in the U.S. Insurers are still evaluating the damage caused by the storm, but estimates concerning Hurricane Sandy’s impact suggest that the storm caused some $50 billion in damages. Staten Island residents find…

Senator Schumer takes aim at insurers in wake of Hurricane Sandy

November 12, 2012November 12, 2012 S.Vagus

Senator Schumer troubled over actions of insurance companies Hurricane Sandy has caused a lot of trouble for insurance companies, consumers, and state governments in the Eastern U.S. New York, in particular, has seen a great deal of these troubles manifest in the wake of the powerful storm. With storm surges causing widespread flooding and damages being done to homes and other properties, the state is reeling from the impact of Hurricane Sandy. Senator Charles Schumer believes that the troubles are just beginning for the state, however, especially as insurers look…

New York regulators announce price reduction for forced placed insurance

June 14, 2012April 30, 2013

Homeowners to see some relief from ultra high premiums. The top financial regulator in New York state has ordered that forced placed insurance on homeowners policies be provided at a lower price, following a probe that determined that companies had been overcharging their customers. The deadline for the changes to the premium rates has been set at July 6, 2012. Benjamin M. Lawsky, the superintendent of the Department of Financial Services set the deadline for the filing of new price on the coverage for homeowners in New York, within this…

New York insurance officials seeks to decrease system-wide fraud

May 3, 2012May 25, 2012 Marc

The state’s Department of Financial Services (DFS) is attempting to beat the plague of no-fault system fraud. The department is making reforms at the state level to help to eliminate the tremendous number of loopholes that are making the no-fault New York insurance system for auto coverage a highly abused program. These new regulations are meant to take aim at the issue of doctors who are receiving healthcare payments for services that are not actually being provided, as well as technical problems that are frequently used to stop a decision…

New York insurance companies to pay customers $262 million following investigation

April 25, 2012April 30, 2013

New York Governor Andrew Cuomo Insurance News

An investigation into New York insurance companies resulted in $262 million in payments. State Governor Andrew Cuomo has announced that several New York insurance companies selling life insurance products will be required to pay out $262 in unpaid benefits following a probe into the practices of firms across the state. What the investigation determined was that these life insurers were required to make $262.2 million in payments for 32,715 beneficiaries who were unaware that their deceased loved ones had policies for which a claim could be made. The New York…