Daily Archives: January 16, 2023

​ Photo by Tom Good. Used under a Creative Commons Attribution 2.0 License. The Federal Emergency Management Agency (FEMA) announced last week that it has purchased $502.5 million in reinsurance from 18 carriers on potential flood insurance losses during 2023. The coverage will apply to portions of insured losses that exceed $7 billion from a single flood event. This is the seventh consecutive year that FEMA has purchased reinsurance on the National Flood Insurance Program (NFIP.) FEMA paid $90.2 million in premium for the coverage. Read more on the FEMA websiteSource

​Employers in debt to the New York State Insurance Fund (NYSIF) may now be able to arrange installment payment plans to settle what they owe, under a law that took effect last summer. If you insure any businesses with outstanding premiums due to NYSIF, you may be able to help them pay off their balances.State law makes an employer who has not paid its billed premium and assessments to NYSIF ineligible to purchase another policy. It also states that NYSIF is not required to offer insurance to an employer at least partly owned by someone who has an outstanding premium debt to it. The amendment…

​A law that took effect January 1 requires all New York automobile insurance policies to include supplemental spousal liability insurance coverage. Insureds may opt out of purchasing the coverage. Big I New York members should prepare now to begin informing their personal and commercial auto insurance clients of this change.The measure, sponsored by former Assembly Insurance Committee Chair Kevin Cahill (Democrat from Kingston,) passed the State Assembly by a vote of 110 to 39 on May 31, 2022. The State Senate approved it the following day by a vote of 60 to 3. Gov. Kathy Hochul signed it into law on December 23 on the…