Yearly Archives: 2023

DFS Formally Adopts Peer-To-Peer Car Sharing Insurance Rules

​The New York State Department of Financial Services (DFS)  announced today that it has formally adopted its proposed regulations on insurance for peer-to-peer car sharing arrangments. The new and amended rules took effect today.Peer-to-peer car sharing programs match individual vehicle owners who are willing to rent their vehicles to others with willing potential renters. The arrangement is normally done via a smartphone app or website. Turo is the best-known example of a peer-to-peer car sharing service.In 2021, the state Senate and Assembly passed and Gov. Kathy Hochul signed into law the Peer-To-Peer Car Sharing Program Act​.  Amendments were enacted ​in February 2022, and the final version of…

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Something Special Happened – Behind the Scenes

by Julie FurstSomething pretty special happened this week. Some meetings. Wait, what? When hearing the word 'special,' meetings rarely make even the bottom of the list. But hear me out.​​Agent volunteers from every corner of the state headed to Albany. Big I team members came in. Let's face it, January in Albany is not 80 and sunny. But though there for business, the rooms we shared were warm from the relationships built and a shared purpose. What makes these gatherings powerful are the people and each life experience they bring with them. I felt that strongly this week.A peek at what I saw:Strategic Planning Meeting -…

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The UPC Saga: What We Know

Big I New York members have been calling to ask what we know about the situation with Florida-based insurer UPC. Based on publicly available information, this is what we know for certain right now.UPC is the brand name for the companies in the group United Insurance Holdings Corp. The group includes Interboro Insurance Company​, which is domiciled in New York. United Property & Casualty Insurance Company, domiciled in Florida, is licensed to write personal and commercial property insurance in seven states, including Florida and New York. The other five are on either the Atlantic or Gulf coasts.UPC has incurred losses exceeding $35 million in each year going…

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