Big I New York met this morning with leaders from the New York State Department of Financial Services (DFS) about the pressing issues in our state’s personal lines insurance markets. This meeting came at a pivotal time. The wind-down of Adirondack Insurance Exchange’s and Mountain Valley Indemnity Co.’s operations is having disruptive effects on local consumers and businesses.
Big I New York President and CEO Lisa Lounsbury and Assistant Vice-President of Research and Information Tim Dodge represented our members. Three DFS representatives took part in the video meeting. During the conversation, we explained that independent agents and brokers are facing major hurdles in replacing policies for clients affected by these closures. We stressed how urgent the situation is, especially for agents managing large Adirondack books. They need more time and support to find stable and reliable coverage options for their clients.
We took this opportunity to implore DFS to speed up the carrier rate and form approval process. Carriers have told us of filings pending since early 2023. We told DFS that this is unacceptable and urged them to realize how these delays harm market stability and consumer security.
The DFS representatives said that they are actively seeking solutions for the ongoing capacity issues, particularly on Long Island. This is a step in the right direction. We encouraged them to expedite efforts to improve consumers’ access to the coverage they need.
Both groups agreed to hold regular check-ins, reinforcing our commitment to working with DFS and advocating for our members and their clients. We will keep the lines of communication open to press them to prioritize insurance market integrity and our agents’ needs.
Our advocacy efforts are vital in shaping a New York personal lines insurance market that functions well for all. Together, we can drive profound changes that help agents and consumers alike.