NY P&C Insurance Summit: ‘State is on the Brink of an Insurance Crisis’

Abstract: Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany. Body: ​Global threats, fraud, the state's legislative and regulatory environment, and reduced product availability are battering New York's property and casualty insurance markets. That was the message Big I New York and its partner coalition New York First delivered to state public policymakers on February 4 at an information session in Albany.The event,…

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My Client’s Mortgage Lender Wants a Copy of the Replacement Cost Estimator

Abstract: While your agency naturally wants to assist its client, it is not the agency's responsibility to make the lender happy. Body: ​Question from a Big I NY member: We have been receiving requests from the banks to provide a replacement cost estimator to them for re-finance and new loans. Are you aware of any new law or regulation changes regarding this?Answer: This all apparently stems from actions proposed by Fannie Mae and Freddie Mac last winter. However, at the behest of the national Big I and the National Association of Mutual Insurance Companies, they put an indefinite hold on the actions last June. That hold…

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