New York State is one step closer to a more uniform hurricane deductible trigger as the proposed rulemaking comment period for the new law ended this week. Big I New York issued comments in support of the draft rule, noting that it strikes a balance between establishing a more uniform hurricane deductible trigger while allowing consumers the choice to secure a policy that suits their risk tolerance.
During early conversations with the Department of Financial Services (DFS), we emphasized the importance of prioritizing clarity, choice, and competition throughout the rulemaking process. The DFS embraced that sentiment by steering away from a narrow trigger used by neighboring states and instead allowing carriers to offer policies that trigger the deductible at different storm categories.
The final rule will take effect 180 days after the final rule is adopted and published.