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Demotech Pulls Adirondack’s Rating

​Adirondack Insurance Exchange, an insurance carrier writing personal lines coverages only in New York, has lost its financial stability rating (FSR) from Demotech. The carrier announced the May 28 action to its agents and policyholders that afternoon. Demotech, an Ohio-based financial analysis firm that provides FSRs for insurance companies, did not offer an explanation on its website for the move. Adirondack agents received email notifications late on May 28. The carrier, a member of the Allstate Insurance Group, posted this update for policyholders on its website:“Demotech, Inc., a provider of financial stability ratings of property-casualty insurance companies, has withdrawn its financial stability rating for the…

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NYS DFS Disciplinary Actions: Be Careful When Charging Fees & Running Ads; Renew Your License

​ The latest insurance disciplinary action report from the New York State Department of Financial Services is out. Most of it is not particularly noteworthy. There were 27 actions taken against agents and/or brokers, and 17 were for failure to report or disclose various run-ins with the law or regulatory authorities. Only 9 actions were taken against New York resident agents and/or brokers, and 3 of them were in the failure to report/disclose category. The six other actions against New York resident producers were: $1,000 fine for running two Facebook ads that referred to insurers without including the name of the city where they are…

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WC Construction Payroll Limit Increasing To $1,757.19

​The New York Compensation Insurance Rating Board has announced that the maximum payroll for calculating Workers Compensation insurance premiums for construction employers will increase to $1,757.19 per week. The change takes effect on July 1.State insurance law requires that the payroll for certain construction classifications be limited to a percentage of the Statewide Average Weekly Wage for the previous calendar year. The adjustment occurs annually on July 1. Read the Board's announcement​Source

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