NYSDFS Says Auto Carriers Must Refund SSL Premium When Insured Rejects
Insurers writing auto insurance coverage in New York must refund premiums to insureds who have rejected Supplemental Spousal Liability Insurance coverage, the New York State Department of Financial Services (DFS) said Monday. The announcement came in a circular letter the department published late on December 18 addressed to carriers, producers, the New York Automobile Insurance Plan, and others.The letter, signed by Deputy Superintendent of Insurance Avani Shah, stated:"It has come to the Department’s attention that some insurers are not specifying a premium for SSL insurance or permitting a named insured to decline the insurance with an appropriate premium reduction. As discussed further below, an insurer must specify the…