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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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Max Weekly WC Benefit Rising To $1,171.46

​The New York State Workers Compensation Board has announced that the maximum weekly disability benefit will increase to $1,171.46. The change takes effect on July 1 and applies to injuries occurring on that date and before July 1, 2025.State Workers' Compensation Law requires the maximum weekly benefit to equal two-thirds of the Statewide Average Weekly Wage (SAWW) for the previous calendar year. The level is reset annually on July 1. The state Labor Department reported that the 2023 SAWW was $1,757.19.The rate for July 1, 2023 to June 30, 2024 is $1,145.43​.Read the Board's announcementSource

Continue ReadingMax Weekly WC Benefit Rising To $1,171.46