Ask Tim; Industry News

​Insurers in New York are no longer permitted to take adverse underwriting actions regarding habitational properties that contain subsidized housing units, according to the state Department of Financial Services (DFS.) The department said it was acting in response to a new section of the state's insurance law that took effect this spring.The announcement came in a circular letter dated June 24, 2024 addressed to all New York licensed property-casualty insurers; licensed insurance producers; the New York Property Insurance Underwriting Association (NYPIUA); and the Excess Line Association of New York (ELANY.) Bernard Ganley, deputy superintendent of the department's Property Bureau, explained that the state budget enacted on…

​As we previously reported, on May 28 the financial strength rating of Adirondack Insurance Exchange (AIE) on the website of insurance carrier financial ratings agency Demotech was withdrawn. AIE, a subsidiary of Allstate Insurance Group headquartered in Western New York, posted the news on its website, as did Demotech. AIE sent an email on May 28 to its agents about the action; Demotech has not publicly commented.Over the last several days, many Big I New York members have contacted us with questions and concerns about this development. We will attempt to answer them here, but our information is limited. The best sources of information, should…

​The latest insurance disciplinary action report from the New York State Department of Financial Services is out. As usual, it contains interesting information about what DFS is focusing its enforcement efforts on. Here are some raw numbers:Total number of reported disciplinary actions: 27.Total number of actions against carriers: 1 ($577,250 fine against a life insurance carrier for disclosure failures.)Total number of actions against agents and brokers: 23.Total number of actions against other licensees: 3 (an adjuster, a life settlement broker, and a title insurance agent.)Total number of actions against NY licensees: 10.Total number of actions against out-of-state licensees: 16 in 10 states.Number of licenses revoked:…