Ask Tim; Industry News

​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:…

​A magnitude 4.8 earthquake centered west of Manhattan struck the northeastern U.S. this morning. We at Big I New York hope that all of you, your families, friends, and clients are safe and suffered no injuries. However, it is possible that some of your clients suffered property damage. Your phones may ring with calls asking whether homeowners and commercial property insurance covers the damage. Here is what you and they need to know:Standard homeowners and commercial property insurance policies typically do not insure against damage caused by earthquakes or other types of earth movement. The ISO Homeowners 3 – Special Form states that the insurer…

​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…