Ask Tim; Industry News

Body: ​Insurance industry standards setting organization ACORD ​has announced it has revised a form used with New York personal auto insurance applications. Form ACORD 65 NY (2025/03), New York Auto Supplement – Spousal Liability Insurance Declination Form, is for use on and after March 26, 2025. It replaces form ACORD 65 NY (2023/08​).The new edition is designed to reflect the guidance ​the New York State Department of Financial Services (DFS) has provided for situations where an insured wishes to reject Supplemental Spousal Liability insurance​. DFS provided this guidance in response to a change in state insurance law that Big I New York pushed for last year. This edition removes two paragraphs from…

Abstract: Due to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, Decembe 20. Body: ​UPDATE: On Saturday, December 21, President Biden signed ​a bill passed by both hourses of Congress that  funds the government through March 14. The bill also reauthorized the NFIP through that date."It's like deja vu all over again." -- American philosopher, war hero, and member of the National Baseball Hall of Fame Lawrence Peter (aka "Yogi") BerraDue to congressional inaction, the authority of the National Flood Insurance Program (NFIP) will expire at 11:59 pm tonight, Friday, December 20. Merry Christmas.For years, the…

Abstract: The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. Body: ​The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. It applies to of the standard premium or premium equivalent.​ For example, if the standard premium is $10,000, the amount of the assessment is $710. The assessment rate for calendar year 2024 is 9.2%.By law, the assessment is assessed on all Workers' Compensation insurance policies issued to New York employers to pay for the Board's expenses. The new rate takes effect January 1,…