Ask Tim; Industry News

​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…

​On Saturday, September 30, Congress passed and President Biden signed a bill to fund the government through November 17, 2023. The measure also extends the authorization for the National Flood Insurance Program (NFIP) through that date. Consequently, as of today you still have the ability to request new and renewal policies and coverage amendments for your clients who need NFIP policies.The NFIP, along with large portions of the rest of the federal government, was on track to expire at midnight on Saturday. The program's legal authority to operate is tied to the end of the federal government's fiscal year, which is September 30. While it…

​Your business clients who carry group health insurance coverage must start making a new filing to the federal government this year, and many of them may not know it. Agents and brokers are not required to do anything, but some of you may want to inform your clients.The filing is known as a Gag Clause Prohibition Compliance Attestation (GCPCA.) Health plan sponsors and issuers are required to submit it annually by December 31, with the first one required by the end of this year. When submitting the completed form, a plan sponsor or issuer is verifying that they have complied with a federal law that…