Ask Tim; Industry News

​We are pleased to offer you a one-page handout that will help you explain Supplemental Spousal Liability Insurance to your clients. A law that took effect on August 1 makes this coverage automatic on auto insurance policies unless the insured requests that it be removed. Previously, the coverage was available as an option but the insured had to ask to have it added.The file is a one-page document in Microsoft Word format and is suitable for copying and pasting onto your letterhead. It is structured as a series of questions and answers. We have posted it under the Coverage Questions heading on the Auto Insurance page​…

​On Monday, August 7, an insurance carrier that has written a significant amount of personal auto and homeowners coverage in New York informed its agents that it intends to withdraw its primary underwriting company from the preferred home and auto insurance market in all states. Since that announcement, we have received questions from members about the rules the carrier must follow in New York as it implements its exit.The bottom line is that any carrier providing personal property and casualty insurance must have a withdrawal plan approved by the New York State Department of Financial Services (DFS). They cannot implement that plan without approval. Here…

​ Penalty by Nick Youngson CC BY-SA 3.0 Pix4free ​ The New York State Department of Financial Services issued its monthly insurance disciplinary action report on February 13, and it was an unusually long one – 18 pages. Big I New York members regularly contact our office with questions about whether a course of action they're considering (or that a competitor has taken) will violate the state's insurance law and regulations. Because of that, I always find it interesting to see what areas of the law DFS has focused on when taking action. This is a summary of the disciplinary actions taken recently against resident and…