Carriers; Industry News

Adirondack Insurance Exchange (AIE) and Mountain Valley Indemnity Co. (Mountain Valley) will withdraw from the New York personal insurance markets by the end of this year under a plan approved by state insurance regulators. The plan will permit an orderly wind down of the carriers' operations. Under the plan's terms, the two carriers will begin non-renewing homeowners, watercraft, umbrella liability, identity theft, and auto insurance policies as they expire. Any policies that are up for renewal in 2025 will be cancelled effective December 31, 2024. While it is believed that the carriers have sufficient reserves to pay their policyholders' claims, an Allstate company has agreed…

​The New York State Insurance Fund​ (NYSIF) has announced that it is leaving its loss cost multiplier unchanged at 1.27. The announcement follows a recent announcement by the New York Compensation Insurance Rating Board (NYCIRB) that Workers Compensation insurance loss costs will decrease by an averagte of ​8.7% on October 1.​Loss costs are a component of insurance rates that reflect an insurer's expected cost of paying losses and allocated loss adjustment expenses. They do not include the insurer's overhead and profit. The loss cost multiplier is a numerical factor that the insurer applies to the loss cost to arrive at an appropriate rate. For example, ​the October 1, 2022 loss costs…

​​                © NYSIF. All rights reservedThe New York State Insurance Fund (NYSIF) has introduced a new tool to make it easier for their policyholders to monitor their subcontractors' compliance with Workers' Compensation coverage requirements. Per an email we received from NYSIF on June 27:Beginning Wednesday (June 29), NYSIF workers’ compensation policyholders will have a new way of monitoring subcontractor's compliance with the workers' comp law, potentially saving them unexpected costs due to uninsured subs. Using their nysif.com online account​, policyholders can enter the FEIN (Federal Employer Identification Number) of a sub, and NYSIF will display if they have current workers'…