Industry News

​The New York Automobile Insurance Plan (NYAIP) this week announced a series of rule changes that will impact how certified producers service clients insured through the Plan and the fees they can charge for those services.Under the revised rules:Deposit premium payments for all new business applications must be made electronically Producers will be required to accept the insured’s deposit premium in the form of a bank check, certified check or money order made payable to the producer for the insured’s portion of the initial deposit premium, if the insured cannot pay by credit card or debit cardVirtual confirmation of the owner/operator and virtual witness of signatures will…

​As War Rages on, Cyber-Insurer War Exclusion Clauses Face ReckoningAs more state actors engage in cyberwarfare, insurance companies and private businesses are struggling to find common ground on what the "War Exclusion Clause" means for them.Trends Shaping the US Transportation Insurance MarketThe transportation industry is driving into a barrage of headwinds in the form of inflation, rising gas and diesel prices, lower freight rates, supply chain disruptions, and ongoing challenges in the highly litigious liability arena.What Does a Recession Mean for Insurance Payments?Now more than ever, customers expect a modern checkout experience with flexible payment options and customer-first experiences.Is the Four-Day Workweek an Inevitable Part…

​The New York Automobile Insurance Plan (NYAIP) has announced forthcoming rule changes to create "intersex" and "unspecified" gender classifications used in developing premiums for drivers of vehicles insured through the Plan. The changes take effect on December 1, 2022.The effected rules are:Rule 22, Private Passenger Automobile Classifications, is amended to include a youthful intersex and unspecified classification and revise the definition of youthful operator to include intersex and unspecified. Rule 27, Driver Training Credit, is amended to reference classifications for youthful operators under the age of 21. Rule 42, Named Nonowner Coverage​, ​​is amended to revise the definition of youthful operator to include intersex and unspecified.​The Class Factors Table in the Private Passenger Automobile Rate Chapter is…