Industry News

​The New York Auto Insurance Plan (NYAIP, also known as “the Plan") is reminding insurance producers to take precautions when transacting business with Plan insureds by phone or email.The Plan's Special Investigations Unit (SIU) became aware of instances where producers took NYAIP applications, endorsement requests, and credit card transactions by phone. Some of them did not verify the applicant's or card holder's identity. They then falsely certified that they met the NYAIP identity verification requirement. The result was: Issues regarding applicant information.Disputed, unauthorized and questionable credit card transactions. The Plan reminds producers that when conducting business virtually, they must visually verify their insureds' identities. They…

​At the request of the New York State Department of Financial Services (DFS,) Big I New York met by video with DFS representatives this morning to discuss the ongoing problems with the state's personal insurance market. Big I New York Chair of the Board David Bodenstein, President and CEO Lisa Lounsbury, and AVP of Research and Information Tim Dodge met with the DFS representatives for a little more than a half hour.DFS asked for the meeting to continue discussions that began on July 25. The meeting was productive. Further conversations between Big I New York and DFS on how they can work together to improve…

Preferred Mutual Insurance Company's (“Preferred Mutual") current Financial Strength Rating (FSR) has been reaffirmed by AM Best as 'A' (Excellent) with a 'Stable' outlook. The Long-Term Issuer Credit Rating (ICR) has been reaffirmed as 'A+' (Excellent), and the outlook for the ICR remains 'Stable.' Preferred Mutual has held the 'A' rating for 22 consecutive years. The Ratings reflect our company's balance sheet strength, which AM Best continues to assess as 'strongest' as well as our 'adequate' operating performance which is supported by solid underwriting results and consistent investment earnings derived from multiple years of stable pure loss ratio trends. Preferred Mutual continues to maintain a…