Industry News

​The newly-created New York State Office of Cannabis Management has proposed new regulations that would govern the personal cultivation of cannabis plants. If adopted, the proposal published in the Nov. 17, 2021 edition of ​New York State Register would set the legal parameters for individuals who wish to grow marijuana plants  in their homes. Growing cannabis at home may increase the risks of losses covered by homeowners and renters insurance.The proposed rules permit cultivation of cannabis plants by individuals over age 21 in or on the grounds of their private residences. There are limits on the permissible number of "mature plants" (flowering plants visibly budding) and "immature plants"…

​The New York State Department of Financial Services (DFS) this week issued final guidance to licensed domestic insurers on how they should manage the financial risks presented by climate change. The document culminated a months-long process that started with proposed guidance on which 45 parties provided detailed comments.Acting Superintendent of Financial Services Adrienne A. Harris said that DFS intends the guidance to "support insurers’ efforts to manage the financial risks from climate change, bolstering the safety and soundness of the industry and the protection of consumers. " According to the document, DFS expects all New York insurers to start integrating consideration of climate change's financial risks…

​The New York State Workers Compensation Board has announced a decrease in the premium assessment rate for 2022. The rate will be 10.2%, down from 11.8%, and applies to standard premium or its equivalent. The premium assessment pays for the Board's administrative costs. By law, the Board must announce its annual adjustment by November 1 each year.The new rate takes effect on January 1, 2022.Source