Industry News

​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

​​Autonomous Trucks Would Haul New Risks Into Commercial LinesThe emerging technology raises questions around what it means to 'operate' a vehicle and how liability will be determined.Court Finds Coverage for CBD Claim Through ScienceBecause laws, regulations and rules governing cannabis are constantly changing, the applicability of certain exclusions to coverage may change depending on when a loss occurs.Mobile Use Still Lagging for Insurance Sales, ClaimsWhile mobile devices have become ingrained in our culture, both personally and professionally, consumers still aren't robustly leveraging insurance company apps, according to a survey from Lightico, which found mobile is the among least used methods for performing sales and claims…