Industry News

​The New York State Department of Financial Services is encouraging property-casualty insurance carriers to offer their homeowners insureds free or discounted loss mitigation tools and services. In a new Circular Letter, the department also encouraged carriers, rate service organizations (RSOs, such as the Insurance Services Office,) and the New York Property Insurance Underwriting Association (NYPIUA) to file premium discounts for insureds who use the devices and services.The May 23 letter, signed by Deputy Superintendent of the department's Property Bureau Bernard Ganley, noted difficulties in the current insurance market. The purpose of the Circular Letter, he wrote, was “to reduce risks and costs to ensure a…

​Adirondack Insurance Exchange, an insurance carrier writing personal lines coverages only in New York, has lost its financial stability rating (FSR) from Demotech. The carrier announced the May 28 action to its agents and policyholders that afternoon. Demotech, an Ohio-based financial analysis firm that provides FSRs for insurance companies, did not offer an explanation on its website for the move. Adirondack agents received email notifications late on May 28. The carrier, a member of the Allstate Insurance Group, posted this update for policyholders on its website:“Demotech, Inc., a provider of financial stability ratings of property-casualty insurance companies, has withdrawn its financial stability rating for the…

​The New York Compensation Insurance Rating Board has announced that the maximum payroll for calculating Workers Compensation insurance premiums for construction employers will increase to $1,757.19 per week. The change takes effect on July 1.State insurance law requires that the payroll for certain construction classifications be limited to a percentage of the Statewide Average Weekly Wage for the previous calendar year. The adjustment occurs annually on July 1. Read the Board's announcement​Source