The New York Compensation Insurance Rating Board announced this week that it has proposed a 2.6% decrease in Workers' Compensation insurance loss costs for 2023. If approved, the new schedule of loss costs will apply effective October 1, 2023.The filing is subject to approval by the New York State Department of Financial Services. The filing and explanatory memorandum are available for review online.Source
A Manhattan court has granted the New York State Department of Financial Services' request to be appointed as ancillary receiver of United Property & Casualty Insurance Co. (UPC.) The order enables DFS to liquidate the insurer's New York assets and resolve claims that may be insured under its policies. If you have clients who were insured by UPC, you should advise them now that they have until Feb. 27, 2024 to submit claims.As we previously reported, Florida-based UPC was declared insolvent earlier this year by the Florida Department of Financial Services. A court appointed the Florida department as the insurer's receiver, giving it authority to…
Industry standards-setting organization ACORD has revised four personal and commercial automobile insurance forms to reflect a recent change in state law. The revised forms are for use on and after August 1, 2023. You should expect to see them in your ACORD Advantage subscriptions or agency management systems over the next few months.As we previously reported, a law taking effect on August 1 will require every personal and commercial auto liability policy to include "supplemental spousal liability coverage" unless the insured specifically rejects it. Under current law, the insured has the option to add the coverage. After August 1, the insured will have the option…