Industry News

​The New York State Department of Financial Services has asked producer trade organizations to distribute the following message:Dear Producers,Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public member alternates to the Governing Committee of the NYAIP. Section 15A of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public members,  1 company member and their respective alternates to the Producer Certification Peer Review Panel.At the request of the Department of Financial Services (DFS,) the NYAIP is soliciting producer trade…

​Photo by Sue Thompson​. Used under a Creative Commons Attribution-No Derivatives 2.0 license​. Insurance standards setting organization ACORD has announced revisions to two of its published forms pertaining to flood insurance. You should plan on using the new editions starting in December. ACORD is treating both as new forms due to the number of changes.​ACORD 301 (2022/12), National Flood Insurance Program - Flood Insurance Application, replaces the 2015/04 edition. It is designed to work with the NFIP's Risk Rating 2.0: Equity In ACTION rating methodology, introduced last year. ACORD 304 (2022/12), NFIP - Flood Insurance Cancellation/Nullification​, replaces the 2018/08 edition. It is designed to work with the policy cancellation…

Most Connected Car Drivers Aren't Unlocking Premium Discounts with DataOver 70% of drivers are interested in using connected car data for insurance discounts, but less than a quarter do.Chubb Breaks Records In Q2 EarningsIt was a record-breaking quarter for Chubb, the world's largest publicly traded property & casualty insurance company, which released its second quarter earning.​Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022According to the latest Ivans Index report, workers' compensation was the only major commercial line to see a negative change.New York Begins $30M Program to Help Municipalities Boost Cybersecurity EffortsNew York State is beginning a $30 million…