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Cuomo Announces New Regulations for Insurers

Written by Amy Gernon  |  30. November 2012

In an effort to increase accountability for insurers and expedite insurance claims by New Yorkers affected by Superstorm Sandy, Gov. Cuomo has announced a series of new tools for homeowners and small businesses, as well as new regulations for insurers.

New Yorkers looking for information or assistance with their insurance claims are directed to www.NYInsure.ny.gov.  The site acts as a report card for insurance companies operating in New York State, and offers New Yorkers the opportunity to compare their insurers to others in their area.
 
The Department of Financial Services has issued a new regulation that reduces the amount of time insurers have to send adjusters and inspectors to homes and businesses by more than half.  Now, inspections must be made within six business days after a claim is reported, down from the former 15-day regulation.
 
Gov. Cuomo has also signed an executive order allowing temporary licenses to be granted to allow out-of-state private insurance adjusters to inspect claims and help New Yorkers receive their insurance money as soon as possible. Currently 16,800 out-of-state adjusters are working for New York insurance companies, allowing these companies to assess claims and make payments in a timely manner.
 
“In the wake of Hurricane Sandy, it is vital that New Yorkers receive their claim settlements as soon as possible, so that they can rebuild their homes, businesses and lives,” Governor Cuomo said in a statement. “There simply is no substitute for speed when it comes to insurance payouts after a storm. We must do everything possible to make sure we hold insurance companies accountable to their customers. Today’s actions do just that.”
 
DFS Superintendent Benjamin Lawsky, under the direction of Gov. Cuomo, will continue to enforce the moratorium that bars insurers from cancelling homeowners’ and small business owners’ insurance policies in storm-damaged areas.  These policies cannot be terminated for any reason, including non-payment of premiums through Dec. 15.
 
“Homeowners and businesses have the right to know how their insurers are performing and how quickly the companies are handling claims,” Lawsky said.
 
 
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