With hundreds of thousands of Sandy-related insurance claims placing a burden on insurance companies and frustrating homeowners, Gov. Andrew Cuomo announced that the Department of Financial Services would be publishing a series of new regulations to expedite the process of getting people’s homes back in shape. “The problem is one of scale and quantity,” Cuomo said at a press briefing today. “You have about 360,000 people that have insurance claims right now, so you can imagine the overwhelming task of… [More]

New York elected officials weigh in on tort reform.… [More]

Tort reform: the key issues, players and numbers.… [More]

Specialized health courts could cut costs and litigation, but lawyers cry foul.… [More]

Insurance industry pushes for reforms to no-fault auto insurance.… [More]

What New York lawmakers and interest groups see as the top priorities on insurance and financial services… [More]

* Consumer groups have entered the fray over an auto insurance bill the Legislature passed this year. NYPIRG and Citizen Action this week sent letters urging Gov. Andrew Cuomo to sign the bill, which would set a higher default rate for so-called supplementary uninsured/underinsured motorist insurance, or SUM insurance. Such insurance protects people seriously injured by drivers who have little or no insurance, but the default amount is set lower than for liability insurance. The legislation raises the SUM insurance default, but lets the insured select lower… [More]

Eric Schneiderman New York State Attorney General Q: What is your top priority on issues related to banking and financial services?  ES: Public confidence was severely damaged not only by the financial crisis of 2008 but by the apparent lack of accountability in the aftermath of the crash. In light of the parade of new financial-sector scandals, a recent Gallup poll found that only 18 percent of Americans have a lot of confidence in U.S. banks, which is a new… [More]

Will Further Regulations on No-Fault Insurance Cure the Problem? Just weeks after New York’s Superintendent of Financial Services, Ben Lawsky, announced a spate of new regulations designed to address no-fault insurance fraud, Allstate Insurance filed a $29.9 million civil suit against a fraud ring of doctors, acupuncturists and runners accused of staging car accidents to take advantage of the state’s no-fault insurance laws. The suit seemed to focus attention on a problem that lawmakers said has been growing for years,… [More]

Real Work Just Beginning for New York Health Exchange A month ago, in what seemed like an end to a long standoff, Gov. Andrew Cuomo finally issued the executive order necessary for the state to begin setting up a health exchange, an online marketplace where individuals and small businesses will be able to buy health insurance, as mandated by President Barack Obama’s Affordable Care Act. But with a year and a half left until the exchange is required to become… [More]