ALBANY, N.Y.—At the direction of Governor Andrew M. Cuomo, nofault insurance medical mills and insurance companies are facing a statewide investigation by Benjamin M. Lawsky, Superintendent of the Department of Financial Services (DFS). The regulation implements a 2005 law that gives DFS the power to regulate doctor participation in the no-fault system. Lawsky accepted this […]
NEW YORK, N.Y.—More than 250 brokers and other insurance leaders attended the 40th Anniversary Celebration of the American Transit Insurance Company held January 26, 2012, at the New York Athletic Club on Central Park South. New York State Senator Martin Golden offered an official welcome and offered observations about the Company which marks its 40th […]
In 1991, Executive Life Insurance Company of New York (ELNY), the stressed but solvent subsidiary of its insolvent parent, Executive Life Insurance Company of California, was placed in rehabilitation in New York to protect it from cash surrenders becoming “a run on the bank.” Twenty-one years later, the rehabilitator has petitioned the court to declare […]
[dropcap]O[/dropcap]ne of the most compelling reasons to purchase life insurance is the birth of a child. According to a just released report from Demographic Intelligence (www.DemographicIntel.com), the nation’s premier provider of birth statistics and U.S. fertility analytics for a variety of industries, there will be an increase in births in 2012 and even more in […]
Albany, N.Y.—Legislation for the commercial modernization of New York’s insurance law, which was cosponsored by Senator James L. Seward of Oneonta (R-C-I), Chair of the Senate Insurance Committee, and Assemblyman Joseph D. Morelle of Irondequoit (D-I), Chair of the Assembly Insurance Committee, has been signed into law by Governor Andrew M. Cuomo and becomes effective […]
The word “corporate” has many implications, some good, some bad. On the one hand it can mean: stiff, impersonal, lifeless and bloated. On the other hand, “corporate” can refer to the crisp, top level conduct of business, to standards of objective accountability and to the creation of self perpetuating mechanisms for entrepreneurial success. For an […]
Tumbling is the operative word, as insurers deal with several catastrophes’ impact. Private U.S. property/casualty insurers’ net income after taxes fell to $4.8 billion in first-half 2011 from $16.8 billion in first-half 2010, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus decreasing to 1.7 percent from 6.4 […]
One of the hallmarks of the first several months of the administration of New York’s Governor Cuomo was the presentation and adoption of his plan to consolidate the regulation of financial services, including the merger of the banking and insurance departments. The new law, The Financial Services Law, was enacted on March 31, 2011, and […]
Sometimes revolutions start off quietly and build and build until you wake up one morning and find that everything has changed…almost overnight. This is the case with Insurcard, a relative new comer to the insurance business that will revolutionize the way claims are paid and settled, whether they be single payment or long-term payment formats. […]
Ever since the seminal decisions by the New York Court of Appeals in 1997 in Presbyterian Hospital in the City of New York v. Maryland Casualty Company2 and Central General Hospital v. Chubb Group of Insurance Companies,3 the contours of no-fault law have been relatively clear: With the “exceptional exception”4 of a narrow category of defenses classified as […]
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