Feb 21, 2013

PIANY meets with DFS to discuss post-Sandy issues

Yesterday your association, represented by PIANY Government Affairs Committee Chair Justin Fries, CIC, CPCU, CPIA, committee member Peter Resnick, legislative representative Allison Lee, and PIANY staff Matthew F. Guilbault, Esq., and Dan Corbin, met with Executive Deputy Superintendent of the Insurance Division Robert Easton, Esq., and his top staff to discuss post-Sandy insurance issues.

The issues included the continued need for standardization of hurricane deductible triggers, the DFS moratorium on cancellations and nonrenewals, and FEMA flood claims being affected by the handling of claims checks by financial institutions.

The attendees also learned of two pending Sandy-related DFS regulations governing the handling of storm-related claims and will continue to work with the department on their development. The meeting was an opportunity to continue the ongoing communication between the regulatory and producer community with respect to the post-Sandy insurance marketplace. Both sides acknowledged a need to be mindful of the potential negative effects of over-regulation and the importance of maintaining a viable coastal marketplace.

PIANY will continue to represent the interests of the producer community as regulators and legislators grapple with the effects of this devastating storm and consider potential legislative and regulatory proposals.