Mar 7, 2013

PIANY meets with New York legislators on insurance issues

PIANY representatives this week met with Assembly Insurance Committee Chair Kevin Cahill, D-101, to discuss post-Sandy proposals that could have an effect on agents and brokers, including a proposal to mandate an annual flood notice on commercial insurance policies similar to New Yorks law requiring all homeowners to be notified of the need and the availability of flood insurance. PIANY supported the original law (Chapter 21 of the Laws of 2008) and proposed the idea as policymakers struggle to identify an effective way to enhance consumer education regarding property and casualty and flood insurance. 

PIANY also met with Sen. Andrew J. Lanza, R-24, to discuss PIANYs photo inspection reform bill (A.1305/S.4047) that would make photo inspections optional by carriers. Currently, photo inspections are required on certain vehicles in a very short timeframe (Regulation 79), and if these timeframes are not complied with, carriers are statutorily prohibited from providing physical damage coverage. PIANY testified that this leads to consumers not receiving the full benefits of the insurance policy they purchased and paid for. Making the photos optional would allow carriers to determine whether or not the photographs serve any real purpose or are just a holdover from the days of phantom vehicles. 

PIANY also intends to meet with the Senate and Assembly on the bill to regulate certificates of insurance (A.3107/S.3084) next week. PIANY is fully involved in these and a multitude of other insurance-related proposals as your voice in the state Capitol.