NYPIRG, Citizen Action Back Auto Insurance Bill [UPDATED x2]

Written by Jon Lentz on . Posted in Banking/Insurance, Blog

* 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]

Spotlight: Roundtable on Banking & Financial Services

Written by City & State on . Posted in Banking/Insurance, Budget/Taxes, Spotlight

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]

No-Fault Lines

Written by Laura Nahmias on . Posted in Banking/Insurance, Government Operations, News, Spotlight

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]

READY, SET, EXCHANGE!

Written by Laura Nahmias on . Posted in Banking/Insurance, Government Operations, Health Care, News

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]

Expert Roundtable

Written by City & State on . Posted in Banking/Insurance, Government Operations, News

Ben Lawsky, Superintendent, Department of Financial Services Q: How big a problem is no-fault insurance fraud right now? Ben Lawsky: It’s a huge problem; the estimates are it’s about $385 million a year in fraud that all gets passed on to consumers through higher rates. It’s a huge priority. We’re focused on it here in the department. I can tell you the governor’s focused on it as well. It’s a problem not just downstate, where it is bad, but also… [More]

Settling Schneiderman

Written by Andrew J. Hawkins on . Posted in Banking/Insurance, Features, Interviews, News

President Barack Obama has proven willing to do something Gov. Andrew Cuomo has so far been reluctant to do: give Attorney General Eric Schneiderman more investigatory powers. The president recently tapped Schneiderman to co-chair a new joint mortgage-fraud investigation unit, giving him access to more resources and more ground troops to go after fraud and abuse on Wall Street. The move came as a shock to many, considering Schneiderman has been one of the most vocal critics of the White… [More]