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Recent News from New York State Insurance Department
MBIA-FGIC Deal Resulted From Auction Process Directed by NY Insurance Department
MBIA Inc. and FGIC Corp. have announced an agreement that will provide reinsurance to $184 billion of municipal bonds currently insured by Financial Guaranty Insurance Company (FGIC). The deal resulted from a competitive process undertaken at the ...
Sending Your Child to College? Be Sure to Consider What Your Insurance Policies Cover
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Governor Paterson Announces Continued Success of Workers’ Compensation Reforms
Governor David A. Paterson today announced that the successful implementation of workers' compensation reforms will reduce insurance rates for the second year in a row. The cost will decline again by about 5 percent for 2009, following a 20.5 perc...
Tompkins County Bar Owner Arrested for Fraud
The owner of a Tompkins County bar was arrested Thursday after authorities discovered she employed five people off the books, including a bouncer injured when he tried to escort a patron out of the bar.
Governor Paterson Announces One-Year Freeze on Medical Malpractice Rates for Physicians in New York State
Governor David A. Paterson today announced that he has signed legislation to freeze medical malpractice rates for physicians in New York for one year in an effort to provide desperately-needed premium relief for doctors already overburdened by soa...
Smashed Window Leads to Insurance Fraud Arrest
A Schenectady man who filed a $3,298 insurance claim for a broken car window was arrested for fraud Tuesday for smashing the window himself after an insurance adjuster was first unable to find any damage.
Insurance and Health Departments to Hold Joint Hearing on Out-of-Network Insurance Coverage
In response to complaints from consumers who did everything they could to use in-network doctors, but nonetheless received surprise bills from specialists whom the consumers did not know were out-of-network, the Insurance Department will hold a pu...
Bring Your Insurance Questions to the New York State Fair
Visitors to the New York State Fair will be able to see if they are eligible for affordable New York State-sponsored health insurance and have other insurance questions answered by visiting the New York State Insurance Department's information booth.
Onondaga County Man Charged With Workers’ Comp Fraud
A 73-year-old Onondaga County man was arrested Thursday for improperly taking $27,089 in workers' compensation benefits while employed as a bus driver in Rome, the New York State Insurance Department reported.
Two Delaware County Residents Accused of Insurance Fraud
Two Delaware County residents whose home was destroyed in a March 2007 fire were arrested Monday on charges that they forged receipts in an unsuccessful attempt to obtain an additional $30,400 as part of their insurance settlement.
Delaware County Man Charged With No-fault Fraud
A 44-year-old self-employed logger and stone cutter in Delaware County was arrested Friday for insurance fraud for accepting $20,000 in no-fault insurance benefits after claiming he was disabled and unable to work as the result of an automobile ac...
What To Do If Your Health Insurance Company Denies a Claim
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Four Arrested For Dumping Car in Lake in Insurance Scam
An Erie County woman and three people who helped her dispose of her SUV by "making the vehicle disappear" into Lake Erie so she could collect on insurance now face charges of insurance fraud and conspiracy to commit insurance fraud, the New York S...
GEICO Drops Rate Increase Request As Department Asks Insurers To Assess Impact of Gas Prices on Auto Rates
Will higher gas prices help hold the line on auto insurance rates? For GEICO, New York State's largest writer of automobile insurance, the answer is yes, Insurance Superintendent Eric Dinallo announced today. After discussions with the New York St...
STATEMENT BY NEW YORK STATE INSURANCE SUPERINTENDENT ERIC DINALLO
"The closing of the previously announced transactions between XL Capital Ltd. ("XL") and Syncora Holdings Ltd. (formerly known as Security Capital Assurance Ltd.), in addition to the closing of the transactions between Syncora and Merrill Lynch &a...
CDPHP Units Fined $600,000, Directed to Review Denied Claims
Capital District Physicians Health Plan (CDPHP), an Albany-based health maintenance organization (HMO), and CDPHP - Universal Benefits, Inc., an affiliated health insurer, have been fined $600,000 because they failed to advise consumers how to app...
Three Charged with Conspiring To Stage Theft and Burn SUV
An Ulster County woman, who allegedly arranged to have her SUV set ablaze in an apple orchard while she visited Atlantic City casinos, and two other people have been arrested on charges that they conspired to destroy the vehicle so the woman could...
Bring Your Insurance Questions to the Erie County Fair
Visitors to the Erie County Fair will be able to see if they are eligible for affordable New York State-sponsored health insurance and have other insurance questions answered by visiting the New York State Insurance Department's information booth.
Albany Woman Pleads Guilty to Insurance Fraud
An Albany woman who removed personal belongings from her home the day before fire damaged the dwelling pleaded guilty on July 21 to insurance fraud and falsifying business records for attempting to obtain a $38,000 payment under her renter's insur...
Insurance Fraud Guilty Plea Leads to Drug Rehab Sentencing
A Schoharie County couple was sentenced to a drug rehabilitation program on Wednesday for filing a bogus $20,000 insurance claim that unraveled because police had already discovered the car they reported stolen next to footprints leading to the co...
Dinallo Announces Bond Insurance Agreement to Help Protect XLCA Policyholders, Enhance Solvency
The New York State Insurance Department today approved a transaction involving XL Capital Assurance, Inc. (XLCA) that will help protect the bond insurance company's policyholders by enhancing its solvency and providing funding for an equitable com...
Testimony of the New York State Insurance Department
New York State Insurance Department
Media Advisory: Attorney General, Ins. Department Holding NYC Public Hearing July 25 on Broker Compensation
The New York State Insurance Department and the New York State Office of the Attorney General will hold a joint public hearing on July 25 in New York City on compensation arrangements for insurance agents and brokers and disclosure of fees to cust...
Media Advisory: Attorney General, Ins. Department Holding Albany Hearing July 23 on Broker Compensation
The New York State Insurance Department and the New York State Office of the Attorney General will hold a joint public hearing on July 23 in Albany on compensation arrangements for insurance agents and brokers and disclosure of fees to customers. ...
HealthNow Fined $1 Million for Insurance Violations
The single complaint of an Ithaca woman denied insurance coverage for infertility treatments has led to a more than $1 million fine against HealthNow New York Inc. and an agreement by the insurer to reprocess and pay similar claims for as many as ...
Media Advisory: Attorney General, Insurance Department Holding Buffalo Hearing July 14 on Broker Compensation
The New York State Office of the Attorney General and the New York State Insurance Department will hold a joint public hearing on July 14 in Buffalo on compensation arrangements for insurance agents and brokers and disclosure of fees to customers....
Are You Properly Insured for Summer Fun?
Fireworks and celebrations go hand-in-hand, especially during the Fourth of July. But fireworks can be dangerous and may jeopardize your insurance coverage if someone is injured or if property is damaged as a result of your actions.
Public Comment Invited on Modeling of Options for Expansion of Health Insurance Coverage for New Yorkers
New York State Insurance Superintendent Eric Dinallo and Health Commissioner Richard F. Daines, M.D., today invited public comments on instructions that will guide the modeling of proposals to expand health insurance coverage in New York State.
Insurance Department to Hold Hearings on Compensation for Agents & Brokers Jointly with Attorney General
The New York State Insurance Department will hold joint public hearings on compensation arrangements for insurance agents and brokers with the Office of the Attorney General, Insurance Superintendent Eric Dinallo announced today. The hearings will...
State Announces Delay In New Medical Malpractice Rates
New York State Insurance Superintendent Eric Dinallo announced today that he is delaying the setting of new medical malpractice insurance rates past July 1, 2008 to allow time for the negotiation of reforms that have the potential to result in red...
Pennsylvania Woman Arrested For Grand Larceny
A Lawrenceville, Pa., woman was arrested Thursday for grand larceny for collecting $10,700 in workers' compensation benefits while she was employed at a Corning hotel.
Teacher Arrested For Fraudulently Collecting Benefits
A 57-year-old Utica woman will be arraigned June 25 on charges that she fraudulently collected $52,983 in workers' compensation benefits while working as an elementary school reading teacher for the Utica City School District.
Colonie Trucking Firm Charged with Workers' Comp Fraud
Eagle River Inc., a Colonie-based trucking company, has been charged with underreporting its payroll by $2.2 million, costing the New York State Insurance Fund $300,981 in lost workers' compensation premiums.
New York and German Insurance Regulators Sign Cooperation Agreement
New York State Insurance Superintendent Eric Dinallo and Dr. Thomas Steffen, Chief Executive Director of Insurance Supervision for Germany’s financial regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), today signed ...
Funeral Director Arrested For Filing False Insurance Claim
The operator of an Albany County funeral home was charged June 3 with insurance fraud and falsifying business records in connection with an unsuccessful attempt to obtain a $6,130 insurance payment.
Media Advsory: Insurance Department Holding Manhattan Public Hearing June 13 on Whether to Expand Export List
The Insurance Department will hold a public hearing on June 13 in Manhattan to determine whether Superintendent Eric Dinallo will revise eligible coverages on the export list, as set forth in Insurance Department Regulation 41 (11 NYCRR 27). The h...
Check Your Insurance Options Before Renting a Car
Even with high gasoline prices, this is the time of the year when many New Yorkers rent cars for vacation travel. However, many people purchase insurance at the rental counter without knowing whether their existing auto policies or credit card ben...
Rating Reform Benefits Bond Market
Members of the National Association of Insurance Commissioners (NAIC) moved forward today with a regulatory response that will help the municipal bond market by reducing pressure on insurance companies to sell bonds insured by downgraded bond insu...
Insurance Assistance to Be Available Near Collapse Site
Consumers affected by the crane collapse on Manhattan’s Upper East Side may obtain help with insurance issues from New York State Insurance Department personnel who will be deployed near the site starting Saturday, May 31.
Governor Paterson Announces NY Small Businesses to Receive $50 Million in Insurance Refunds
Governor David A. Paterson and New York State Insurance Department Superintendent Eric Dinallo today announced that Oxford Health Insurance, Inc. has agreed to refund $50 million to approximately 37,000 small businesses in New York City, Long Isla...
Partnership for Coverage Releases Interim Report
Health Commissioner Richard F. Daines, M.D., and Insurance Superintendent Eric Dinallo today released an interim report to Governor David A. Paterson describing the Departments' progress to date in developing proposals to achieve universal coverage.
Consumer Alert: Seniors Beware-Question Credentials of "Senior Specialists" Beware of "Free Lunch" Seminars
Many seniors have worked hard to accumulate a lifetime of savings. Since older adults are the fastest growing segment of investors, they have become the focus of many financial services firms’ marketing and sales activities.
Department Moves to Protect Seniors From Abusive Sales and Marketing Practices
Insurance brokers or agents in New York State who use titles that mislead seniors will face penalties, Insurance Superintendent Eric Dinallo said today. Dinallo also warned seniors about abusive sales and marketing practices aimed at them by some ...
Poughkeepsie Company Pays Price for Violating Insurance Law
A workers’ compensation insurance company paid a $96,110 penalty to settle charges it violated licensing provisions of New York State Insurance Law, Insurance Superintendent Eric Dinallo announced today.
Reporting False Burglary Leads to Two Arrests in Catskill
Two Greene County residents face up to a year in jail after admitting they filed a false burglary report in an unsuccessful attempt to cash in on an insurance claim. Geraldine Porter, 57, and Dominick Donato, 48, both of Dubois Road, Catskill, wer...
Report Finds Unum Complying with Terms of Settlement
An examination of the disability insurance claim practices of Unum Group found the company is complying with the requirements of a 2004 agreement aimed at ensuring disability claims are promptly and properly processed, New York Insurance Superinte...