When shopping for insurance in the state of New York, residents can rest easy knowing that the New York State Insurance Department (NYSID) has their best interests in mind. Responsible for the regulation of New York`s insurance industry, NYSID oversees all types of insurance policies including:
The principal responsibility of NYSID is to protect New York consumers. NYSID does this by:
The NYSID manages the licensing process for all insurance companies, agents, adjusters, and groups in the state. Licensing procedures ensure not only that insurance companies are financially secure but also that individual agents are well-versed in New York state insurance laws through pre-licensure and continuing education coursework. The NYSID also reviews all insurance products to verify that they comply with the New York Insurance Code`s rules regarding insurance contracts and rates.
Through the NYSID, consumers can verify:
Beyond licensing, the NYSID works on a number of fronts to protect New York insurance consumer interests. The agency actively seeks to help consumers resolve their insurance-related disputes by reviewing and investigating consumer complaints. The New York State Insurance Department also seeks to limit disputes by providing consumer guides to help residents better determine their insurance needs. A complete list of these guides, including the New York Shopper`s Guide to Automobile Insurance, can be found on the NYSID website
In addition to managing consumer complaints, the NYSID polices all other insurance activities in New York. The NYSID Superintendent works diligently to protect consumers by prosecuting insurance fraud scams, revoking the insurance licenses of those who violate the New York Insurance Code, and issuing cease & desist orders to stop sales of unlicensed insurance products. The Superintendent also publishes regulations to ensure the proper implementation of the New York Insurance Code.
For more information regarding New York insurance laws as well as complete information about the New York State Insurance Department, please visit the NYSID website.
One of our newsletters should arrive in your inbox soon - keep an eye out for it!