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New York Auto Insurance: State Insurance Department - Looking Out for You

By Insurance.com Posted : 02/19/2007

When you compare auto insurance quotes 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:

  • Auto
  • Health
  • Home
  • Life
  • Long-term care
  • Worker`s compensation

The principal responsibility of NYSID is to protect New York consumers. NYSID does this by:

  • Licensing insurers and car insurance companies to do business in New York
  • Regulating insurance contracts and rates
  • Protecting against insurance fraud
  • Ensuring that insurance companies comply with New York law
  • Ensuring that insurance companies abide by their own policy language
  • Processing Ohio insurance consumer complaints
  • Monitoring and reporting annual insurance complaint rates
  • Providing Ohio residents with comprehensive insurance guides

Licensing Insurers
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:

  • Whether an insurance company is licensed in New York
  • Whether an insurance company is licensed to sell a specific line of insurance
  • Whether an agent is licensed in New York and a legitimate representative of the insurance company Whether an insurance company has a good record of handling policy complaints

Protecting Consumers
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.

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