Admitted insurers in New York have until April 10, 2015 to report property exposure information to the state's Department of Financial Services (DFS) under a new set of requirements for disaster preparation and response.
In a recent circular letter, the DFS directs insurers to report the following information:
- The total number of non-auto property policies in force (personal and commercial) and the total amount of building and personal property coverage; and
- The total number of vehicles (personal and commercial) covered by comprehensive insurance and the total number of policies providing comprehensive auto coverage.
The information requested is to be provided for each county as of Dec. 31, 2014. Reports can be submitted through a template provided on the DFS website.
The circular also direct insurers to submit, by June 1, 2015, a disaster response plan and a plan for business continuity in the wake of a disaster. Companies can re-submit existing plans, but must do so as attachments through new portals established for the response and continuity plans.
The circular also describes operations during a disaster, including:
- The role of the insurance company disaster liaisons in staffing the state's Insurance Emergency Operations Center;
- The process for obtaining insurance temporary adjuster permits; and
- The reporting process when hurricane or windstorm deductibles are invoked.
Finally, the circular describes the post-disaster reporting process and the communications network.
The circular repeals and replaces a 2014 circular and establishes a new framework for insurance operations during an emergency.
AAIS Advisory notices are posted periodically to announce AAIS product developments, and to provide news items that are relevant to our program users. Advisory notices are news summaries that paraphrase documents which should be consulted directly for complete, authoritative information.