The New York Senate and Assembly passed A.11693/S.8624, a bill which will allow insurers to file up to a 5 percent rate increase or decrease within a year without prior approval by the Insurance Department.
Previously, a 7 percent flex rating band was available until the statute expired in 2001. When New York had flex rating, auto prices were lower and more insurance companies offered coverage. The reinstatement of flex rating will help create a more agile and competitive market.
For more information, visit www.nyia.org.
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