An insurance buyers' organization, while voicing support for New York's upcoming rule to require certainty of terms close to the inception of an insurance contract, is asking what penalties will be invoked for non-compliance.

The Risk and Insurance Management Society also said it wanted to see the regulation provide for buyer feedback.

RIMS' comments came after Thursday's announcement by New York State Insurance Department Superintendent Eric Dinallo that he is instituting a strict policy on contract certainty for brokers and insurers operating in-state in the next 12 months. In 90 percent of cases, the aim would be to achieve contract certainty within 30 days of inception.

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