While voicing support for New York's regulatory initiative to improve contract certainty, the Risk and Insurance Management Society is seeking details on what penalties will be invoked for noncompliance by insurers and brokers, while trying to assure there will be feedback from commercial insurance buyers.
The RIMS comments followed an announcement by New York Insurance Superintendent Eric Dinallo that he will institute a strict policy on contract certainty for brokers and insurers in the state.
The department's circular letter tells insurers, agents and brokers in New York that under the new rule–which goes into effect in 12 months–all policy terms should be agreed to, and the insured provided with a copy of the policy, normally within 30 days of the policy's inception.
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