Legislation being mulled in New York could be putting the Empire State "on a path to the bottom" of a list of states with the worst insurance markets.
Kristina Baldwin, vice president for the Property Casualty Insurers Association of America (PCI) says a group of nine insurance bills—one of which looks to prohibit the anti-concurrent causation clause language in homeowners policies—were spawned by Superstorm Sandy, but are also a simple case of trying to fix what isn't broken.
"We understand lawmakers' desire to pass something to help those devastated by Sandy and we are sympathetic," says Baldwin. "But the fact is, the private industry did very well in handling claims following the storm and these bills could hurt the people they are trying to protect.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
