N.Y. Gov., DFS Issue New Disaster Protocol for Insurers

New York Gov. Andrew M. Cuomo says his administration has put in place new protocols insurance companies can "expect to follow" after significant catastrophes. 

The "Emergency Disaster Protocol" contains several measures the state Department of Financial Services put in place after Superstorm Sandy struck the Northeast one year ago. 

"Having an emergency protocol for insurers on the shelf and ready to activate at a moment's notice will help ensure that consumers are protected when another storm strikes," says Benjamin M. Lawsky (pictured), superintendent of the DFS, in a statement. "This protocol will make it crystal clear to insurers what is expected of them when responding to future natural disasters and helping families and businesses get back on their feet." 

DFS sent a letter to insurers outlining the protocol. A copy of the letter can be viewed here. 

Gary Henning, Northeast region vice president of the American Insurance Association, says the move is another step toward the department's "continued willingness to engage in a dialogue for achieving better post-catastrophe regulatory certainty and performance. 

"We will continue to engage with public policymakers to advance several clear, succinct and pre-positioned catastrophe measures that will deliver clarity and uniformity," Henning adds. 

Cuomo says the DFS measures announced following Sandy "helped us speed up relief to New York families and businesses, and they will now become a standard part of our storm response arsenal." 

"Insurance companies have a vital responsibility to promptly process claims for consumers hit by a natural disaster and this new emergency protocol will help make sure that they will live up to that standard," Cuomo continues, in a statement.