DFS has proposed a regulation to repeal flex rating increases for non-business auto filings to correspond with the enacted budget provisions. As a reminder, the repeal of the flex band for nonbusiness auto increases will take place on November 27. The proposed regulation also includes the requirement for carriers to notify insureds if their premium was reduced because of reforms enacted in the budget.

Governor Hochul issued a press release on the proposed regulation, including how it will increase transparency in the rate setting process. DFS Acting Superintendent Kaitlin Asrow and Assembly Insurance Committee Chair David Weprin submitted comments in support of the regulation.

Comments on the proposal can be submitted to joana.lucashuk@dfs.ny.gov until November 9. If you would like NYIA to submit comments on your behalf, please contact Staci at ssteinfeld@nyia.org by November 1.