Albany Alert

Albany Alert: Recent Developments Regarding Compliance Requirements Given the range of implementation and compliance requirements that the industry is currently working through, NYIA wants to be sure to ensure there is clarity for members. Please see recent developments in relation to these requirements below. 2026 Motor Vehicle Insurance Reforms DFS issued Insurance Circular Letter No.…

Albany Alert: Governor Hochul and DFS Issue Guidance on 2026 Motor Vehicle Insurance Reforms Governor Hochul sent a media release today announcing DFS’s issuance of a circular letter with guidance regarding implementation of auto reforms included in this year’s state budget. The release indicates that the anticipated cost savings need to be incorporated into current…

Albany Alert: DFS Releases FAQ on Premium Change Notices The Department of Financial Services (DFS) has released a frequently asked questions page regarding the premium change statute that was enacted as part of the state budget. The department’s responses are now available on the DFS website. If you have any additional questions you would like…

Albany Alert: DFS Circular Letter on Disaster Planning, Preparedness, and Response The New York Department of Financial Services (DFS) issued its annual circular letter on disaster planning, preparedness, and response today. The circular letter to the P&C insurance industry requires each regulated entity to submit to DFS a response to a pre-disaster data survey by 6/11/26,…

Albany Alert: Governor Announces Budget Agreement The Governor hosted a press conference this morning and announced that a budget agreement has been reached, in what she has said will amount to a total budget of $268 billion for the state. The legislative leaders have not made similar announcements and Speaker Heastie has been reported as…

Albany Alert: Cybersecurity Compliance Notification Extended in Relation to DFS ID Issues DFS notified NYIA indicating that they are granting a 30-day courtesy extension to regulated entities and individual licensees that are working to resolve issues related to DFS ID access provided that you submit a DFS ID ticket via the DFS ID Help Form.…

Albany Alert: 30-Day Penalty Waiver for Excess Line Broker Annual Tax Filing DFS sent out the notice below regarding a waiver of penalties for excess line broker tax filings until April 14, 2026. Pursuant to New York Insurance Law Section 2118(d)(3), DFS-regulated excess line brokers are required to pay taxes on all business they procure and, pursuant to Section 27.8 of Insurance Regulation 41, to execute and…

Albany Alert: 2026 State of the State Address Governor Kathy Hochul delivered her 2026 State of the State Address today before the full legislature in Albany. Notably, the Governor raised the issue of auto insurance affordability stating, “rampant fraud and runaway litigation costs are jacking up prices.” We are encouraged that Governor Hochul is interested in…