Video: New York State Insurance Regulations

New York State Insurance Regulations

Insurance regulations tend to vary depending on the state that you live in. Learn about New York State insurance regulations with help from a longtime member of the professional banking and insurance industries in this free video clip.

Video Transcript

Hi, my name is Emmanuel Osuyah, I am Principal of the Promise Insurance Group and I am a Certified Insurance Counselor. Let's talk about New York State insurance regulations. New York is the financial capital of the world. We all agree on that. So our lawmakers are constantly figuring out ways to put laws in place, especially to protect the consumer. Sometimes the laws take a long time to be activated, and sometimes it happens rather quickly. One example that comes to my mind is right after the hurricane Sandy. If you were in the insurance business or if you worked for an insurance company you're probably very well aware that in New York we were required to notify the customers that their insurance policy will not lapse. At first it was for 30 days, but then it extended beyond that. Which made a lot of sense that that regulation was created. Because if you're dealing with the loss of your home or don't even know where your car is, it is difficult then to have to be told "in addition you violated some of the DMV laws and you would have to, because your insurance lapsed. If you want to know more about the New York sate insurance regulations I strongly recommend you visit www.dfs.ny.gov. I am Emmanuel Osuyah and I thank you for watching.

New York State Insurance Regulations

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