Cuomo rolls out moves to hasten insurance payments
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Gov. Andrew Cuomo on Thursday announced initiatives to speed the payment of insurance claims to New Yorkers affected by Hurricane Sandy and the launch of a new website with report cards grading the performance of insurance companies.
The initiatives include:
• A new regulation by the Department of Financial Services designed to cut the amount of time insurers have to send adjusters to homes and businesses to inspect claims.
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• An executive order signed by Cuomo permitting the state to issue expedited, temporary licenses to out-of-state public insurance adjusters.
• An extension through Dec. 15 of a moratorium barring insurance companies from canceling or terminating insurance policies covering homes and businesses in areas hit by Sandy.
The Financial Services Department also rolled out a new website, www.NYInsure.ny.gov, which will publish report cards on insurance companies' performance in responding to customers and paying claims.
Companies will be graded on: the number of claims, the dollar amount of claims, the average time for an adjuster to inspect, the number of consumer complaints and other criteria.
The report cards will be issued on the following insurance companies: Nationwide, Liberty Mutual, Hartford, FM Global, Allstate, Chartis/AIG, State Farm, USAA, Utica National, Zurich, Metropolitan, Narragansett Bay Insurance Co., QBE, Arch, New York Central Mutual, Amtrust Financial, Travelers, Tower, Adirondack Insurance Exchange, Chubb, GEICO, Andover, Assurant and NYPIUA.