Insurance industry leaders and trial lawyers don't often agree. However, reforming New York State's no fault insurance law is something that both of them can get behind, though there is disagreement on how that exactly can happen.
The New York Comprehensive Automobile Insurance Act, otherwise known as the "No Fault Act," was signed in 1973, a time when only 62% of U.S. adults had insurance and litigation for damages incurred in car accidents began clogging state courts.
Insurance groups and legislators tried to ease the burden and made a compromise — that those involved in car accidents, regardless of fault, would be entitled up to $50,000 for medical and personal injuries.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
