New York Governor David Paterson has signed into law a bill that brings flex rating for auto insurance back to the state and makes permanent the state's homeowners insurer of last resort.
The bill was sponsored by Senate Insurance Committee Chairman James Seward, R-Chenango, and Assembly Insurance Committee Chairman Joe Morelle, D-Irondequoit.
With respect to flex rating, the bill would allow carriers to adjust auto insurance rates within a 5 percent flex band without approval from the state's superintendent of insurance. The insurance superintendent can still reject rates if he finds they are not justified.
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