New York state is getting serious about disaster planning, and it's requiring insurance companies to demonstrate their commitment as well. On March 29, Department of Financial Services (DFS) Superintendent Maria T. Vullo announced that all insurance companies licensed to conduct business in New York state must submit updated disaster response and recovery plans and responses to online questionnaires to DFS by June 16, 2017.
Property & casualty companies are also being directed to file responses to the Pre-Disaster Data Survey by April 28, 2017.
The information is critical to whether the state requests a federal disaster declaration, Vullo explained in a statement. When a disaster strikes any part of the state, DFS provides the governor and the New York State Office of Emergency Management with critical information regarding the amount and extent of losses, damages, personal injuries and deaths resulting from the disaster. Based on the information from DFS, the governor then determines whether and when to request a federal disaster declaration and how to prioritize the deployment of state disaster relief resources.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
