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Under New York’s insurance law, all auto insurers are required to report newly insured vehicles to the DMV’s Insurance Information & Enforcement System (IIES) within seven days of the policy’s start date. (Credit: Roman Tiraspolsky/AdobeStock)Auto insurers in New York are facing a total of $20.4 million in fines as the result of an investigation by the state’s Department of Financial Services.
New York State Department of Financial Services Superintendent Adrienne A. Harris announced on February 24 that a multi-year study into the failure of auto insurers to report vehicle information to the state’s Department of Motor Vehicles (DMV) resulted in 37 consent orders and the aforementioned fines spread across the industry.
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