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Cuomo orders faster insurance claims processing

Posted On Mon, December 3, 2012

In New York City, many home and property owners are still grappling with the excessive damage left behind by Hurricane Sandy.

In an effort to ease their troubles, New York Governor Andrew Cuomo has imposed emergency regulations on insurance providers to get them to pay claims as fast as possible.

Among the many new measures imposed on insurance providers with policies in the state was the decrease of maximum claims response time from 15 days to six days.

Additionally, Gov. Cuomo mandated that the state's insurance regulator post report cards based on the performance of different providers during this difficult time. The aim of this particular move is to make insurers publicly responsible for their own reputation based on their responses to customers in need.

Many consumers in New York are concerned about the possibility of increased homeowners insurance rates that may occur in 2013, although providers have not announced plans to increase rates as of yet.

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