New York Considers Making Property Insurers Cover Taxi Claims Losses

Bloomberg12-12

(Bloomberg) -- New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans. ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew York Considers Making Property Insurers Cover Taxi Claims Losses\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-12 22:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/york-considers-making-property-insurers-141351522.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.\n...</p>\n\n<a href=\"https://finance.yahoo.com/news/york-considers-making-property-insurers-141351522.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4536","symbol_name":"外卖概念","start_time":0,"source_url":"https://finance.yahoo.com/news/york-considers-making-property-insurers-141351522.html","article_id":"2491332528","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/1_hsh4tsUAr2iUsfOAEZPg--~B/aD0xMzM0O3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/9e89d60fe9accf3fc49632b42e8bb79d"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2491332528","pubTimestamp":1734012831,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.That measure is one of several options under discussion as the state’s Department of Financial Services — which regulates insurers — grapples with mounting financial troubles at New York City’s biggest insurer for taxi and rideshare drivers.DFS would usually consider drawing from the Public Motor Vehicle Liability Security Fund or the Property Casualty Insurance Security Fund if an admitted insurer in New York is underfunded to meet its upcoming claims.A potential merger of those two funds was discussed in a November meeting of taxi-industry stakeholders and state officials, said people familiar with the matter, asking not to be identified because the talks were confidential. But their combined $300 million as of March 2023 remain insufficient to pay for all the claims that ATIC can’t cover with its a","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4536":"外卖概念","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1861217088.USD":"贝莱德金融科技A2","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4588":"碎股","LU0106831901.USD":"贝莱德世界金融基金A2","BK4550":"红杉资本持仓","SG9999015978.USD":"利安颠覆性创新基金A","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","DFS":"发现金融","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","BK4551":"寇图资本持仓","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4022":"陆运","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","BK4505":"高瓴资本持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","BK4230":"旅客陆运","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","UBER":"优步","BK4503":"景林资产持仓","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LYFT":"Lyft, Inc.","BK4166":"消费信贷","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","BK4585":"ETF&股票定投概念","BK4535":"淡马锡持仓","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC"},"translate_title":"纽约考虑让财产保险公司承保出租车索赔损失","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UBER":0.9,"LYFT":0.9,"DFS":0.62},"content_text":"(Bloomberg) -- New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.\nThat measure is one of several options under discussion as the state’s Department of Financial Services — which regulates insurers — grapples with mounting financial troubles at New York City’s biggest insurer for taxi and rideshare drivers.\nDFS would usually consider drawing from the Public Motor Vehicle Liability Security Fund or the Property Casualty Insurance Security Fund if an admitted insurer in New York is underfunded to meet its upcoming claims.\nA potential merger of those two funds was discussed in a November meeting of taxi-industry stakeholders and state officials, said people familiar with the matter, asking not to be identified because the talks were confidential. But their combined $300 million as of March 2023 remain insufficient to pay for all the claims that ATIC can’t cover with its assets. Those stood at about $670 million as of the end of September. \nSo the state is considering levying a one-time assessment on other insurers to help cover ATIC’s claims, according to the people.\n“The Governor’s office has started to convene stakeholders, including all levels of government, drivers, and the livery industry to discuss the issues and hear their proposals in order to craft a comprehensive plan that protects drivers and passengers and minimizes disruption to livery services,” said Kristin Devoe, a spokesperson for New York Governor Kathy Hochul.\nWhile a taxpayer bailout isn’t likely, consumers could still end up footing some of the bill if insurers pass on the cost from having to cover for ATIC, according to Matthew Daus, a former commissioner at the Taxi and Limousine Commission regulatory agency. Daus, who is currently a partner at law firm Windels Marx focusing on its transportation practice, was not present at the meeting but said he is privy to the details from attendees.\nNovember Meeting\nThe potential options to help deal with the ATIC insolvency were discussed at a Nov. 12 meeting that included Adrienne Harris, DFS’s superintendent, and Albert Pulido, the state’s deputy secretary for finance and technology, according to the people.   \nAttendees included representatives of Uber Technologies Inc., Lyft Inc., the livery sector and driver groups, the TLC, and the American Property Casualty Insurance Association, according to one of the people.\nWith most insurance policies renewing next February, the state also discussed at the meeting other options to keep the industry healthy and attractive for carriers going forward, including ways to reduce insurance fraud, the people said.\nThe meeting, which lasted for hours, didn’t yield any final decisions, but the state has asked attendees to submit proposals in writing, according to the people. Uber, Lyft and the New York Taxi Workers Alliance confirmed they attended the meeting.\nWhile ATIC has said it’s working to restore its longstanding issue of solvency so that the broader market isn’t negatively affected, DFS has also pushed ATIC to explore a sale and to find capital.\nAt least two firms have expressed interest in taking over some of ATIC’s assets, including Marblegate Asset Management — a $3 billion investment firm which is also the city’s biggest medallion owner and lender — and digital insurance startup Inshur.\nBut DFS told attendees at the November meeting that it has not yet received any credible offers, one of the people said.\nSeparately on Wednesday, NYC’s taxi regulator held a public hearing on changes it plans to make to require taxis and rideshare vehicles to be covered by an insurance policy issued by a “solvent and responsible” company. Uber pushed back on the language, saying it lacks specific definition and risks leaving thousands of drivers uninsured.\nTLC Commissioner David Do said the rules “will continue to allow American Transit to renew and issue new policies as long as they follow the DFS rules and procedures.” His agency will continue to work with the DFS and state policymakers “to support the long-term stability of the taxi and for-hire insurance market,” he said.\n--With assistance from Laura Nahmias.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491332528"}