ALBANY | The New York State Department of Financial Services (DFS) has issued new guidance to insurers, implementing reforms enacted in the Fiscal Year 2027 Budget to help bring down the cost of auto insurance rates and combat fraudulent claims across New York State.
The enacted budget delivers sweeping reforms to address key factors driving up auto insurance premiums, including insurance fraud and excessive litigation costs. The guidance issued by DFS is an important step to translate these reforms into meaningful cost savings for New Yorkers.
“Since taking office, I have been committed to making New York safer and more affordable, and that includes driving down the cost of auto insurance,” Gov. Hochul said. “For most New Yorkers, driving is a necessity to get to school, work or run daily errands and it’s imperative that we ensure these savings are passed down to hard working families.”…