Local Law 78<\/a>, sponsored by\u00a0then\u00a0Council Member Menin, which\u00a0established\u00a0the Office of Healthcare Accountability.\u00a0<\/p>\n\u201cI am proud to stand with Speaker Menin in strong support of her legislation, Intro 685, to establish an Office of Insurance Accountability,\u201d said\u00a0Deputy Leader Chris Banks. \u201cFor too long, New Yorkers have been forced to navigate skyrocketing insurance costs and opaque industry practices with little transparency and even less recourse, (I am one of those New Yorkers). This bill delivers real oversight by shining a light on deceptive and unfair practices, increasing transparency, and ensuring consumers have clear, reliable guidance when selecting insurance coverage. By closely examining what is driving rising insurance costs and putting forward concrete recommendations to stabilize premiums, this legislation brings\u00a0long\u2011overdue\u00a0accountability to an industry that directly affects the financial security of families, homeowners, and small businesses across our city. Creating a dedicated office to\u00a0assist\u00a0consumers and advocate on their behalf is wise policy and essential, especially as New Yorkers continue to face an unprecedented affordability crisis.\u201d\u00a0<\/p>\n
\u201cAmid this affordability crisis, residents of New York have watched insurance expenses surge \u2014 with home insurance rates throughout the state rising by 26 percent each year, healthcare costs rising, and car insurance costs standing 52 percent above the national average,\u201d said\u00a0Council Member Linda Lee, Chair, Committee on Finance. \u201cIt is long overdue for us to take a peek behind the curtain, which is why I am proud to support Speaker Menin in creating an Office of Insurance Accountability to shed light on the practices of insurance companies that harm consumers, and demand transparency on where dollars are going. \u201c\u00a0<\/p>\n
\u201cI\u2019m proud to stand with Speaker Menin in supporting the creation of the Office of Insurance Accountability: an important step toward bringing down costs for consumers across New York City,\u201d said\u00a0Council Member Harvey Epstein, Chair, Committee on Consumer and Worker Protection. \u201cBy identifying the root causes of rising premiums and helping New Yorkers better navigate their coverage options, this office will provide the guidance and support people need to protect both their wallets and their rights.\u201d\u00a0<\/p>\n
\u201cSmall businesses are being squeezed by insurance costs that are rising without warning and without explanation,\u201d said\u00a0Council Member Shanel Thomas-Henry, Chair, Committee on Small Business. \u201cThat\u2019s\u00a0not just frustrating,\u00a0it\u2019s\u00a0destabilizing. Intro 685 brings long-overdue transparency and accountability to a system that has\u00a0operated\u00a0in the dark for too long. By creating an Office of Insurance Accountability, we are exposing unfair practices, delivering real data and recommendations to stabilize costs, and giving entrepreneurs the tools to push back.\u201d\u00a0<\/p>\n
\u201cRising insurance costs are putting real pressure on affordable housing across New York City,\u201d said\u00a0Council Member Gale A. Brewer. \u201cWhen premiums increase this quickly and coverage becomes harder to secure, it affects building operations, repairs, and long-term stability for residents. Establishing an Office of Insurance Accountability would help bring greater transparency to the property insurance market, track unfair practices that affect consumers, and provide regular reporting on the factors driving costs. Along with efforts at the State level to better understand and stabilize insurance pricing, this kind of transparency is essential to responding effectively and protecting the city\u2019s affordable housing stock.\u201d\u00a0<\/p>\n
\u201cNew Yorkers are tired of seeing their insurance rates go up every year without any clear answers as to why,\u201d said\u00a0Council Member Joann Ariola. \u201cThis new office would help safeguard the people of this city against predatory companies, build a\u00a0much needed\u00a0layer of accountability over insurance providers, and give consumers a real advocate to turn to if they feel they\u2019re being taken advantage of.\u201d\u00a0<\/p>\n
Restaurants, bars, and nightlife venues across New York City are facing rapidly rising insurance costs that threaten their ability to\u00a0operate,\u201d said\u00a0Andrew\u00a0Rigie, Executive Director, New York City Hospitality Alliance. \u201cIntroduction 685 is a smart, practical step to bring transparency to a complex market and better understand\u00a0what\u2019s\u00a0driving these increases. By creating an Office of Insurance Accountability, the City can help\u00a0lay\u00a0the groundwork for the broader solutions needed to stabilize costs for small businesses. We thank Speaker Menin for her leadership and support on this critical issue.\u201d\u00a0<\/p>\n
\u201cSpeaker Menin\u2019s proposal to create an Office of Insurance Accountability is a strong step to increasing transparency for businesses navigating rising insurance costs across New York City,\u201d said\u00a0Jessica Walker, President, Manhattan Chamber of Commerce. \u201cHaving a centralized resource can help shine a light on cost pressures that have become a real barrier to growth and hiring for small businesses. As this bill advances, I look forward to working alongside the Council to\u00a0determine\u00a0how we can also best support our job creators by addressing coordinated insurance fraud and frivolous litigation that raise costs.\u201d\u00a0<\/p>\n
\u201cRising insurance costs are driving up operating expenses, straining already tight budgets, and making it harder to build and preserve the affordable homes New Yorkers rely on,\u201d said\u00a0Rachel Fee, Executive Director, New York Housing Conference. \u201cThe creation of an Office of Insurance Accountability is a critical step toward bringing transparency and oversight to a system that has lacked both for too long. By tracking costs,\u00a0identifying\u00a0unfair practices, and providing clear guidance and support to consumers, this legislation can help stabilize insurance markets and reduce one of the fastest-growing cost pressures in housing. We commend Speaker Menin for advancing this important proposal and look forward to working with City leaders and partners to ensure insurance costs no longer stand in the way of delivering safe, affordable homes for New Yorkers.\u201d\u00a0<\/p>\n
###\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Proposed\u00a0legislation to create a\u00a0first-in-the-nation\u00a0Office of Insurance Accountability would increase\u00a0support for consumers, enhance transparency,\u00a0and make recommendations to\u00a0stabilize growing costs\u00a0…\n","protected":false},"author":2,"featured_media":22188,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-214102","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/214102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=214102"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/214102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/22188"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=214102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=214102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=214102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}