Council Member Dinowitz on lack of consumer representation in auto insurance rate setting
Dinowitz notes that auto insurance is mandatory in New York yet no office exclusively represents consumer interests before the Department of Financial Services. He highlights that New Yorkers face an average annual premium of $4,223, nearly twice the national average, at a time when rates have skyrocketed nationally.
As we all know, the auto industry, auto insurance is mandatory in New York.
There's no office or official that exclusively represents consumer interests to the New York State Department of Financial Services.
This means that at a time when insurance rates have skyrocketed nationally, there is no body analyzing insurers'proposed rate hikes through the lens of consumer advocacy.
This shortcoming proves especially dire as New Yorkers face an average annual premium of $4,223, which is nearly twice the national average.