On June 5, 2020, the New York Department of Financial Services (“NYDFS”) issued an emergency regulation amending 11 NYCRR 216 (Regulation 64 – Unfair Claims Settlement Practices and Claim Cost Control Measures). This regulation, Amendment Seventeen to 11 NYCRR 216, requires insurance companies regulated by the NYDFS to accelerate the adjustment and payment of insurance claims submitted by businesses and individuals who suffered damage as a result of “riot” and “civil commotion.” As noted in the regulation, insurers are required to process and investigate such claims within very strict time frames. To view the full emergency regulation, please click here.
For more information on this Emergency Regulation, or any other regulatory compliance matter, please contact
Westmont Associates, Inc.