On July 1, 2026, New York DFS issued Insurance Circular Letter No. 3, 2026 on motor vehicle insurance reforms. The letter instructs insurers to reflect statutory reforms in pending and future rate filings by August 31, 2026.
What changed
DFS directed insurers to incorporate statutory motor vehicle insurance reforms into rate filings.
Compliance perspective
Insurers writing motor vehicle coverage in New York should revise pending and future rate filings before the August 31 deadline. This is an insurance guidance item, not a banking or nonbank licensing rule.
Key date
Effective date: July 1, 2026.
Need help keeping up with these changes?
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