During the May 3 to May 17, 2026 window, New York DFS circulated a proposed amendment to 11 NYCRR 60-2 and 60-4, described as the Twelfth Amendment to Insurance Regulation 35-D and First Amendment to Insurance Regulation 35-F. The proposal would conform DFS insurance regulations to Chapter 696 of the Laws of 2025 for peer-to-peer car-sharing program administrators.
What changed
The proposal would reduce required financial responsibility coverage from $1.25 million to three times the statutory minimum in Vehicle and Traffic Law section 311(4), and remove the requirement to maintain $1.25 million SUM coverage.
Compliance perspective
Affected insurance and peer-to-peer car-sharing stakeholders should review coverage structures and state filing assumptions if they rely on the prior $1.25 million thresholds. The proposal appears targeted, but it changes a concrete state insurance requirement.
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