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Action required New York Department of Financial Services NY Jul 10, 2026

NYDFS issues guidance on 2026 motor vehicle insurance reforms

On July 1, 2026, NYDFS issued guidance tied to 2026 motor vehicle insurance reforms in the FY27 budget. The circular letter directs insurers to reflect the reforms in pending rate filings by August 31, 2026, and in future filings.

On July 1, 2026, NYDFS issued guidance tied to 2026 motor vehicle insurance reforms in the FY27 budget. The circular letter directs insurers to reflect the reforms in pending rate filings by August 31, 2026, and in future filings.

What changed

DFS instructed insurers to incorporate 2026 auto insurance reforms into pending and future rate filings.

Compliance perspective

Insurers with New York auto lines should review pending rate filings and update filing content before August 31, 2026. Filing teams should also adjust future templates and assumptions to reflect the reform package.

Key date

Effective date: July 1, 2026.

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