Superintendent Adrienne A. Harris Holds Auto Insurers Accountable with $20.4 Million in Fines
Concludes Investigation into Insurer's Untimely Reporting of Newly Insured and Uninsured Vehicles to the DMV
New York State Department of Financial Services Superintendent Adrienne A. Harris today concluded of a multi-year investigation into motor vehicle insurers’ failure to timely report insured vehicle information to the New York State Department of Motor Vehicles (DMV). The investigation resulted in 37 consent orders and a total of $20.4 million in fines imposed on insurers across the industry.
“Accurate and timely reporting by insurers is critical to protecting New Yorkers on the road, ensuring compliance with state laws, and maintaining the integrity of our enforcement systems,” said Superintendent Harris. “These actions demonstrate DFS’s unwavering commitment to holding insurers accountable and safeguarding consumers.”
Under New York Insurance Law, insurers are required to report newly insured vehicles to the DMV’s Insurance Information & Enforcement System (IIES) within seven days of the policy's effective date. Additionally, most termination or suspension of insurance must be reported within thirty days of the policy’s termination or suspension. These requirements are vital to ensuring law enforcement can identify uninsured vehicles, maintaining accurate DMV records, and protecting New Yorkers in the event of an accident.
As part of the consent orders, the insurers are required to implement comprehensive remediation plans subject to DMV approval to correct deficiencies in their reporting processes.
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