Hi Neil:
I would like to thank you for your editorial in the March issue of your paper, we need more of such editorials. In my opinion, reducing only PIP coverage and making some cosmetic changes will not be enough to solve the current problems. It’s important to find out exactly what has been causing this chronic problem for decades to vehicle-for-hire insurance carriers in NYC. This information will help guide and provide necessary direction to address the insurance carriers’ severe reserve deficiencies and save them from liquidation. This will also encourage new carriers to enter the NY market.
As you may know, TLC insurance carriers provide the most needed and necessary services to policy holders in NYC. These insurance carriers are the main casualties and victims of the outdated current NF rules and regulations, written and developed in the last century. These rules and regulations require a complete overhaul and rewriting, compatible with the current claim litigation environment. Revised NF rules and regulations must curtail, not encourage, the extensively abusive and misused frivolous litigation environment. Unless and until the regulatory authorities are ready and willing to address these issues, there will not be any relief for the carriers and the problems will not be resolved.
With best wishes,
Ram RP Singh, Chairman/CEO
Maya Assurance Company
