New York Proposes Plan to Stabilize Broken Taxi Insurance Market
- Governor Hochul’s proposals aimed at addressing rate changes
- Also vows “new resources” for insurance-fraud probes
New York Governor Kathy Hochul proposed measures to stabilize the city’s taxi and rideshare insurance industry, which is reeling from the insolvency of its largest provider American Transit Insurance Co.
Two of the bills would make it easier to adjust insurance rates and allow regulators to phase increases after American Transit was criticized for offering drivers premiums far lower than its competitors.