The New York State Department of Financial Services concluded 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), resulting in 37 consent orders and USD 20.4 million in fines imposed across the industry. Under New York Insurance Law, insurers must report newly insured vehicles to the DMV’s Insurance Information & Enforcement System within seven days of the policy’s effective date, and most terminations or suspensions of insurance within 30 days of the policy’s termination or suspension. The consent orders require insurers to implement comprehensive remediation plans, subject to DMV approval, to address deficiencies in their reporting processes.
New York State Department of Financial Services 2025-02-24
New York State Department of Financial Services fines auto insurers USD 20.4 million and issues 37 consent orders over late DMV insurance reporting
The New York State Department of Financial Services concluded a multi-year investigation into motor vehicle insurers' reporting failures, resulting in 37 consent orders and USD 20.4 million in fines. Insurers must report newly insured vehicles to the DMV within seven days and terminations or suspensions within 30 days. The consent orders mandate comprehensive remediation plans to rectify reporting deficiencies.