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Wednesday, May 28, 2014

NYDFS Encourages Auto Insurers to Explore Telematic Programs

The New York Department of Financial Services (DFS)  issued a statement to New York auto insurers  urging them to adopt “usage-based insurance” programs. These programs, with consumer consent, would insert a telematic tracking device into the car to track data on driving behavior and provide discounts to those who drive safely. “Telematics programs can be a win-win for insurers and drivers. They can save policyholders money and save lives by making our roads safer,” DFS Superintendent Benjamin Lawsky said. “We encourage all New York auto insurers to submit plans to our department making use of this innovative technology.”

Read the NYDFS Bulletin