New York is considering asking propert/ casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans.
That measure is one of several options under discussion as the state’s Department of Financial Services — which regulates insurers — grapples with mounting financial troubles at New York City’s biggest insurer for taxi and rideshare drivers.
DFS would usually consider drawing from the Public Motor Vehicle Liability Security Fund or the Property Casualty Insurance Security Fund if an admitted insurer in New York is underfunded to meet