New York Proposes Plan to Stabilize Broken Taxi Insurance Market

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.

The company’s decades-long practice “has driven out competition and left many drivers stuck paying for undependable coverage that cannot pay their claims when they need it,” Albert Pulido, the state’s deputy secretary for finance and technology, wrote in ...