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Q&A
TLC's collaboration with the insurance industry on PIP coverage amounts
4:35:33
ยท
57 sec
Council Member Brooks-Powers asks if TLC worked with the insurance industry when setting the $200,000 PIP coverage requirement. Commissioner Do explains the historical context and TLC's ongoing efforts to review insurance requirements.
- The $200,000 PIP coverage requirement was set in 1998 under former Commissioner Das
- TLC continues to work with industry stakeholders and the Department of Financial Services to review insurance requirements
- The higher coverage amount provides a larger pool for injured parties to draw from
- TLC is open to reviewing and potentially adjusting the coverage requirements
Selvena N. Brooks-Powers
4:35:33
To your point commissioner where you say that you're not an insurance provider, has TLC worked with the insurance industry when they set the $200,000 PIP?
David Do
4:35:49
So it was in 1998 under former Commissioner Das that did the research to look at why 102 hundred, and 300 were the appropriate numbers.
4:36:05
And so, you know, we we will continue to work with our industry stakeholders, with DFS, with others to make sure that the numbers are consistent with what they are.
4:36:17
But at $200,000 right, it provides a bigger pool for all injured to draw from.
Selvena N. Brooks-Powers
4:36:28
Thank you and thank you TLC.
David Do
4:36:30
Thank you.