Wouldn't allowing for stiffer penalties for carrier misconduct force some insurer’s out of the New York insurance market?

Contrary to industry claims, the Act will not cause premiums to rise or drive insurers out of New York. The Act includes provisions preventing premium increases related to damage awards and ensures a stable insurance market. 

Additionally, the Act provides stronger protections than those currently offered by the New York Department of Financial Services, which has consistently ranked poorly in consumer protection.