New York: NYIA Regulatory Modernization Proposal Outlined for Administration Officials

A comprehensive regulatory modernization initiative formulated by the New York Insurance Association and supported strongly by NAMIC was outlined in a recent meeting with the governor’s insurance counsel, Gaurav Visisht, according to NYIA.

NYIA previously presented the proposal, which calls for rate and form freedom in insurance markets that are objectively determined to be competitive, to insurance department officials. The bill, S-2732, has been filed for the second year by Sen. James Seward, the chairman of the Senate Insurance Committee. A companion bill, A-2482, has been filed in the Assembly by Assemblyman Joseph Morelle.

The fate of the legislation in the current session could be determined in large part by the selection of a replacement for former Assembly Insurance Committee Chairman Alexander “Pete” Grannis, who was recently confirmed to head the state’s Department of Environmental Conservation.

NAMIC will continue to support NYIA’s efforts to advance its proposal in the Legislature and to seek support among administration officials.

Direct questions to NAMIC State Affairs Manager Paul Tetrault.

Posted: Tuesday, May 08, 2007 12:00:00 AM. Modified: Tuesday, May 08, 2007 2:44:23 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.