New York: Regulatory Modernization Sponsor Chosen to Chair Insurance Committee

In an extremely positive development for New York insurers, Assemblyman Joseph D. Morelle, who has been the lead Assembly sponsor of comprehensive insurance regulatory modernization legislation, has been appointed chairman of the Assembly Insurance Committee.

Morelle replaces longtime Chairman Alexander “Pete” Grannis, who had a reputation for opposing industry initiatives. The appointment follows a significant delay, which led to speculation about whether the speaker would make an appointment prior to the end of the session.

“Assemblyman Morelle is well known as a supporter of the business community in general and the insurance industry specifically,” commented Paul Tetrault, NAMIC’s Northeast state affairs manager. “His appointment as chair of the Assembly Insurance Committee is a very encouraging development.”

Morelle has been the sponsor of the regulatory modernization legislation crafted by the New York Insurance Association to allow for freedom of rate and form filing in insurance markets that are judged to be competitive using an objective standard. He has also repeatedly filed legislation to reform New York’s strict liability scaffolding law.

Morelle, who was also named to the Assembly’s Rules and Ways & Means committees, said in a prepared statement that his new assignments “present me with an even greater opportunity to focus on the issues that are most important to me: Improving New York’s economic and fiscal health …. Our most fundamental goal must be to drive down the cost of living and doing business in our state.”

David Dickson, president of the Professional Insurance Agents of New York State Inc., noted in a statement that Morelle “approaches the issues thoughtfully and seeks a deep understanding of their complexity as well as their practical effects on each stakeholder.”

Direct questions to NAMIC State Affairs Manager Paul Tetrault.

Posted: Tuesday, June 12, 2007 12:00:00 AM. Modified: Tuesday, June 12, 2007 10:27:27 AM.

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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.