New York: Financial Services Modernization Panel Seeking Insurer Input

The New York Commission to Modernize the Regulation of Financial Services is seeking input from insurers on ways to streamline insurance laws and regulations.

The New York Insurance Association, a NAMIC state advocacy partner, recently met with Scott Rothstein, executive director of the commission, to discuss insurance regulatory issues in light of the commission’s goal of modernizing the state’s financial services legal environment.

According to NYIA, the commission is interested in specific laws, regulations, and regulatory practices that are outdated, impractical, or inefficient from a cost-benefit perspective.

“The work of the commission represents an opportunity to achieve gains in regulatory modernization,” commented Paul Tetrault, NAMIC’s Northeast state affairs manager. “While its charge is to review the efficacy of financial services regulation broadly defined, property/casualty insurers know well that there is a substantial need for streamlining the laws and regulations that affect them. Providing the commission with specific examples illustrating the degree to which rules and procedures result in burdens that are not warranted by an offsetting benefit will increase the chances that the work of the commission results in meaningful change.”

NAMIC will work with NYIA to provide the commission with information that demonstrates the benefits of regulatory modernization in the property/casualty context for both market participants and consumers.

Direct questions to NAMIC State Affairs Manager Paul Tetrault.

Posted: Tuesday, February 05, 2008 12:00:00 AM. Modified: Wednesday, February 06, 2008 10:04:24 AM.

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