New York Insurance Department is using new procedures to expedite the review process for product filings made with the department as a part of an overall initiative to reform the insurance regulatory process in New York.
The new “fast track” procedures include: Use of standard transmittal forms and certifications of compliance by insurers; simplified procedures for product development and marketing of new products; and utilization of advances in technology to better enter, track, and monitor a submission’s progress throughout the approval process.
The new procedures developed by the Department for accident and health insurers, life insurers, and property/casualty insurers are also part of an overall NAIC initiative in response to the needs of this changing marketplace. Details of all of the new procedures are outlined in various Circular Letters and templates that are posted on the Department’s website at www.ins.state.ny.us. The department also, as a part of this initiative, is increasing resources focused on consumer protection.
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