The first product reviewed under the New York Department of Insurance’s new procedures for expediting the review process for product filings has been approved.
The procedures were a part of an overall initiative to reform the insurance regulatory process in New York. The Department’s re-structuring is a crucial addition to the continuum of New York’s regulatory reform effort, spearheaded by Gov. Pataki, to better protect New York’s consumers and to improve the operating environment for businesses in New York State.
In late August the Department announced across the board new “fast track” procedures, including: · 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.
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