New York Superintendent of Insurance Neil D. Levin announced that the department has completed its first ever across-the-board review of all circular letters. The evaluation was conducted to determine the consistency of the outstanding guidance contained in the Department’s circular letters with the Department’s current policy and practice. The review resulted in 381 circular letters being withdrawn.
“The comprehensive review of all outstanding circular letters is just one part of the department’s continuing efforts to become a more efficient, effective, and responsive regulator by clearly setting forth guidelines that the industry is expected to follow,” Levin said. “The unprecedented review results in 381 out-of-date, unnecessary, or irrelevant circular letters being withdrawn.”
In May 2000, the Department solicited feedback from the insurance community in New York State and all parties directly or indirectly affected by Department circular letters issued from 1924 to April 1997. The analysis to date results in approximately 350 circular letters remaining in effect.
Circular letters were withdrawn because they have either become outdated as a result of the passage of time, or are unnecessary or irrelevant to current operations, or are no longer valid due to changes in statute or in policy at the Department.
The review of Circular Letters will be ongoing, with annual reviews conducted. The Department encourages licensees to contact the Office of General Counsel if there is uncertainty as to the practical impact of the withdrawal of an individual circular letter. Circular Letter No. 1 (2001), available on the Department’s website, sets forth a listing of all withdrawn circular letters and current circular letters that are effective as of this date.
The Department’s web address is www.ins.state.ny.us.
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