IIAANY Supports Deregulation Bill Consumer Protection Amendments

The Independent Insurance Agents Association of New York endorsed amendments to the Commercial Insurance Deregulation Bill (S1810) proposed by State Senator James Seward (R-Oneonta), designed to give added protection for clients purchasing deregulated commercial insurance policies.

Seward’s Bill would require written disclosure of differences between a deregulated and a standard policy, an acknowledgment by purchasers that they are aware the policy is deregulated, increased time requirements, so that policy provisions could be reviewed by an agent or broker, and additional oversight by the Insurance Department.

IIAANY president Patrick C Moore deemed the provisions of critical importance in order to protect consumers and urged the state assembly to consider similar legislation in any degradation bill it may consider.