NY’s Serio Sees Federal Auto Fraud Bill as Supporting State Efforts

April 9, 2002

New York’s Superintendent of Insurance Gregory V. Serio applauded Senator Schumer (D-NY) for his proposals on “federal legislation to help curb auto insurance fraud,” and urged him to focus on the situation in NY.

Serio related the proposals to the current fraud crisis, and urged Senator Schumer “to focus his efforts directly on New York State and convince his colleagues in the New York State Assembly to pass similar legislation that has languished for the past two legislative sessions.”

Serio pointed out that his department’s fraud fighting efforts had included a number of proposed measures “to create new felony auto insurance crimes and enhance existing felony provisions” as well as to increase the penalties for fraud. These provisions have been passed by the NY Senate, but have so far failed to be approved by the State Assembly.

Serio hopes that Senator Schumer, a former NY Assemblyman, may be able to use his influence to persuade the Assembly to pass the measures.

“The Department has worked vigilantly to fight insurance fraud and we have made great strides in the past year alone,” Serio stated. He listed naming the Attorney General as a Special Prosecutor for no-fault insurance fraud, the recent victory in court to implement Regulation 68, and fundamental changes to the assigned risk plan as actions which “will go a long way to protect New York’s insureds.”

“However, it is only by meaningful action from the Legislature that we will bring long-term stability to the marketplace, preserve the affordability and availability of auto insurance in New York, and put a stop to this theft from the pockets of New York’s drivers, ” Serio continued. “Senator Schumer, by adding his voice will shine a light on the critical task at hand–influencing the assembly to act.”

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