The New York Insurance Department said it implement recommendations aimed at streamlining and improving the process for insurers to file their rates and forms with regulators.
The recommendation comes from a new report by an industry working group that began meeting with regulators earlier this year.
Superintendent James J. Wrynn said the report will aid in “cutting red tape and simplifying routine filings” and “will also allow the department to better protect consumers by focusing its limited resources on more complex products which warrant a more thorough review and on serious violations,”
Among the recommendations: creating clear guidelines and checklists for insurers and providing insurers with training and other assistance. The department will also improve access to licensing data and will improved efforts to assist agents and brokers in obtaining information on their licenses over the phone.
Wrynn also said the state would speed up the review process for property/casualty insurance rate and form filings and has plans to work with the legislature and industry representatives on commercial lines modernization.
Was this article valuable?
Here are more articles you may enjoy.