On Wednesday, June 18, the Senate passed legislation, supported by PIANY (S.5053), to enable New York State to join the Interstate Insurance Compact. The proposal seeks to create uniformity in the industry without requiring federal regulation. The legislation would benefit state insurance regulators, consumers and the insurance industry, by altering and streamlining the manner in which insurance products are filed, reviewed and approved; and creating a more effective, efficient system. PIANY Past President David Dickson testified in front of the Assembly Insurance Committee earlier this session in favor of the proposal and against an optional federal charter, saying federal involvement would not make insurance regulation more efficient. PIANY believes that reinforcing the state regulatory system is the best option for residents of New York State. The compact legislation (A.8068) currently is pending in the Assembly Insurance Committee.

June 24, 2008