The Business Council supports this legislation which would extend for two additional years (until June 30, 2015) the authorization for large commercial insureds to remain exempt from filing requirements. Chapter 490 of the laws of 2011 amended Article 63 of the Insurance Law to allow for more businesses to take advantage of New York's insurance free trade zone without prior approval of rates and forms. This law, set to expire June 30, 2013, has modernized the regulation of the commercial insurance market in New York State.
The Business Council supports sound public policy coupled with regulatory flexibility, which permits businesses to respond rapidly to competitive forces, economic conditions and customer needs. This legislation would continue to modernize the regulation of commercial insurance while ensuring the continued oversight by Department of Financial Services for sound and prudent conduct of insurers' financial operations.
The Business Council of New York State supports the enactment of S.4327/A.6918.