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The Business Council supports S.4172 which would make permanent 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 bill would also eliminate the requirement that insureds file a certificate of insurance.
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.4172.