FOR IMMEDIATE RELEASE
DEPARTMENT ANNOUNCES FIRST FILING APPROVED UNDER
NEW STREAMLINED PROCEDURES
Less Than One Month After Speed to Market Initiative Announced
Superintendent Neil D. Levin today announced that the first product reviewed under the Departments new procedures for expediting the review process for product filings has been approved. The procedures were a part of an overall initiative to reform the insurance regulatory process in New York.
"Today we approved our first filing under the new procedures. By utilizing the internet, standardized forms, and our "fast track" procedures, the filing was processed quickly and New Yorks consumers will receive enhanced choice in insurance products," said Levin. "Governor Pataki has made regulatory reform one of the cornerstones of his administration and the use of the Departments "speed to market" initiative represents the core spirit behind this regulatory reform process."
The Departments re-structuring is a crucial addition to the continuum of New Yorks regulatory reform effort, spearheaded by Governor Pataki, to better protect New Yorks consumers and to improve the operating environment for businesses in New York State.
In late August the Department announced across the board new "fast track" procedures, including:
The new procedures developed by the Department for accident and health insurers, life insurers, and property/casualty insurers are also part of an overall NAIC initiative in response to the needs of this changing marketplace. Details of all of the new procedures are outlined in various Circular Letters and templates that are posted on the Departments Web site at www.ins.state.ny.us.