New York State
Insurance Department


ISSUED: 4/08/2002

FOR IMMEDIATE RELEASE

 STATEMENT ON FEDERAL INSURANCE FRAUD BILL

          Superintendent of Insurance Gregory V. Serio today applauded Senator Schumer for proposing federal legislation to help curb auto insurance fraud. Serio also called on the Senator to focus his efforts directly on New York State and convince his colleagues in the New York State Assembly to pass similar legislation that has languished for the past two legislative sessions.

          "We are gratified by Senator Schumer’s entry into the fight against auto insurance fraud. It is my hope that the Senator will work to convince his former colleagues in the New York State Assembly to pass similar legislation which has been pending for sometime in that house," said Serio.

          "The New York Insurance Department has been in the forefront of the fight against auto insurance fraud including proposing tough-on-crime felony penalties as an integral piece of a comprehensive legislative fraud-fighting package proposed last spring. The senate has matched this commitment by time and time again passing bills to create new felony auto insurance crimes and enhance existing felony provisions. However, over the past few years these proposals have died a slow death in the assembly," said Serio.

          "The Department has worked vigilantly to fight insurance fraud and we have made great strides in the past year alone," said Serio. "Governor Pataki’s naming of the Attorney General as Special Prosecutor for no-fault insurance fraud, last week’s victory in an over 2-year court battle to implement Regulation 68, and fundamental changes to the assigned risk plan will go a long way to protect New York’s insureds. However, it is only by meaningful action from the Legislature that we will bring long-term stability to the marketplace, preserve the affordability and availability of auto insurance in New York, and put a stop to this theft from the pockets of New York’s drivers. Senator Schumer, by adding his voice will shine a light on the critical task at hand--influencing the assembly to act."


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