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ISSUED: 9/20/2000 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 Department’s 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 York’s 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 Department’s "speed to market" initiative represents the core spirit behind this regulatory reform process."

The Department’s re-structuring is a crucial addition to the continuum of New York’s regulatory reform effort, spearheaded by Governor Pataki, to better protect New York’s 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:

  • Use of standard transmittal forms and certifications of compliance by insurers;
  • Simplified procedures for product development and marketing of new products; and
  • Utilization of advances in technology to better enter, track, and monitor a submission’s progress throughout the approval process.

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 Department’s Web site at www.ins.state.ny.us.

 

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