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SUPERINTENDENT LEVIN CONSOLIDATES DEPARTMENT OPERATIONS FOR MORE EFFICIENT AND EFFECTIVE REGULATION

New York, December 17, 1997

Superintendent of Insurance Neil D. Levin today announced that in an effort to increase the Department’s effectiveness and efficiency, he has reorganized the Department’s regulatory functions into three bureaus: Property, Life and Health. These three bureaus will be responsible for regulating an insurer’s financial condition, its products, and market conduct activities, thereby integrating the Department’s regulatory approach to an insurer’s business.

"This reorganization will increase the effectiveness and efficiency of the Department’s efforts to regulate company solvency and protect consumers," said Superintendent Levin. "We have consolidated solvency, market conduct examinations and rate and form approvals within these three bureaus which will benefit both the policyholders who rely on the Department for protection as well as the companies we regulate."

The reorganization will be accomplished as follows:

  • The Financial Condition Property will be merged with the Property and Casualty Bureau to form the PROPERTY Bureau;
  • Staff in the Health and Life Bureau who work primarily on life related products will join the staff of the Financial Condition Life Bureau to form the LIFE Bureau;
  • Staff in the Financial Condition Property Bureau who exclusively perform Health functions will be consolidated with Health and Life Bureau staff who primarily work on health functions. They will become the HEALTH Bureau. 

The Bureau Chiefs in charge of these bureaus are Martin Carus for the Life Bureau, Fredric Bodner for the Health Bureau, and Mark Presser, Acting Chief of the Property Bureau. A permanent chief for the Property Bureau will be named in January.

 

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