Saturday, July 17, 2010

Insurance Exchange Update

In February 2010, New York Superintendent James Wrynn convened the first meeting of a Working Group of interested parties from the insurance industry, the investment community and others to consider the revival of an insurance exchange in New York. This Working Group, to which Superintendent Wrynn appointed me as a Special Advisor*, was divided into a number of sub-groups to consider various aspects of the Exchange issue, including: markets, government relations, taxes, operations and technology, capitalization, regulatory oversight and multi-state issues. Each of the various sub-groups met and conferred over the months following the initial Working Group meeting. These deliberations resulted in the presentation at the end of June 2010 of preliminary recommendations of the sub-groups. A copy of this presentation, prepared by the New York Insurance Department, can be accessed on my website at (on the Insurance Exchange page).

The next phase of this project is the preparation of an action/business plan to be presented for comment to the full Working Group. It is anticipated that an initial draft plan will be available by early Fall 2010.

*Although I am a special advisor to the Insurance Exchange Working Group and its various sub-groups, the views expressed by me at this blog site, my various articles or elsewhere on the Insurance Exchange topic are solely mine, and do not necessarily reflect those of the New York Superintendent of Insurance, the New York Insurance Department, the Exchange Working Group or the various sub-groups.

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