Chair, Insurance Committee
Cahill Bill to Strengthen Insurance Regulations Signed Into Law
August 19, 2013
Albany, New York – Assemblymember Kevin Cahill (D – Ulster, Dutchess) announced today that one of his bills was recently signed into law. Assembly bill A7807 increases the regulatory authority of the Department of Financial Services (DFS) in regard to holding company systems and amends the Insurance Law to match the National Association of Insurance Commissioner’s (NAIC) Model Insurance Holding Company System Regulatory Act, which allows DFS to maintain its NAIC accreditation.
“By increasing DFS oversight, we are allowing the Department to better evaluate risks the holding company system may pose to a domestic insurer,” said Assemblymember Cahill. “Additionally, conforming our state law to the NAIC model provides uniformity with other states that will improve efficiency by reducing the number of holding company filings.”
NAIC President Jim Donelon said, “We applaud New York for adopting legislation that we believe is a critical component of the NAIC's Solvency Modernization Initiative. As we move to enhance efforts towards improving group supervision, we look forward to other states doing the same.”
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