2011-01-11

By Editor

The Risk and Insurance Management Society (RIMS) has expressed concern over New York Governor Andrew Cuomo’s proposal to merge the New York Insurance Department (NYID) into a combined Department of Financial Regulation (DIFR).

In a statement issued this afternoon, RIMS said that while it recognizes the validity of the stated goals, namely reducing costs and increasing efficiency, it is concerned that the NYID’S consumer protection mission may be weakened in the process of merging the two departments.

“The Insurance Department has the necessary expertise to understand and regulate the insurance industry,” says John Phelps, director, business risk solutions, Blue Cross and Blue Shield of Florida, Inc. and board liaison, RIMS External Affairs Committee. “We hope that the efforts the Department has made to increase consumer protection will not be negatively impacted by this proposed merger.”

Home     More News


Other stories you may find of interest:

2011: A happy new year?
Regulation, climate change, technology risks or political risk...? What will be keeping CEOs awake at night this year? A report just published by PricewaterhouseCoopers predicts the top concerns for the financial services industry throughout 2011.

2011: A happy new year?
Regulation, climate change, technology risks or political risk...? What will be keeping CEOs awake at night this year? A report just published by PricewaterhouseCoopers predicts the most pressing concerns for the financial services industry throughout 2011.

CBI: FS activity picking up
Activity in UK financial services grew in the last three months at the fastest rate since September 2007. But this growth was much lower than expected and firms still considered levels of business to be well below normal, a new survey reveals today, Monday.