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.”
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