Enlightening Exchange at NYIA’s New York Regulatory Symposium

The New York Insurance Association’s recent New York Regulatory Symposium in Albany underlined important property and casualty issues with representatives from the New York State Department of Financial Services (DFS).

In attendance from DFS were Laura Evangelista, Executive Deputy Superintendent, Insurance Division; Marshal Bozzo, Assistant Deputy Superintendent, Property Bureau; Gerald Scattaglia, Assistant Chief Insurance Examiner, Property Bureau Market Section; and Eileen Fox, Assistant Chief Insurance Examiner, Property Bureau Financial Section. William Melchionni, Vice President & Co-Head U.S. State Government Affairs of American International Group moderated the panel discussion.

A variety of topics were addressed during the symposium with a great deal of focus on filings and examinations. DFS addressed a number of questions related to filings and talked about best practices with the process. The intricacies of both financial and market conduct examinations were discussed, including the cyber component that is incorporated into all exams. Various topics related to auto were also covered, including usage-based insurance and short term policies.

The representatives from DFS fielded a myriad of other questions ranging from affiliation agreements to marijuana to innovation to modernization and the overall desire to find ways to generate less paper. Attendees indicated it was an excellent exchange with New York regulators and provided an opportunity for important dialogue between the property and casualty industry and leaders at DFS.