Serio: NY Brokers Toe The Line

Gregory V. Serio, insurance commissioner for the state of New York, gives high marks to brokers operating in his state.

When it comes to brokers, “its service, service, service. Thats their stock and trade. Thats what theyre selling to their client,” he said.

Mr. Serio said the department strives to make sure their service “not only complies with insurance laws, but that it is done in a responsible and trustworthy fashion.”

He said the state has not seen “any significant crisis in the broker community, where there has been some sort of systemic failure of brokers to act accordingly, or widespread criticism of the broker community or broker practices.”

Mr. Serio added: “We obviously get complaints about brokers every day. But I think we have a pretty sophisticated business community in New York that knows how to relate to their broker and what to expect from their broker.”

Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 23, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.