The Professional Insurance Agents of New York State Inc. announced it favors the adoption of Assembly Bill A.8068 at a public hearing of the New York State Assembly Standing Committee on Insurance.

The bill would enable New York to join the Interstate Insurance Compact, which was created by legislators and regulators to promote uniformity in the industry. It provides a single point of product and rate filings and holds insurers to a set of uniform, national standards. The compact advances the objective of insurance regulatory modernization and effectively responds to ongoing calls in the U.S. Congress for the creation of a federal insurance regulator. To date, 31 states have joined the IIC.

PIANY also said they are in opposition to an optional federal charter and that federal involvement would not make insurance regulation more efficient.

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