NU Online News Service, Jan. 11, 11:11 a.m. EST

The Risk and Insurance Management Society expressed initial reservations regarding New York Governor Andrew Cuomo's proposal to merge the New York State Insurance Department (NYSID) with other departments into a combined Department of Financial Regulation (DIFR).

RIMS said today it recognizes the validity of the stated goals—reducing costs and increasing efficiency—but added that it is concerned the NYSID's consumer protection mission may be weakened in the process of merging the departments.

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