New York lawmakers have sent to the governor acommercial-deregulation bill that allows insurers to go to marketwith some policies before regulatory approval, while Florida Gov.Rick Scott has signed into law a commercial-dereg bill in thatstate.
The New York legislation allowsinsurers to set rates for large commercial businesses within whatis known as the state's Free Trade Zone without adhering torate-and form-filing requirements, say trade groups.
“Off-the-rack insurance products frequently do not fit theunique needs of large businesses,” says Kristina Baldwin, vicepresident of state government relations for the Property CasualtyInsurers Association of America (PCI), in a statement.
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