| Assembly Insurance
Committee Chair Joseph Morelle had two meetings in as many
weeks with IIABNY local associations to get members’
input on several key issues, most notably the market availability
crisis in certain coastal areas of Long Island.
On Friday, April 18 Assemblyman Morelle and a group of Long
Island Assembly Members met with representatives of the Independent
Insurance Agents of Suffolk Co and the Tri-County Agents Association
to hear first-hand from agents about the deterioration of
the Long Island homeowners market. The agents group was led
by Suffolk Co. Coastal Markets Task Force Chair and IIABNY
director Thomas Crowley, CPCU of Southampton and included
current and past presidents of each association. Joining Assemblyman
Morelle were Assemblywoman Ginny Fields, who hosted the meeting
at her Bayport office, Assemblywoman Patty Eddington, Assemblymen
Phil Boyle and Mark Alessi, and a representative from Assemblyman
Fred Thiele, Jr.’s office.
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In addition to presenting statistical data
supporting the severity of market problems on Long Island,
the agents provided specific examples of the pricing and availability
issues affecting their customers. Among the solutions offered
by the agents group was legislation to create incentives for
insurers offering the equivalent of an HO-3 wrap policy, regulatory
changes to allow pass-through of reinsurance costs and making
the New York Property Insurance Underwriting Association (NYPIUA)
permanent. Also discussed was legislation that would allow
for flex-bands for rate increases or decreases, depending
on specific levels of competition within a market. The proposal
would apply to all lines of insurance except workers compensation
and medical malpractice. Also discussed was the standardization
of wind deductible triggers. Assemblyman Morelle and the other
legislators in attendance promised to work with the association
and the Senate Insurance Committee to find solutions that
will create additional market capacity and ease the growing
availability problem and coverage deficiencies.
On April 10, Assemblyman Morelle met with the Independent
Insurance Agents of Central NY at IIABNY’s Dewitt headquarters.
The concerns discussed at that meeting addressed such issues
as late notice of claim, Labor Law reform and competitive
rating. In both meetings Assemblyman Morelle stressed his
philosophy that consumers need choice in the marketplace and
it is important to create an environment that protects consumers’
rights while at the same time does not neglect the business
environment. Appointed as Assembly Insurance Committee Chair
last year, Morelle has built a reputation as a leader in business
issues and believes in a free market approach whenever possible.
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