NY Insurance Group Slams Cuomo's Budget Proposals

Law360 (February 15, 2011, 6:00 PM EST) -- A New York insurance industry group has slammed Gov. Andrew Cuomo's insurance budget, saying it misuses about $300 million in assessments and unfairly taxes certain insurers.

Ellen Melchionni, president of the New York Insurance Association Inc., which represents the state's property-casualty insurance industry, targeted Cuomo's proposal in her testimony on Monday in front of a joint legislative hearing over the governor's budget.

Cuomo's budget for his proposed Department of Financial Regulation, which would consolidate the state's insurance and banking departments, takes $296 million from assessments of New...
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