NY Assembly OKs Looser Corporate Insurance Rules

Law360, New York (June 23, 2011, 6:24 PM EDT) -- The New York State Assembly passed legislation Wednesday that would exempt some insurers of large companies from having to obtain prior approval of policies from the state's insurance regulator.

The State Assembly’s passage of the bill, A. 8464, followed the state Senate’s approval of an identical measure in a 61-1 vote Tuesday. It now heads to Gov. Andrew Cuomo, who is expected to sign it into law.

The bill’s sponsor, Democratic Assemblyman Joseph Morelle, didn’t immediately respond to a request for comment Thursday.

The Senate bill’s...
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