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Article: NEW YORK LIFE COMPLIANCE PROGRAM PROVIDES MODEL FOR THE INDUSTRY, INSURANCE EXPERTS SAY.
- Article from:
- Business Wire
- Article date:
- August 14, 1995
CopyrightCOPYRIGHT 1995 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--(BUSINESS WIRE)--August 14, 1995--New York Life's sweeping overhaul of its marketing and promotional practices in 1994 and the creation of an expanded, 110-member compliance department offers a model consumer protection program that the rest of the insurance industry would do well to emulate, regulators and industry experts say.
"New York Life was extremely prescient in taking the initiative in instituting enhanced compliance measures," says Tom Gallagher, former Commissioner of Insurance for the State of Florida and an outspoken critic of insurance industry disclosure practices, adding that New York Life has been "ahead of the curve" in tackling ...