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Article: Way to go, New York.(New York State Department of Insurance's proposed amendment to Regulation 60 outlawing life insurance policy churning)(Editorial)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- September 30, 1996
CopyrightCOPYRIGHT 1996 Summit Business Media. 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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The New York Insurance Department's proposal for an amended Regulation 60--its most recent effort at stemming churning or twisting of insurance policies--is an admirable example of how the insurance industry and regulators can work together to achieve what is best for the consumer.
New York has been struggling for at least a year with how to equitably address the issue of inappropriate replacement of insurance policies without unduly upsetting the marketplace with draconian measures that would restrict consumers' freedom of choice and insurers' ability to market new and innovative products.
The task before New York regulators was daunting given the ...