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Article: Albany approves group insurance for sole proprietors. (Banking & Finance).(Brief Article)(Statistical Data Included)
- Article from:
- Westchester County Business Journal
- Article date:
- July 15, 2002
- Author:
CopyrightCOPYRIGHT 2002 Westfair Communications, Inc. 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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Relief from rising insurance premiums is finally in sight for sole proprietors in Westchester and the rest of the state.
Gov. George E. Pataki, Assembly Speaker Sheldon Silver (D-Manhattan) and state Senate Majority Leader Joseph L. Bruno (R-Saratoga) -- all seeking re-election in November -- announced June 20 an agreement to let chambers of commerce issue lower-cost group insurance for sole proprietors.
Till now, state law required sole proprietors to take out costlier individual policies.
But officials also agreed that the group rates be no more than 20 percent cheaper than individual policies through Jan. 1, 2006. That clause was written to ...