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Member, Beacon International Group, Ltd.
NEW YORK—The Risk & Insurance Management Society Inc. expressed initial reservations Tuesday regarding New York Gov. Andrew Cuomo's proposal to merge the New York State Insurance Department into a combined Department of Financial Regulation.
In a statement issued Tuesday, the risk management society said it recognized the validity of Gov. Cuomo's goal to reduce costs and increase efficiency, but was concerned that the merger could weaken consumer protections.
“The Insurance Department has the necessary expertise to understand and regulate the insurance industry,” said John R. Phelps, board liaison, RIMS external affairs committee and director-business risk solutions at Blue Cross and Blue Shield of Florida Inc. in Jacksonville. “We hope that the efforts the department has made to increase consumer protection will not be negatively impacted by this proposed merger.”