Bill Would Make NYSIF Pay Commissions, Submit to DFS Rules

Insurance brokers are supporting a bill that would require the New York State Insurance Fund to pay commissions to licensed brokers and place the carrier under supervision of the superintendent of the Department of Financial Services.  Senate Bill 4558, by Kenneth P. LaValle, R-Port Jefferson, is intended to put NYSIF on the same footing as private workers’ comp carriers in New York, according to a memorandum by the bill’s sponsor. LaValle says private carriers, which must be licensed by the Department of Financial Services, are placed at a competitive disadvantage to SIF...