03/30/2026
Last week, our owner, Michael Pane had the pleasure of going to Albany and visiting with our state lawmakers on changing some of the ways insurance agents go to business and fighting for consumer access to products in the state of New York. This advocacy is vital for New York to be competitive and provide robust opportunities for all to help with the ever changing world of Health and Life Insurance.
To give a quick recap...
- Currently there's a bill in both chambers to redefine the definition of small group health insurance in NYS. Currently, NYS is one of three remaining states (CA & MA are the others) that have the 100 life or less designation since Obamacare was passed in 2014. When passed, signed and enacted, we will go back to 1-50 and 51-100. The rise of level-funded health plans, ICHRA, and other health insurance savings strategies can happen in NY.
- Pushing for enactment amending the Insurance Law to enable stop-loss for the 51-100 group markets.
- Opposition to Single-Payer Health Insurance system in NY. The temperature we got from lawmakers, this isn't even on their radar.
- DFS Administrative Changes: Lawmakers ears perked up here. Why? Too much administrative overreach by the Executive branch and the Legislative branch not being able to pass laws on it (checks & balances)...a la new DMV point system rules passed without the Legislature creating or passing laws.
- We spoke to both sides of the aisle on consumer choices. Our neighbors to the south, east and west do have those options with other carriers. Lawmakers were flabbergasted at not knowing this.
-Additionally, the timeframe of YEARS, not months to get products approved and to the marketplace. Unfortunately, we see products get approved only to be pulled soon after because of compliance or they do not meet fast-changing consumer needs.
- Exodus of insurance carriers leaving NY because of the regulatory and liquidity requirements.
- The insanity of paper versus safe digital applications and the approval process, Lawmakers again, flabbergasted that in NY, especially with Life Insurance, you have to write the first app on paper and technology is out there today to digitally capture consumer information (PHI, PII and HIPAA) safely, securely and we can provide the client or consumer a copy of the application.
- Unnecessary Dual Approval Process: We mentioned that when DFS approves a paper application for use and a carrier wants to transpose the same application into a digital format, there's another approval process...we asked why? Same application...more delay to the marketplace to help consumers...again lawmakers on both sides of the aisle were not aware of this and assured me changes will come.
- Advocating lawmakers on Short-Term Medical plans as an alternative to the NYS of Health Marketplace. Also, the rise of ERISA based insurance plans here in NY because of high costs of Health Insurance in NY.
