The idea of resurrecting the New York Insurance Exchange, floated last year by the New York Insurance Department and New York Gov. David Paterson, has not been sunk by the financial meltdown and capital crunch, according to the state's insurance superintendent.
“It remains a great potential alternative to Bermuda,” said Eric Dinallo, during a dinner speech before the annual Property-Casualty Insurance Joint Industry Forum earlier this month. “We already have the statute on the books.”
Even though the economy is in crisis, Mr. Dinallo argued that with the insurance market hardening, and given the lessons learned from the launch of the first exchange, the concept could work this time.
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