Exams Highlight Compliance Issues

Posted on July 31, 2007 by Cailie Currin
The NYSID has recently posted a new set of reports on exam on their website.  www.ins.state.ny.us/exam_rpt/examfile.htm#nw.  A cursory review indicates that Reg 60 compliance poses a problem for a significant number of companies.  While the new administration at the NYSID has indicated that they are looking at Reg 60, these exams show that can't happen soon enough!   I don't know of any company that takes compliance with Reg 60 lightly, but as the exams indicate, the pitfalls are many.   As discussions proceed on revisions to the Regulation, companies are well-advised to review their Reg 60 procedures and make sure that every effort is made to comply with the reg as it currently reads - challenging as that may be! 
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