This week, the Senate and Assembly released their “one house" budgets. These are essentially statements of each house's priorities as they head into negotiations. Between now and April 1, legislative leaders and the Governor will negotiate on the final state budget.
While the state budget's primary purpose it to allocate the state's money for the coming fiscal year, it often also incudes significant policy proposals.
A proposal in the governor's budget would have given the DFS Superintendent the “highest deference" in the regulation of insurance and his or her interpretations of the insurance law. Fortunately, this troubling proposal, which Big I NY opposed, was dropped in both the Senate and Assembly proposals. This is a strong indication that it is likely to be negotiated out of the final budget.
No other issues significantly impacting the independent agent community were included in the one-house budgets. We continue to monitor the budget process throughout negotiations.