CIB Successfully Urges Governor to Veto Self-Storage Insurance Limited License Bill

August 8th, 2009

The Council of Insurance Brokers of Greater New York, Inc. (CIB), the leading professional independent insurance brokers association in the New York Metropolitan area, including Long Island and the Lower Hudson Valley, applauds Governor Paterson’s veto of S.3577 (Breslin) / A.4824 (Morelle), a bill to allow the Superintendent of Insurance to issue limited licenses to self-storage facility operators to sell insurance.In thanking the Governor for his disapproval of the bill, CIB President, Anthony Aquilino, said: “CIB was the only major independent insurance broker & agent organization to oppose this bill. We recognized that having untrained counterpersons sell contents coverage would only benefit the self-storage companies. Signing this bill into law would have adversely affected consumers who may already have such insurance coverage under their homeowners or renters policies.”

CIB Legislative Chair, Anthony Calafiore, added that: “CIB has consistently opposed efforts to expand limited licenses to sell insurance. An insurance professional needs to be properly educated and regulated by the State Insurance Department in order to serve the insurance needs of the public. This bill would fly in the face of such pro-consumer protections and would undermine the trust developed between policyholders and their independent brokers.”

Entry Filed under: Industry Happenings