New York State Insurance Companies to Get Upgrade Assistance

State Senator James Seward and Assemblyman Anthony Brindisi have announced legislative approval of a bill they sponsored that would assist mutual and cooperative insurance companies as they upgrade their information technology systems. The legislation will ease the state requirements certain New York insurance companies face when making computer hardware and software upgrades. Specifically, it allows the companies to temporarily raise the management expenses cap when information technology improvements exceed the cap. The bill will be sent to the governor for his consideration.