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February 1, 2008
Budget Update
The Legislature began hearings on Gov. Eliot Spitzer’s 2007-2008 state budget. As we previously reported, the governor’s spending proposal targets various segments of the insurance industry in order to raise revenue.
Initial discussions have focused on increased penalties for producers and insurance companies, an increase in the law enforcement fee from $5 to $20 as well as the impact of increasing the taxes of Health Maintenance Organizations. There will be many more discussions about these issues as the budget process moves forward.
Special Election Set
Gov. Spitzer has scheduled Feb. 26 for the special election to fill the senate seat vacated by James Wright (R-Watertown). The candidates are Assembly members Will Barclay, a Republican and ranking member of the Assembly Insurance Committee, and Democrat Darrel Aubertine. Interestingly, the Senate seat was held for years by Doug Barclay, Will Barclay’s father.
Another Senate Vacancy Opens Up
Republican Mary Lou Rath, who represents Senate District 61 in the Buffalo area, has announced that she will not run for re-election in November. Rath has served in the Senate since 1993.
New Late Notice of Claim Bill Drafted
The governor’s staff has sent us a new draft of legislation that would enact a statutory definition of late notice of claim. A meeting was held this week between the two houses of the legislature in an attempt to reach agreement on a final bill. We are currently reviewing the draft and will be working with the governor’s staff, senate and assembly in order to finalize this legislation.
Compensation Insurance Rating Board Extended
Legislation extending the life of the state Compensation Insurance Rating Board for five years was passed and signed by Gov. Spitzer. The bill makes some changes to CIRB’s operations and was negotiated in response to the mandate in last year’s legislation that the Superintendent of Insurance study and recommend other options for gathering statistics on workers' compensation.
Recent Legislation
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