New York State Governor David Paterson has announced plans to revive the New York Insurance Exchange (NYIE).
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“By bringing together buyers and sellers of complex commercial insurance, the exchange will reaffirm our status as the hub of international trade and finance and it will also curtail the unregulated transactions that devastated the global economy,” Paterson said in his State of the State address. “New York was the epicenter of so much that went terribly wrong in 2008. It is our responsibility as New Yorkers to lead in the rebuilding and reform of these vital global markets.”
Kevin Ryan, president of
Ryan also predicted the revived NYIE would fare better than its predecessor, close its doors after seven years, due to unforeseen losses in the product liability market. “The insurance marketplace is much different today than in the 1980s,” he said. “It’s much more sophisticated, making it likely that the NYIE will be a success.”