Update on Approval Times in NY

Tom Hartman of the New York State Insurance Department recently reported these approval statistics for 2009:

Prior approval where only legal review was necessary: 45 days

Prior approval where both legal and actuarial review was necessary: 126 days

There has been a marked improvement in these times and it was noted that a significant number of the legal staff are relatively new and that over the last couple of years they have gotten more experienced and able to review forms more quickly and efficiently.

Certified (CL6): 8.2 days. Out of the approximately 1200 files received, there was a 22% rejection rate.

Note that these are average time periods - outlier information was not available.

Mr. Hartman also reported that there has been an increase in the election to use prior approval over 2008. From 20% of all submissions in 2008 up to 30% in 2009.