According to reports, it is anticipated that incoming New York Governor Andrew Cuomo will announce during his State of the State Address tomorrow, January 5, 2011, plans to merge the Insurance Department and Banking Department into a single agency in an effort to reduce costs and improve efficiency.  Such a merger would require approval from the New York State Legislature before it would become effective.  Proponents have said this will result in the elimination of a substantial number of state jobs.  The merger would also potentially include the Consumer Protection Board.

We will continue to follow these developments and provide updates on InsureReinsure.com.