Statement setting forth the basis for the finding that the proposed First Amendment to 11 NYCRR Part 89 (Insurance Regulation 118) will not have a substantial adverse impact on jobs and employment opportunities.

Amendment of the regulation will not adversely impact job or employment opportunities in New York, or have any adverse impact on self-employment opportunities, because the revision imposes no new or additional requirements on any insurer subject to the rule.

The text of the current rule does not fully comport with the NAIC model rule, upon which the regulation is based. Because the amendment merely clarifies the rule to better express its purpose, no person or entity is likely to object.

The Department of Financial Services believes that the amended rule will not result in any adverse impact.