ALBANY, N.Y., September 12 – Superintendent Eric Dinallo today announced the formation of the New York State Insurance Department Elder Protection Unit. The unit will provide support and protection for the elderly in dealing with insurance and related concerns.

Job one is to protect consumers, and the elderly are among the most vulnerable, said Dinallo. We have established this unit because we have seen a growing number of complex insurance issues directly affecting seniors, and a growing number of complaints. Seniors must navigate an array of insurance offerings, including an expanding life settlement industry, Medicare Advantage and supplemental plans, long-term care insurance, and community care residential centers.

Dinallo cited reports of unfair and deceptive sales practices resulting in seniors being sold insurance products they do not fully understand as one reason for forming the unit. The unit will be comprised of employees assigned from the Departments Consumer Services, Health, Life, and Property Bureaus who will develop, coordinate, and implement initiatives to protect New Yorks senior citizens in the purchase, servicing, and claim processing of insurance products, said Dinallo.

The unit will also work closely with the New York State Office for the Aging and other organizations representing senior citizens. Michael J. Burgess, Director of the State Office for the Aging stated, The coordinated approach proposed by Superintendent Dinallo will increase protections for New Yorks elderly population against predatory sales practices of unscrupulous insurers, brokers and agents who prey on the vulnerability of senior citizens.