New York State Assemblyman Joseph D. Morelle, D-Irondequoit, has been named chairman of the National Conference of Insurance Legislator's Financial Services and Investment Products Committee.

The committee reviews and makes policy recommendations regarding a broad range of financial issues, including predatory lending, the subprime mortgage market and the use and impact of instruments such as credit default swaps, which have been blamed for much of the cascading debt and credit failures that led to the current economic crisis.

Morelle, who chairs the Assembly's standing Committee on Insurance, said he was looking forward to moving the committee's business forward in the light of the unique financial challenges facing the state and nation.

"As Insurance chairman, I have already arranged hearings into the role and possible state-based regulation of the credit default swap market," Morelle said. "Through the financial services committee, I will be able to do even more to determine whether interstate compacts and other concerted efforts are necessary to solve some of our current problems and prevent similar episodes in the future.

"I thank the members of NCOIL and the committee for giving me this rare opportunity."

NCOIL's members are drawn from all 50 state legislatures, and like Morelle serve on their respective insurance committees. NCOIL provides a crucial link between insurance policyholders and carriers and the various state governments, which are responsible for regulating the insurance industry.

Morelle has chaired the Assembly's Committee on Insurance since June of 2007.

About NYS Assemblyman Joseph D. Morelle

Since 1990, Assemblyman Joseph D. Morelle has represented the 132nd Assembly District, which includes portions of the city of Rochester and the Monroe County suburbs of Irondequoit and Brighton. In 2007, Joe was named chair of the Assembly Standing Committee on Insurance.