So far, so good

We can not but observe that the Business Council is actually happy with the budget process for the first time since we’ve been following it, going back to the 1980’s. We can not help but observe that a compromise was reached in the consolidation of the Banking and Insurance Departments —the desired result in our editorial some issues ago. We cannot help but observe that the administration has been careful in making appointments. We can not help but observe that the administration successfully put together a budget which turns this State in a more conservative fiscal direction. Of course, conservative is a relative term and we can not help but observe that in this case we are still in a painful state in which to do business, but Governor Cuomo has taken steps in the right direction. The Governor deserves a vote of confidence from the business community…In this issue, we list the reforms sought by PIANY and IIABNY among others regarding the use of certificates of insurance. The protections in the measure that have been proposed, as we going to press, augur some controls on unruly, illegal, insanely demanding clients who can be said to push their agents and brokers around for the provision of certificates of insurance. Some sanity in the process is being introduced through the bill that has been pushed by the agents’ associations and have been endorsed and introduced by Senator Seward and Assemblyman Morelle. The outcome of this will be another positive development over the past few weeks in the legislature…Speculation this past week over the name of the new leader for the Combined Financial Services Department has intensified. The job is a daunting one with its hundreds of pages of new regulatory particulars, let alone the historic difference in departments’ cultures and foci. At the end of the day some victories such as these are truly Pyrrhic, for unless there is truly a financial economy of scale and a benefit to the insurance and banking consumer, the trade-offs would appear to be specious. The demonstration of synergy, the demonstration of savings and the demonstration of just plain old smart Government are still down the road a ways. …Some years ago this publication had a columnist who used to refer to Momma Garcia as his guide as to what was really happening on the street. In fact, I have always believed that the Momma Garcia was actually Manny Levy, our former editor, who coached the columnist throughout his career with the Insurance Advocate. Today, however, the Momma Garcia’s for this publication sit in offices all cross New York, New Jersey, Eastern Pennsylvania, Connecticut and talk to us from time to time, sharing the wisdom of the street and the view point of the retail agent and broker which is truly an indicator of what is happening in the marketplace, more then any press release and more then any corporate statements. I think from now on we should begin to give a Momma Garcia Award with each issue to someone who has given us a great tip or insight into what is really happening in the marketplace. If we were to start with this issue, the person I would point to would be Jay Levy of Morstan General Agency, who talked to us the other day during a morning meeting about what agents and brokers are really looking for these days, in this changing, changed climate, from their providers; his insights are sharp and accurate. He gets this issue’s Momma Garcia Award for telling it like it is to the Insurance Advocate. Thanks, Jay.