In Focus

The St. Regis Hotel in New York was the site of the Insurance Division of Development Corporation for the Israel/Israel Bonds annual luncheon. Dave S. Hattem, senior executive director and general counsel of AXA Equitable Life Insurance Co., Douglas J. Hayden, president of Wright Public Entity, and Martin Minkowitz, Stroock & Stroock & Lavan LLP and co-chair of the Israel Bonds Insurance Division, were honored for their lifetime contributions to the organization and to Israel. Over $10 million in indications to invest in Israel bonds were announced. … Enhanced access to new insurance products and the provision of greater value to policyholders were adopted as legislative priorities by the Life Insurance Council of New York (LICONY) at its annual Legislative and Regulatory Conference in Cooperstown, NY. LICONY’s 72 life insurance company members issue the vast majority of the life insurance products sold to customers in New York. LICONY President and Chief Executive Officer Mary A. Griffin said, “The life insurance industry in New York is focused on providing new products and services to consumers and is committed to utilizing modern technology to meet customer needs. LICONY is working hard to ensure that the business climate in this state will allow companies to do this, grow their businesses, and grow the state’s economy. Our new legislative agenda reflects these priorities and we are eager to work with lawmakers and regulators to ensure that this industry can continue to thrive in the state where it was founded 250 years ago.” LICONY’s 2017 legislative agenda includes advocating for New York to join the Interstate Insurance Product Regulation Compact (IIPRC), which would modernize and streamline the way insurance products are reviewed and would allow new products to be offered to New York consumers more quickly. To date, 45 jurisdictions have joined the compact which offers a single point of filing for life insurance policy forms, so that policies approved by the Commission may be sold in every state that is a member. LICONY will also make the case that New York companies should be allowed to provide consumers with additional benefits, such as financial counseling, estate planning, grief counseling, and travel assistance for beneficiaries, as part of a group life or health insurance policy. Currently insurers in New York are limited in their ability to offer these additional benefits. LICONY will ask regulators and legislators to start to remove some of the obstacles to the online offering of life insurance products. The changes being contemplated would facilitate internet sales of life insurance products, something that is becoming more prevalent every day, particularly with millennials. Life insurers will invest approximately $462 billion in New York’s economy in 2016. Let’s hope they are heard. … Homes sold at a record-setting pace across New York state during August with 13,912 closed sales, according to the housing market report released by the New York State Association of REALTORS®. The previous record was 12,938 closed sales in August 2007. The statewide median sales price increased 3.8 percent compared to August 2015. The year-to-date (Jan. 1-Aug. 31) sales total of 82,791 was 11.3 percent above the same period last year. August 2016 closed sales increased by 8.1 percent compared to a year ago to reach 13,912. The year-to-date (Jan. 1-Aug. 31) statewide median sales price was $235,000, an increase of 2.2 percent from the same period in 2015. The August 2016 statewide median sales price of $257,291 represents an increase of 3.8 percent compared to the August 2015 median of $247,941. August pending sales reached 13,113, up 13.1 percent compared to a year ago. All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.