Wrynn Reign

The Insurance Advocate wishes Governor Andrew Cuomo success in his “deeds not words” approach to a Government that, in the new Governor’s words needs more than “baby steps” to reform. Andrew Cuomo starts off with a good wind in his sails, but is running straight into hurricane like forces including the state’s pension obligations, the municipal unions and Medicare costs. By the end of his first session, Cuomo may seek a recount. One easy hurdle for the transition team is the matter of top insurance regulator. Elsewhere in this issue we opine that Jim Wrynn has done a better than decent job as Superintendent of Insurance and deserves to be re-nominated to the role, an advantage to a new Cuomo administration particularly given the reasoning presented in the article—on page18—and the combination of Insurance, Banking and Consumer Protection deparments. We are not cheerleaders for any elected official or any appointed official but it is accurate to state that Jim Wrynn has done a good job under trying circumstances in the eighteen months or so that he has held office. While this column has disagreed with the Superintendent on one or two points, notably Producer Compensation Disclosure, we know that he inherited this issue and much sentiment along with it in the wave of reaction to financial scandals and the financial meltdown. Transparency has become a mantra throughout the financial industry, for better and worse. In some cases privacy is the border line that gets crossed in the name of this elusive goal. And rationality.

We agreed wholeheartedly with the life settlements regs and have regularly applauded the anti Fraud attack NYSID has mounted together with the State Fund and other police and investigative entities.In this and other areas, Jim Wrynn’s “watch” has been steady and well-focused. We are forumulationg our views of the proposed comintation of departments. It would be a relative “no-brainer” if only banking were part of this. Consumer Protection adds a little twist that may be a disservice to consumers, ultimately. We will discuss this in the next issue.

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We mourn the recent passing of Dick Greenwald at 90 years of age from a stroke. Readers of the Insurance Advocate will have known Dick in several of his insurance roles: Senior Vice President of Empire Insurance Group, vice president of Consolidated Mutual, Chairman of the Insurance Federation of New York, Inc., Chairman of the State of Israel Bonds and volunteer in so many other great causes in the industry. Dick was a Columbia College graduate and a well- known exponent of the college, as well as a devoted family man and bon vivant. He was an active leader at the Players Club in New York, as avid follower of the theater and good dining, Dick proved to be a worthy resource to agents and brokers as chief underwriter for Empire, during its great period of growth in the 1980s. Dick was a gentleman of the first magnitude who will be sorely missed by many. A special thanks Gerald Dolman and Andy Attivissimo, who, for so long kept up with Dick. Gerald visited him at his nursing home regularly and related news to us. In a way, he acted on charitably on behalf of the whole business in visiting Dick and in comforting Rhoda, his widow, and their two daughters. R.I.P.