NYIA ANNUAL CONFERENCE
Addresses Most Pressing Issues in New York
Sandy, impact of healthcare reform and latest in labor law among the topics discussed
The New York Insurance Association (NYIA) 2013 Annual Conference featured a variety of sessions and events that covered the gamut of key issues the industry is currently facing in New York. More than 200 people traveled to New York’s north country to enjoy the High Peaks of Property & Casualty Insurance May 29–31 in Lake Placid. New York State Department of Financial Services Superintendent Benjamin Lawsky keynoted the event on Thursday, May 31. His address focused on regulatory actions during and post Sandy and his desire to work more collaboratively with the industry moving forward. He acknowledged that DFS is going to “push” companies due to the vital nature of our industry: “Don’t take it as hostility toward your industry, rather it is because you are essential to New York State recovery,” he said. He also stressed the importance of consumers being better educated about insurance, particularly about the need to have flood insurance. He said it is the responsibility of DFS to take the lead on consumer education initiatives and will continue to work with stakeholders to increase awareness. The Superintendent also touched on auto insurance fraud and emphasized his goal to engage in bold, out of the box approaches and that DFS is looking to work with the industry on an extension to the commercial lines modernization law so more companies are able to take advantage of a streamlined approach to commercial filings.
“Sandy created numerous challenges for insurance companies,” NYIA President Ellen Melchionni said. “NYIA has continually looked to create greater opportunities for dialogue between the industry and DFS. It is imperative that DFS and companies work together to address our mutual goal of best serving policyholders. I appreciated the Superintendent’s willingness to engage in an open dialogue as we all prepare for potential future crisis situations.” Following the Superintendent’s keynote, Robert Easton executive deputy superintendent of DFS participated in a forum to delve into policies, procedures and practices of the Property Bureau.
NYIA Legislation & Regulation Committee Chair William Melchionni, senior state relations officer – New York & New England, American International Group, Inc. moderated the session entitled Today’s Property Bureau: Questions answered. NYIA’s chair, Jeffrey Rice, president and CEO of Wayne Cooperative Insurance Company moderated a panel of company leaders who addressed What’s in Store for New York: Survival strategies in a challenging market. Key areas of concern that were brought to light during the session all centered on risk—survival and overall risk, political risk, regulatory and market risk, and terrorism risk. Panelists included John Hill, president & COO, Magna Carta Companies; David Nichols, president & CEO Interboro Insurance Company; J. Douglas Robinson, chairman & CEO, Utica National Insurance Group. Thursday’s sessions concluded with a topic hot on everyone’s mind—the changes companies will need to make to comply with the Affordable Care Act. Todd Muscatello, health plan vice president of sales, Excellus BlueCross BlueShield provided an enlightening presentation, The Skinny on Healthcare Reform, which addressed the myriad of issues companies need to consider.
A highlight of the event was on Thursday evening when Nicholas Masi of Farmers Insurance Group received the NYIA 2013 Chair’s Distinguished Service Award. Nick is incredibly active in the association and a great advocate for the industry. NYIA is fortunate to have such an engaged member and director. He is incredibly deserving of the honor.
The education sessions continued on Friday, May 31. The first issue addressed was Evaluating Northeast Risk Post Sandy. Prasad Gunturi, senior vice president, Willis Re Analytics spoke about the current models and potential changes in light of recent storms. Brian Heermance, senior partner and co-branch leader of Morrison Mahoney LLP addressed an important topic in the Empire State—New York Construction Sites—Accidents & Litigation. Brian went into great detail about the most current cases involving litigation arising from these types of accidents and the numerous laws that come into play. Last, but not least, was the ever popular Small Company Roundtable where regional companies were able to discuss issues of common concern and interest. Mark Prechtl, executive vice president/ CEO of Chautauqua Patrons Insurance Company facilitated the roundtable.
Attendees made it clear that NYIA delivered on hosting the premier property and casualty insurance industry event in New York. If you weren’t able to attend this year, save the dates for next year’s conference now so you don’t miss out again. The 2014 Annual Conference will be held May 28–30 at The Sagamore Resort in Lake George, New York.
MASI HONORED AT NYIA ANNUAL CONFERENCE
LAKE PLACID, N.Y., June 4, 2013—The New York Insurance Association, Inc. (NYIA) honored Nicholas Masi with the Chair’s Distinguished Service Award at the association’s annual conference May 30 in Lake Placid, N.Y. Masi is government and industry affairs manager for Farmers Insurance Group.
“Nick embodies the true meaning of service,” NYIA chair and Wayne Cooperative Insurance Company president and CEO, Jeffrey Rice said. “He is incredibly active within the association and is dedicated to the advancement of the industry. He is a tremendous advocate for property and casualty insurance in New York.” In Masi’s current position, he oversees the legislative and regulatory functions for Farmers in New York, New Hampshire, and Vermont. He is responsible for all lobbying activities and interfaces with regulatory bodies on behalf of the company. Masi joined Farmers in 2001 as a field claims representative, covering the Rochester-Buffalo, N.Y. area. He later served in the roles of direct repair coordinator and government affairs representative before being promoted to his current position in 2012.
He started his insurance career in 1997 with Progressive. He was responsible for auto liability and property damage claims, bodily injury claims, subrogation, and arbitration. Previously, he spent 13 years in lending and accounting.
Masi has served on the NYIA Board of Directors since 2008. He has also served on a variety of different association committees. He received his Bachelor of Science in accounting from Florida Institute of Technology. Masi resides in Saratoga Springs, N.Y. with his wife Amy and their three children. The New York Insurance Association, Inc. (NYIA®) is a state trade association that has represented the property and casualty insurance industry for more than 130 years. For more information about NYIA, visit www.nyia.org.
