Boundaries

Fast on the heels of the announcement that Anthony Albanese will fill the role of Acting Supt. of the DFS to succeed Benjamin Lawsky comes a letter to the Governor from Elizabeth Warren calling upon him to find and name a prosecutorial czar to shake up the financial services sector – largely the banks – where they live, i.e. here. The socialist herself knows few bounds and wants that same license for prosecutors so they can hammer the sector into oblivion or into a new way of underwriting that solves her social agenda.

That’s just what the State needs, a worse reputation as being unfriendly to business and business leaders.

Meanwhile back in the sane world, Ben Lawsky issued a memo to staff explaining that he is “transitioning out of my role as superintendent next week” and that his current chief of staff, Albanese, “will take over as the acting superintendent while the governor’s office conducts a search for a permanent replacement.”

Albanese has been chief of staff since 2011 and is seen as a tough but fairminded man. Not much to interpret in the appointment. An e-mail from New York Insurance Association President Ellen Melchionni stated that the NYIA “looks forward to working with Acting Superintendent Albanese. We hope he builds on Superintendent Lawsky’s efforts to curb fraud and create efficiencies within DFS. NYIA encourages DFS during this next phase of leadership to further its mission of fostering the growth of the financial industry in New York and spur state economic development. Superintendent Lawsky acknowledged in his final address to NYIA that insurance is incredibly important to New York and is the core of DFS. NYIA believes that there is great opportunity for the state to create a robust regulatory framework that supports innovation and business- friendly initiatives.”

Speaking of the NYIA, the association (NYIA) honored Mark Prechtl with the Chair’s Distinguished Service Award at the association’s annual conference held recently. Prechtl is executive vice president and chief executive officer of Chautauqua Patrons Insurance Company. In his current role, he is the primary representative to industry and trade organizations, community and charitable organizations, government regulators and rating organizations. He joined the company in 1988 as a claim adjuster. In 1992 he was promoted to claim manager and in 1997 to his current position. He started his career in 1985 as a commercial underwriter with an independent insurance agency.

Prechtl serves on the NYIA Board of Directors, representing his company since 2009. He has served on a variety of committees during his more than 25 years of involvement with the association, currently as a member of the Education and Conference Planning Committee, Membership Committee and Public Relations Committee. He also volunteers his time with the United Way of Southern Chautauqua County. Prechtl is a graduate of LeMoyne College with a degree in business marketing. Chautauqua Patrons Insurance Company is based in Jamestown, N.Y. and has been serving New Yorkers since 1877. The company writes personal and commercial insurance, including homeowners, business owners, farmowners and inland marine coverage. Chautauqua Patrons is rated (Excellent) by A.M. Best.

We congratulate Mark and Patrons.