November 28
Commerical Modernization Lifts Burdens, Improves Vitality Market
Albany, N.Y.—Legislation for the commercial modernization of New York’s insurance law, which was cosponsored by Senator James L. Seward of Oneonta (R-C-I), Chair of the Senate Insurance Committee, and Assemblyman Joseph D. Morelle of Irondequoit (D-I), Chair of the Assembly Insurance Committee, has been signed into law by Governor Andrew M. Cuomo and becomes effective […]
New York Court Orders Insurers to Provide Defense for Asbestos Claims Under “Joint and Several Liability” Standard
ANew York State court has ruled that an asbestos defendant is entitled to full defense from its primary insurance company for certain asbestos liabilities, with the primary insurance company paying all defense costs for covered claims that are not paid by other insurers. In Travelers Casualty and Surety Company v. Alfa Laval Inc., Hon. Debra […]
As We Move Toward the Year’s End…
More than 400 gathered at New York’s Cipriani’s on Wall Street as the Insurance Federation of New York presented its Free Enterprise award to Joseph Plumeri, Chairman of Willis. Plumeri joins an illustrious line of industry leaders in receiving the award, since IFNY’s inception nearly 100 years ago. The full story appears in this issue. […]
IFNY Featured Speaker Benjamin M. Lawsky Superintendent | Department Of Financial Services | New York State
Benjamin M. Lawsky was unanimously confirmed on May 24, 2011 as New York State’s first Superintendent of Financial Services. In this capacity, he leads Governor Andrew Cuomo’s initiative to integrate the New York State Banking Department and Insurance Department towards a modern unified financial regulator called the Department of Financial Services. Until establishment of the […]
IFNY Free Enterprise Award Recipient Joseph J. Plumeri Chairman and Chief Executive Officer | Willis Group Holdings plc
Appointed to lead Willis in October 2000, when it was privately owned by Kohlberg Kravis Roberts, Joe successfully returned the company to public ownership in 2001. In 2008, he spearheaded Willis’ $2.1 billion acquisition of Hilb Rogal & Hobbs (HRH), the largest insurance brokerage deal in the last decade. During his tenure, Joe has cultivated […]
IIABNY Rebuts State’s Argument to Dismiss Regulation 194 Appeal
The Independent Insurance Agents & Brokers of New York, Inc. (IIABNY) filed its reply brief in response to the New York attorney general’s argument that the Appellate Division Third Department should dismiss the association’s appeal of a previous court decision that upheld Regulation 194. In a 15-page brief IIABNY maintained that the regulation’s requirements forcing […]
Gov. Cuomo Secures Refund of $114.5 Million in Health Insurance Charges
Govenor Andrew Cuomo ordered 11 insurance companies to refund $114.5 million to holders of policies that cover 573,748 people who were overcharged for health insurance premiums in 2010. “In this economic climate, every penny counts and in this case, insurance companies were overcharging New Yorkers to the tune of millions of dollars,” Governor Cuomo said. […]
Paying Homage to Andy Rooney
I have always loved 60 Minutes commentator Andy Rooney’s essays. So, I was saddened to hear of his passing on November 4. Rooney was 92 when he died, and he worked hard right up to the last month of his life, which ended just three weeks after his last television appearance. Many independent agents, including myself, […]
Court Of Appeals Rules On Three “No Fault Threshold” Cases
SMITH, J.: In Pommells v Perez (4 NY3d 566, 571 [2005]), then Chief Judge Kaye described the working of the No-Fault Law (officially the Comprehensive Motor Vehicle Insurance Reparations Act, Insurance Law §§ 5101 et seq.) by saying: “Abuse. . . abounds.” That included, she said, “abuse. . . in failing to separate ‘serious injury’ […]
