FOR IMMEDIATE RELEASE

ALBANY, N.Y., Sept. 16, 2016—The New York Insurance Association, Inc. (NYIA) presented its argument on appeal to the New York Appellate Division, Third Department regarding New York State’s illegal diversion of insurance assessments to fund noninsurance programs.

This assessment on insurers is called a 206 (formerly 332) assessment and by law is strictly for expenses of the insurance division of the New York State Department of Financial Services (DFS). The state has been deviating from this law and transferring assessment money to other state agencies to fund programs unrelated to the regulation of insurance.

“New York’s domestic insurance companies continue to be unfairly singled out as the sole source of funding for programs that may be worthy, but cannot legally be funded by this assessment,” Ellen Melchionni, president of NYIA said. “This is a back door tax on one industry to fund programs intended for the general public.”

When NYIA’s lawsuit was commenced in 2010, the state budget included nearly $455 million in assessments on insurers with $317 million in transfers to other state agencies. The illegal transfers remained at the $300 million mark until 2015, when they were reduced to $170 million and further reduced to $150 million in 2016.

“While we recognize and appreciate the Governor and Legislature’s actions in the last two state budgets to reduce these illegal transfers, the fact remains that insurers are still being illegally taxed to the tune of $150 million a year,” Melchionni said. “This budgetary sleight of hand can no longer be tolerated.”

The insurance industry is a vital component of New York’s economy, providing financial security to millions of New Yorkers, contributing $40 billion in economic output, employing nearly 200,000 residents and investing more than $18 billion in New York municipal bonds.

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.

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Contact:

Cassandra Anderson, NYIA

(518) 432-4227 or (518) 312-3315

Media Release (PDF)

FOR IMMEDIATE RELEASE

INSURANCE INDUSTRY ESTABLISHES GUIDING PRINCIPLES FOR INFORMATION SECURITY

ALBANY, N.Y., Sept. 12, 2016—The insurance industry is intensifying its efforts related to information security and has established guiding principles to protect retained policyholder data. The Independent Insurance Agents and Brokers of New York (IIABNY), New York Insurance Association (NYIA) and Professional Insurance Agents of New York (PIANY) released Guiding Principles to Advance Information Security in New York with the facilitation of the Center for Internet Security (CIS).

The principles are designed to provide a general road map for agents and companies and are the outcome of a roundtable discussion of representatives from the agent and carrier communities. The goal of the principles is to create a strong working relationship within the insurance industry to ensure agencies, companies and policyholders are better protected.

“The insurance industry remains intently focused on information security,” NYIA President Ellen Melchionni said. “Collaboration is essential to most effectively address the challenges presented by this ever evolving issue. NYIA members have been proactive on security issues and are committed to seeking new ways to shield our businesses and policyholders from threats.”

“Information security threats grow more severe every day,” Richard Poppa, IIABNY president and CEO said. “Independent insurance agencies and brokerages are committed to helping their clients protect themselves and to protecting client and employee information they possess. We are pleased to work with our peer associations on such an important challenge. These guiding principles will help insurers and producers strengthen their defenses against cyber threats.”

“As professionals, our members have exceptional access and responsibilities with regard to our clients’ information. Our industry, therefore, is in a vanguard position with regard to cyber security,” PIANY Executive Director Kelly Norris said. “As their association(s), it is imperative that we provide information and guidance to help agents and companies guard the information with which they are entrusted. PIA is committed to this goal, and to helping every professional, independent insurance agency to ensure its own information and privacy is secure.”

“The insurance industry’s concerted efforts to address information security are commendable,” Steven Spano, CIS president and COO said. “Coordination is critical to effectively prepare for and respond to potential breaches.”

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.

The Independent Insurance Agents and Brokers of New York (IIABNY) has represented the common business interests of independent insurance professionals across the Empire State since 1882.

Headquartered in Glenmont, N.Y., the Professional Insurance Agents of New York (PIANY) is a trade association comprised of 80 experts and representing professional, independent insurance agencies, brokerages and their employees throughout the state.

The Center for Internet Security (CIS) is a 501(c)(3) organization dedicated to enhancing the cybersecurity readiness and response among public and private sector entities.

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Contact:

Cassandra Anderson, NYIA                                                                              

(518) 432-4227 or (518) 312-3315

Mary E. Christiano, PIANY

(800) 424-4244, ext. 236 or (518) 588-8424

Tim Dodge, IIABNY       

(315) 432-4229

View this release as a PDF.

FOR IMMEDIATE RELEASE

COFFEY ELECTED CHAIR OF NEW YORK INSURANCE ASSOCIATION

ALBANY, N.Y., Jan. 4, 2016—Steven J. Coffey, president and chief executive officer of Broome Co-operative Insurance Company (BCIC), was elected chair of the New York Insurance Association (NYIA) at the association’s Annual Meeting on Nov. 10, 2015 in Latham, N.Y. Coffey is serving a one-year term that began Jan. 1, 2016.

Coffey has served on the NYIA board of directors since 2011. He has served as an officer of the association since 2012, most recently as first vice chair.

“I am confident that Steve will prove to be a tremendous asset to the association in his position as chair,” Ellen Melchionni, president of NYIA said. “He is an accomplished leader whose extensive experience in the industry will undoubtedly lead NYIA to even greater success.”

Coffey has held the position of president and CEO of Broome Co-operative Insurance Company since 2008. He has more than 35 years of experience in the insurance industry. He commenced his insurance career at Surety Reinsurance Company. Coffey progressed through various positions to president and chief executive officer in 1981. He has also served in senior management positions at Guy Carpenter, The Hartford and Aon.

Coffey is the past chairman of the New York Insurance Alliance. In addition to serving on NYIA’s board of directors, he has also served on a number of association committees. Coffey studied economics at The College of Brockport State University of New York.

Broome Co-operative Insurance Company is a regional property and casualty insurer located in Vestal, N.Y. The company was founded in 1887 and today writes a wide variety of personal and business lines of insurance. BCIC is rated A’ (A Prime) Unsurpassed by Demotech, Inc.

The New York Insurance Association (NYIA®) is a state trade association that has represented the property and casualty insurance industry for more than 130 years.

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Contact: Cassandra Anderson
(518) 432-4227 or (518) 312-3315
canderson@nyia.org

A headshot of Coffey is available upon request.

FOR IMMEDIATE RELEASE

NEW YORK INSURANCE ASSOCIATION ELECTS
2016 OFFICERS AND BOARD OF DIRECTORS

ALBANY, N.Y., Jan. 4, 2016—The New York Insurance Association (NYIA) elected its 2016 officers and board of directors.

The following officers were elected for a one-year term ending Dec. 31, 2016:

• Chair: Steven Coffey, president and chief executive officer, Broome Co-operative Insurance Company, Vestal, N.Y.
• First vice chair: Elizabeth Heck, president and chief executive officer, Greater New York Mutual Insurance Company, New York, N.Y.
• Second vice chair: Mark Prechtl, executive vice president/CEO, Chautauqua Patrons Insurance Company, Jamestown, N.Y.
• Treasurer: Norman Orlowski, Jr., president/CEO, Erie and Niagara Insurance Association, Williamsville, N.Y.

The following directors were elected for a three-year term ending Dec. 31, 2018:

• Elizabeth Heck, president and chief executive officer, Greater New York Mutual Insurance Company, New York, N.Y.
• Craig MacCormac, vice president, Hartford Steam Boiler Inspection & Insurance Company, Hartford, Conn.
• Raymond Waugh, associate vice president, business operation leader, Nationwide Insurance, Harrisburg, Pa.
• Matthew Benedict, president, Midstate Mutual Insurance Company, Auburn, N.Y.

The New York Insurance Association (NYIA®) is a state trade association that has represented the property and casualty insurance industry for more than 130 years.

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Contact: Cassandra Anderson
(518) 432-4227 or (518) 312-3315
canderson@nyia.org

Headshots available upon request.

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