Guests stood for the Pledge of Allegiance before the keynote address and awards luncheon.

During the luncheon, Superintendent Wrynn addressed a standing-room only crowd and told producers that the controversial regulation the NYSID will release on disclosure of producer compensation has been softened from previous drafts. The superintendent said the NYSID heard PIANY’s objections and promised to work with the association to ensure that the disclosure requirements will not be overly burdensome. “We’ve heard everything everyone has said,” he reported, noting the NYSID has read letters of concern about the draft regulation from various parties as recently as Jan. 15 on the issue.

	New York State Insurance Department Superintendent James Wrynn presented a welcome keynote address.

Wrynn said the final draft will require agents to disclose their role in the sale of insurance to the consumer, either orally or in writing, and further detail will be required only if the insured requests it. “We’re kind of making it so you just have to disclose your role,” he said.

Further, the superintendent reported disclosure will not be required upon renewal of a policy, unless a purchaser asks for it within a 30-day period, and producers will be allowed to rely on insurers to maintain records for the required three-year period.

“I don’t believe we can have any lesser standards and still call it disclosure,” Wrynn said.

The superintendent told the audience he wants to continue to work with PIANY to sort out compliance issues to ensure the regulation “meets disclosure needs without being overly burdensome,” for the producer community. PIA has been told the revisions are expected in mid-February, but a specific date has not been released.

Wrynn also reported his progress on multiple goals he shared with PIA in Albany after taking office this fall, including instituting Lloyd’s of London-style insurance exchange, for which he is “guardedly optimistic” after a meeting with 75 carrier executives and an investors meeting scheduled at New York City’s Gracie Manor on Feb. 2, to facilitate this effort.

He reported an uptick in fraud, motivating his plans to amend Regulation 68, which implements New York’s no-fault law. He said the NYSID has received “very few negative comments” about his draft revising these rules.

Other issues he discussed included: New York’s homeowners’ coastal homeowners coverage, especially on coastal property, for which he noted availability but persistent cost concerns and a need to explain to insureds the reasons for increases or nonrenewals. He also said the NYSID is working to standardize windstorm deductible.