Feb 16, 2018

PIANY participates in NYSIF Producer Advisory Council meeting

Your PIANY volunteers and staff traveled to Manhattan on Thursday to attend and participate in the New York State Insurance Fund’s Producer Advisory Council’s second meeting.

During the meeting, NYSIF Executive Director Eric Madoff assembled his top staff to meet with insurance producer representatives for over two hours. During the meeting, Madoff and his staff discussed the many progressive reforms instituted by the NYSIF over the past year to make NYSIF a more attractive option for independent insurance brokers. These included bulk printing of certificates, increased loss-run functionality and the development of a premium audit webinar. Since taking the top position at NYSIF, Madoff has focused his team on competitive pricing and enhancing customer service. PIANY volunteers heard presentations on underwriting, premium audits, loss control and claims.

In the second half of the meeting, insurance brokers were presented an opportunity to pose additional thoughts and suggestions to Madoff and his staff. PIANY took this opportunity to raise the issues of NYSIF paying commission to licensed brokers as well as the problems associated with the 30-day notice of cancellation and short-rate penalty. PIANY has introduced legislation to address both these issues in the state Legislature. PIANY appreciates the improved relationship between the NYSIF and independent brokers that has been a result of Madoff’s leadership and looks forward to continued opportunities to work together to make the NYSIF more broker friendly.

Representing PIANY were: President Fred Holender, CLU, CPCU, ChFC, MSFS; Director Justin Fries, CIC, CPCU, CPIA; past President Gene Sandy, CIC; First Vice President John Tomassi, CPCU; Director of Research Dan Corbin, CPCU, CIC, LUTC; and Director of Government & Industry Affairs Matthew F. Guilbault, Esq.