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Q The fact of a new administration in Albany has given many cause for optimism. Do you agree: do you have any reservations?

A: There is a great deal of optimism among our companies. It is based on unequivocal statements made by Governor-Elect Cuomo that essentially says he would get state spending under control, not increase taxes, and improve the political process in Albany. In addition, he has expressed a strong interest in policies that promote the growth of business and therefore employment in the Empire State.

Q: Many have said the financial meltdown-or whatever name-du jour is used-has come at the expense of intelligent regulation being replaced by overly aggressive regulation. How do you see this?

A: Well, there are concerns among our member companies about the complexity and onerous nature of some provisions in the Dodd-Frank Act, but since LICONY is principally focused on New York State legislation and regulation, I will leave the particulars about the federal legislation to those who represent the life insurance industry at the national level. As far as New York is concerned, we at LICONY have continuing concerns about the legislative and regulatory proposals and policies that unduly burden our companies with little benefit to consumers. These concerns often manifest themselves in requirements that vary significantly from standards in all or nearly all other states.

Q: The Life Insurance Industry has taken on a favorable color in the wake of so much financial instability. What do you see as the future–near term and long term–for the industry’s products?

A It is true that the life insurance industry came through the financial crisis of late 2008 and 2009 with flying colors. That is largely due to prudent management of the companies and the conservative financial regulation of insurers by state insurance regulators. The life industry is perfectly positioned for the foreseeable future because of the ever-increasing demand for financial protection in the form of life insurance, annuities, disability insurance, and long-term care insurance. Each of these product lines present valuable solutions to American families and businesses in these volatile economic times.

Q The Life Insurance Industry has a great economic impact in New York, measured beyond the number of jobs. How do you measure the impact?

A Beyond the 22,000 New York residents directly employed in the life insurance industry in New York and the 78,000 New York residents licensed as life insurance agents, in 2008 this industry paid $36 billion in benefits to families and business across the state. In addition, it invested $350 billion in real estate and securities throughout New York State and, in fiscal year 2009/10, paid $292 million in taxes to the state general fund. These investments and contributions to state revenue benefit all New Yorkers, and they are all a product of the noble purpose of the life insurance industry–namely, protecting families and businesses.

Q The Life Insurance Council of New York articulates advocacy interests for the business. How has Obama Care affected your members?

A As stated earlier LICONY’s principal focus is on New York state issues. Consequently, LICONY is not heavily involved in the compliance challenges of Obama Care. That said, I am aware that some of our companies who write medical expense insurance are attempting to comprehend and adjust to the dramatic changes imposed by the federal healthcare legislation. In addition, I am aware that the New York State Insurance Department has a large number of staff members in the Health Bureau working to fulfill New York’s regulatory responsibilities under this legislation.

QWill you be spending more time in Albany?

AWith our new Governor and the changes that he will undoubtedly make in the executive department, with the possible change in leadership in the State Senate, and with the multi-billion dollar shortfall in state revenues, Albany will be the center of intense governmental action next year. That means all of us, both on our LICONY staff and among our members, will need to be heavily involved in the legislative process in Albany.

Q How will your staff be motivating greater participation by insurers in the regulatory and legislative process?

A The best way to motivate our members to be directly involved in the governmental process is to keep them well-informed, in detail, regarding the many friendly and unfriendly proposals that we will undoubtedly encounter. Communication and transparency with and among our members on issues of great interest is the central function of LICONY. This enables us to serve not only the interests of our members, but also to perform our governmental duty as a major industry in our state.