Legislative Update
On August 24th, Kathy Hochul become the first female Governor in New York State history.   Governor Hochul will complete the term of Andrew Cuomo (which expires at the end of 2022) who resigned the post in the wake of damning report by Attorney General Tish James which corroborated allegations of sexual harassment by Governor Cuomo.

Governor Hochul has announced that she plans to run for election in her own stead next year and has selected State Senator Brian Benjamin from Harlem as her replacement as Lieutenant Governor.  

Governor Hochul has kept most of Governor’s appointees in place for the time being as she undertakes a 45-day informal transition process.  

Governor Hochul Announces Nomination Of Adrienne Harris As Superintendent Of The Department Of Financial Services
Former Economic Advisor to President Obama to Become New York's Top Financial Regulator

Governor Kathy Hochul today announced that Adrienne Harris has been nominated to lead the New York State Department of Financial Services as its next Superintendent. Formerly a top economic advisor to President Obama, Ms. Harris will become the state's top financial regulator tasked with overseeing the banking and insurance industries and their compliance with state laws as New York works to rebuild its economy in the wake of the COVID-19 pandemic, if confirmed by the Senate.

Welcome new members who joined NAIFA-New York this July and August!

Belonging to your professional association sets you apart from the competition by ascribing to a Code of Ethics, voluntarily investing & participating in a performance-driven networking group, and serving your industry through advocacy and community service.

Monique Fanfan, a native of Haiti who came to the United States to have her shot at the American dream, began her career in financial services working in a bank. She then went on to work for a financial investment firm out of New York and later she spent 15 years as an accountant.  

New York Life has named Robert Petrocelli, Founder and Managing Director of Petrocelli Financial Services in New York City and a loyal NAIFA member since 1979, as the 2021-2022 Chair of the influential New York Life Agent Advisory Board of Directors (ABD). The ABD, according to the company, “is an elite group of 16 agents who meet with the company’s executive leaders to provide their perspectives on corporate strategic initiatives based on their experience in the insurance and financial services industry and running among the most successful agent practices in the country.”

In the latest departure of life insurance products, Lincoln Financial pulled new sales of both term and universal life policies from New York until an electronic signature process could be implemented. 

Cybersecurity a Top Priority of DFS
Cybersecurity continues to be a top priority of the Department of Financial Services (“DFS”). Watch this space for revisions to the current cybersecurity regulation and continued enforcement actions for failure to have policies and procedures in place or for inappropriately filing a certificate of compliance. To keep up to date and utilize the tools available, be sure to check out DFS's Cybersecurity Resource Center, including its tools for small businesses.

Ransomware Crisis Threatens All Financial Services Companies

DFS Guidance Identifies Key Cybersecurity Measures to Reduce Risk of Ransomware Attacks

Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has issued new guidance on preventing ransomware attacks. In the guidance, DFS identifies cybersecurity controls that significantly reduce the risk of a ransomware attack and should be implemented by companies wherever possible. 

Legislative Session Update
As reported previously, the New York State Legislature concluded their legislative session on June 10 with their traditional flurry of legislative activity with 461 bills passing both houses during the final week.

As a point of reference, 892 bills passed both houses this session which began in January. Of the 892 measures, 652 have yet to be delivered to be Governor which is not atypical for this point in the year. We anticipate that most of these measures will be enacted into law with most of the vetoes occurring at the end of the year. It is unclear at this point what impact the pending investigations of the Executive Chamber will have if any on this process.

In a sign that the world is returning to some sense of normalcy, the State Capital is now open to the public.

June 22 was primary day in New York State. Due to the new ranked voting methodology, the winner in the NYC Democratic mayoral primary has not been declared but it appears that Brooklyn Borough President Eric Adams is the favorite to occupy Gracie Mansion next January.

As an aside, every state legislator seeking local office in New York City lost on primary day.

In Buffalo, Democratic Social of America member India Walton decisively upset four-term Mayor Byron Brown in the Democratic primary. Ms. Walton is the overwhelming favorite to be the next Mayor of Buffalo.

Finally, State Senator Todd Kaminsky has announced his candidacy for Nassau County District Attorney.

Peter Browne, LUTCF is serving as the Immediate Past President of NAIFA-NY and has been a loyal NAIFA member since 1965. Peter recently relocated to White Plains, NY but spent the bulk of his career in New York, NY with PRB Wealth Management. He specializes in executive compensation and estate planning.