Last year, the Appellate Division, Third Department, found Regulation 187 to be unconstitutionally vague. The Appellate Division concluded that “ambiguities in the language employed, coupled with [the regulations] lack of clear standards for how these provisions will ultimately be enforced” bestow upon DFS “virtually unfettered discretion” in enforcing the regulation, thereby rendering it unconstitutionally vague.

Legislative Update

The Legislature this week ratified new lines for New York’s Congressional and state legislative districts. The once in a decade process marked the first time that Democrats in the State Legislature held complete control over the reapportionment process. Preliminary indications point to Congressional Democrats having the opportunity to pick up three seats in New York.

Under the newly adopted State Senate lines, New York City will gain one seat in Brooklyn and Queens. These new lines largely reflect the growth in population in New York City over the last decade.

NAIFA-New York has learned that Lincoln Financial Group is suspending new sales of its MoneyGuard product in the state of New York, with a final day to submit applications of March 25th.

The New York State Senate has voted to confirm Adrienne A. Harris as Superintendent of the New York State Department of Financial Services (DFS).

Robert Quinlan, MBA, LUTCF, LACP, has been in the insurance and financial services industry for over 35 years and plans to stay for many, many more.

A Family Tradition

Quinlan is the second in a three-generation tradition of military service. After college, he followed in the footsteps of his mother, who served as a U.S. Army captain in World War II. Quinlan served three years as an active-duty Field Artillery Officer. His daughter, NAIFA Colorado past president and West Point graduate Kathleen Owings, also served as a U.S. Army captain, earning the Bronze Star Medal for her service in Iraq.

State Attorney General Letitia James dropped out of the race for governor on Thursday and said she’ll instead seek a second term as New York’s chief law-enforcement official.

“I have come to the conclusion that I must continue my work as attorney general,” James said in a prepared statement.

“There are a number of important investigations and cases that are underway, and I intend to finish the job. I am running for re-election to complete the work New Yorkers elected me to do.”

The move followed heavy criticism from former Gov. Andrew Cuomo that James’ investigation of sexual harassment allegations against him was politically motivated.

Cuomo resigned in August, one week after James — using outside investigators — released a report that accused him of harassing 11 women, including nine current or former state employees.

Welcome new members who joined NAIFA-New York this November!

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.

Opposition to Nomination of Acting Superintendent Harris

Twenty-five New York-based organizations called on Governor Hochul to rescind her nomination of Adrienne Harris for Superintendent of the Department of Financial Services (“DFS”). Their statement stated, in part, that:

Recently, NAIFA-New York leaders Gary Cappon, President, and Paul Sciacca, VP of Government Relations, attended an event with Governor Kathy Hochul to represent NAIFA-New York members.

Tax Increases Cloud the Horizon

As an insurance and financial professional, you and your clients face unprecedented legislative and regulatory threats. Both state and federal lawmakers seek revenue to cover trillions of dollars of COVID-19 relief measures, infrastructure projects, and other programs. All of this spending will add to a colossal government debt. Who’s going to pay for all of this? It would be foolishly naïve to think lawmakers will ignore our industry and the products and services vital to the financial security of American consumers. They are looking at us, and we need to be ready. Taxation needs representation!