The New York State Insurance Fund (NYSIF) has created a producers’ advisory council and appointed three Independent Insurance Agents & Brokers of New York (IIABNY) members to serve on the council.
Jack Smith, Jr., CPCU, ARM, CIC, of William A. Smith & Son in Newburgh and IIABNY chair of the board, John R. Costello, CIC, of First Niagara Risk Management in Rochester and at-large member of the executive committee of the Independent Insurance Agents & Brokers of America and Valerie Geasor, CPCU, of Acrisure Agency, doing business as The Signature BB Companies in Garden City, were all appointed to serve on the council.
The move is expected to further establish NYSIF’s recognition of the important role producers play in the placement of State Fund business.
The New York State Insurance Fund is a self-supporting insurance carrier, created by New York Workers’ Compensation Law, that competes with private insurers in both the workers’ compensation and disability benefits markets in New York State.
Working with IIABNY, NYSIF established the council for the purpose of obtaining guidance and reaction to NYSIF practices that impact producers. While the council does not have any governance or policy authority, it serves as an important link between NYSIF and the producer community.
Eight members will initially be selected to serve staggered three-year terms. Recommendations for council members were submitted by IIABNY and the Professional Insurance Agents of NY (PIANY).
The Council expects to have its first meeting by conference call in the next 60 days.
Source: IIABNY
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