Gregory V. Serio, the Superintendent of the New York State Insurance Department told the House Financial Services Committee that: “While none of us will ever be the same as a result of the events of September 11th, I have no doubt that insurance will be one of the life preservers that keeps us afloat.”
He testified along with Kansas Insurance Commissioner and NAIC President Katherine Sebelius that the American insurance industry was financially able to cope with the financial consequences of the terror attacks which destroyed the World Trade Center.
In a detailed statement Serio laid out the loss parameters caused by the attacks, the coverages and the liabilities involved and described the measures the NYSID has taken to meet the challenges of coping with the disaster.
On a personal level Serio paid tribute to his predecessor Neil D. Levin, who left his post in April to head the Port Authority of New York and New Jersey and died in the attack on the WTC. “Personally, I lost a valued colleague and a good friend on that day,” Levin told the committee. “I will miss Neil’s guidance and insight regarding the rapid changes in financial services regulation. But, I am comforted with the knowledge that the vision and leadership that Neil brought to the Department, including the creation of our Capital Markets Bureau, have not only improved our regulation of the insurance industry but have served as the foundation we have used to respond to this crisis. The Department’s response to this disaster, in so many ways, is Neil Levin’s true legacy.”|”serio, assures, congress, industry, can, manage, ny, disaster,, pays, tribute, neil, levin
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