Key executives from over 50 companies, state agencies and industry groups met with New York Insurance Department officials yesterday to begin hashing out details for reviving the New York Insurance Exchange.
The group, comprised of roughly 80 people, included executives from some of the largest insurers, reinsurers and brokers in the industry, such as Marsh, Lloyd’s, Aon, Chartis, Swiss Re, Berkshire Hathaway and others.
It was the first meeting of a planned working group of industry insiders, regulators and state and local economic development officials who have been tasked with devising the plan to re-open the New York Insurance Exchange.
Maria Filipakis, special counsel for the New York Insurance Department, will oversee the effort to reopen the exchange, which comprises seven different working groups that will meet over the next three months to devise recommendations for certain aspects of running the exchange.
Deputy Superintendent Michael Moriarty will lead the regulatory oversight and capitalization working groups; Senior Counsel Michael Rasnick will lead the operations working group; Rasnick and Assistan Counsel Jared Wilner will chair the markets working group; General Counsel Martha Lees will chair the tax issues and multi-state issues committees; and, Deputy Superintendent Stacey Rowland will lead the government relations working group.
Filipakis said the individual working groups will finalize their initial recommendations by mid-April, and all of the groups will meet together as one in late April to go over the recommendations and devise the next steps for reopening the exchange.
“The meeting went incredibly well – we had a great turnout,” Filipakis said. “We will meet again in three months, and although we have a lot of work to do, we’re very optimistic.”