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MAY
2017
PIWA’s
Lobby Day on the Hill
By
Robert S. Pastel, Esq. Pastel & Rosen, LLP
PIWA’s
Lobby Day on the Hill
By
Robert S. Pastel, Esq. Pastel & Rosen, LLP
PIWA's
President Barry Walfish, Past-President Gary Hollederer and Director Eric
Keller, along with PIWA legislative counsel Bob Pastel had a long and
productive day on the hill in Albany on May 15, 2017. PIWA representatives
had a chance to meet with the chairs and ranking members of the Senate and
Assembly Insurance Committees, the Chair of the Senate Health Committee, bill
sponsors of legislation PIWA supports, various key legislative staff, and the
Deputy Superintendent and Special Counsel for Legislative and Regulatory
Affairs. Walfish also attended a fundraiser for Senator Breslin, and the group
joined ELANY for its annual legislative reception at the Fort Orange
Club.
PIWA
representatives promoted PIWA's members contributions to New York's economy
providing specialty markets for New York retail producers. In 2016,
wholesalers accounted for 265,000 excess line transactions with a NY premium of
$2.276 billion. PIWA members account for about the same in the admitted
market. This translates to $160 million in taxes, and 200 offices
throughout New York State.
PIWA's
legislative agenda includes supporting legislation which would allow physicians
and dentists to high quality medical malpractice insurance companies. A.29 by
Assemblyman Cahill and S.422 by Senator Seward. Under current law, excess
line producers cannot place hospital, physician or dentist malpractice
insurance in the non-admitted market unless they receive a declination from the
state’s medical malpractice residual market. By definition, a residual
market does not issue declinations. As a result, these health care
providers either must physically leave the state to obtain coverage, obtain
unsuitable coverage from the residual market, or potentially from thinly
capitalized Risk Retention Groups. PIWA members also met with the Senate
sponsor of legislation to require only admitted paper. He was receptive to our
concerns about his bill. The concern is to provide a soft landing for insureds
who currently are insured from an entity whose liabilities appear to outstrip
its surplus. He was aware of concerns about Risk Retention Groups, but was
unaware of the declination requirement. On the Assembly side, Assembly
Insurance Committee Chair Cahill suggested that perhaps to overcome the DFS's
opposition, there could be “passive declination”, that is after some period of
time, if there is no response, that lack of response could be treated as a
declination under the purposes of the law.
The
agenda also includes support of insurability of punitive damages. A.4743 by
Assemblyman Brindisi, S.423 by Senator Seward. We met with the Assembly bill
sponsor who would like to address concerns that allowing for punitive damages
may encourage some culpable conduct. Assemblyman Brindisi is also working
with the Assembly Judiciary committee; which Assemblyman Cahill is also
deferring to. The regular insurance industry is divided on this, at least one
national trade is opposed to the legislation. There is much work to be
done on this legislation too.
We
also met in support of allowing continuing education credits for being active
members of professional producer associations such as PIWA, including attending
at least once a year an educational meeting. A. 7012 by Assemblywoman
Hunter and S.3960 by Senator Seward. This is a new introduction, there are
other bills which are seeking to make the licensing process more efficient.
PIWA Continuing
Education Webinar Series
PIWA is proud to present NYCE-approved* Webinars designed
exclusively for PIWA members.
June 22,
2017
10-11 a.m.
Key
Provisions in Insurance Agent and Insurance Company E&O Policies
Instructor: Blair Bartlett
Head of Insurance Industry Products
CapSpecialty, Chicago, IL
*NYCE:
Pending
To register, click on this link: http://www.piwa.org/cewebinarseries.php
Save the date! PIWA summer reception at the Biergarten will
be held on Thursday, August 10th. Details and registration coming
soon.
In
Memory of Milt Thurm, PIWA Hotline Attorney
By
Daniel F. Maher, Executive Director ELANY
Milton
Thurm, a well-known attorney and distinguished expert in all phases of
insurance law practice and litigation, passed away recently at the age of 82.
Many veterans of the industry knew Milt for these skills as well as
approachability and his wise counsel. "Don't do anything until we talk to
Milt", was a frequent industry refrain.
Long
hours and hard work did not diminish Milt's devotion to the many other
priorities he held dear. His family, wife Phyllis of 59 years, three very
successful children, seven grandchildren, his friends, his colleagues and the
communities in which he lived all received his attention, careful guidance and
advice. He was tremendously generous with his time.
Milt
was the President of Temple Israel in South Merrick for a number of years as
well as a Village judge in North Hills and Great Neck. Perhaps the only thing
he hadn't quite mastered in his life was retirement. He continued to mediate
commercial disputes in Florida until shortly before his death.
I
knew Milt first as a friend of my father and later he employed me as a rookie
lawyer (God bless him!) But it was after my father's death when my relationship
with Milt could have faded; instead it grew stronger. Family dinners with Milt
and Phyllis, my brother Mark and our spouses became the norm. Milt and Phyllis
flew in from Florida just to attend a birthday party for my Mom's 70th. Milt
took a keen interest in my children. We were friends for three generations.
Milt had a great sense of humor. He spoke of a case where his client was not a white
knight. He reported dutifully to his client, that the jury came back, the
jurors had requited themselves well rendering a just and fair verdict. Milt had
won but feigned a loss and told the client, "I wasn’t looking for justice, I wanted
to win! Let's appeal!"
When
I think of him, I'll try to remember his wit and enjoy fond memories.