FOR IMMEDIATE RELEASE
The New York State Insurance Department today announced that Superintendent Neil D. Levin has been recommended for the position of Executive Director of the Port Authority of New York and New Jersey. Pending approval by the Port Authoritys Board of Commissioners, Superintendent Levin will succeed outgoing Executive Director Robert E. Boyle as head of the Authority, whose mission is to identify and meet the critical transportation infrastructure needs of the bi-state regions businesses, residents, and visitors.
"Neil Levin has done an outstanding job as the head of our Insurance and Banking departments and he has a proven track record as a leader who knows how to get things done," said Governor George E. Pataki. "With his tremendous managerial skills and extensive experience in both public and private sectors, I know Neil Levin will do a superb job as the next Executive Director of the Port Authority."
Neil Levin was appointed Superintendent of Insurance in April of 1997, following a two-year tenure as Superintendent of Banks. As Superintendent of Insurance, Levin regulated over 1,000 insurance companies operating in New York State with total assets exceeding $2.0 trillion, over 100,000 brokers, agents and financial intermediaries and managed approximately 1,500 employees. While at the Department, he instituted significant administrative changes aimed at more effectively and efficiently regulating the insurance industry while providing enhanced protection to New York consumers. In addition, Levin developed the Departments Web site and outreach efforts to provide substantial consumer-related information.
Superintendent Levin brought fundamental change to the New York Insurance Department. Superintendent Levin developed speed-to-market procedures that streamlined the product approval process and increased consumer choice, and steered the Department through two domestic demutualizations, including the demutualization of MetLife-New Yorks largest domestic life insurance company and the countrys largest life insurer. Levin implemented the Prompt Pay Law which significantly reduced the number of payment-related complaints, and oversaw the privatization of the States Medical Malpractice Insurance Association. New York was the first state to re-engineer solvency examinations from balance sheet based triennial exams to more frequent risk-based exams. Superintendent Levin also created the nations first capital markets group within a state insurance regulatory agency. This change has given the Department increased knowledge of the changes in capital markets and the impact of these changes in the insurance industry. Superintendent Levin also led the charge in expanding consumer choice and increasing efficiencies in the area of electronic commerce. Under his direction, New York was the first Department in the country to issue e-commerce guidance for web sites, facilitating the on-line sale of insurance.
Superintendent Levin made it a priority to protect New York States insurance consumers. The New York State Insurance Department was the first state to enact a groundbreaking privacy regulation, affording consumers the strongest privacy protections ever provided with respect to their nonpublic personal financial and health information. Levin assisted in the development and implementation of Healthy NY, a small business insurance program that uses stop loss coverage to provide affordable health insurance to the working uninsured. He launched a comprehensive investigation into the past practices of race-based underwriting and saw significant results in the implementation of the States external review law allowing consumers to receive, for the fist time, an independent review of HMO denials.
Superintendent Levin has close to 20 years of experience in both the public and private sector serving as a Vice-President at Goldman Sachs in the Financial Institutions Group where he had primary investment banking responsibilities for all federal agencies. While at Goldman Sachs, Levin held the position of Chairman of the Federal Home Loan Bank of New York. In addition, Levin previously served as a Director of Empire State Development Corporation and the State of New York Mortgage Agency. In addition, Mr. Levin is a member of the Council on Foreign Relations and a Trustee of Hofstra University.
Superintendent Levin holds an AB in Economics from Lafayette College, a MBA in Finance from the C.W. Post Center of Long Island University Graduate School of Business and a J.D. from the Hofstra University School of Law.