STATE OF NEW YORK

EXECUTIVE CHAMBER

GEORGE E. PATAKI, GOVERNOR


Press Office
518-474-8418
212-681-4640
http://www.state.ny.us
FOR RELEASE:
IMMEDIATE, Tuesday
April 10, 2001

GOVERNOR PATAKI NOMINATES SERIO FOR INSURANCE SUPERINTENDENT
Proven Leader, Experienced Regulator to Succeed Superintendent Levin

            Governor George E. Pataki today announced that he has nominated Gregory V. Serio to serve as Superintendent of the New York State Insurance Department, succeeding Neil D. Levin who left the top post at the agency to become Executive Director of the Port Authority of New York and New Jersey.

            First Deputy Superintendent Serio, whose appointment must be confirmed by the New York State Senate, will become Acting Superintendent of the New York State Insurance Department effective immediately.

            "Greg Serio is a proven leader with the experience, skills and vision to effectively oversee New York's vitally important insurance marketplace," said Governor Pataki. "Greg has done a tremendous job as our First Deputy Superintendent of Insurance and I know that he shares my commitment to protecting New York's consumers by combating fraud and reducing insurance costs, while also maintaining our State's role as the national leader in the field of insurance regulation.

            "Greg Serio has had extensive experience in both the public and private sectors and he possesses an extensive knowledge of the highly complex insurance industry," Governor Pataki said. "I know that Greg will prove to be an outstanding Superintendent of Insurance and that he will build upon the many contributions made by former Superintendent Neil Levin."

            As First Deputy Superintendent, Serio played a key role in carrying out sweeping changes, reforms and improvements at the Insurance Department. He helped spearhead the Department's speed-to-market efforts and worked to address the needs of consumers by increasing their choice of insurance products. Serio has also worked to meet the insurance needs of New York's business community, particularly small businesses, and was actively involved in the State's historic workers' compensation reforms and the development of the Healthy NY low-cost health insurance program.

            Acting Superintendent Serio said, "I want to thank Governor Pataki for his confidence and for this opportunity to continue working to protect New York's insurance consumers by combating fraud and reducing costs. I look forward to working with the Governor in leading New York through a period of dramatic change in insurance regulation."

            The Superintendent of Insurance is responsible for the monitoring and regulation of more than 1,000 insurance companies with total assets exceeding $2.0 trillion. The position, which has an annual salary of $127,000, also includes oversight responsibility for more than 100,000 brokers, agents and financial intermediaries and the management of approximately 1,500 department employees.

            Gregory V. Serio was appointed First Deputy Superintendent and General Counsel of the Insurance Department in January of 1995. Prior to joining the Department, Mr. Serio served as Chief Counsel to the Senate Standing Committee on Insurance. Serio has also held the positions of Counsel to the Chairman of the Senate Judiciary Committee and Counsel to the Senate's Deputy Majority Leader.

            Prior to his career in public service, Serio was of Counsel at Crane, Kelley, Greene and Parente and an associate at Rivkin, Radler, Dunne and Bayh. He also held the position of Adjunct Professor of Public Administration at C.W. Post College for five years.

            Mr. Serio has been active in numerous local organizations, serving as a member of the Town of Colonie Zoning Board of Appeals, Town legal advisor and Assistant Coordinator of Emergency Services, and a member and officer of the Verdoy Fire Department.

            Mr. Serio received a B.A. from the State University of New York at Albany and a J.D. from Albany Law School of Union University. He was awarded the Albany Law School Outstanding Young Alumnus Award. Mr. Serio was born in Queens, New York and raised in West Hempstead, Nassau County. Mr. Serio and his wife currently reside in Latham.


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