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Eric R. Dinallo   Superintendent of Insurance  25 Beaver Street  New York, N.Y. 10004

ISSUED 12/03/2007 FOR IMMEDIATE RELEASE

 

NEW YORK REGULATOR HONORED FOR LEADERSHIP EFFORTS

Charles Rapacciuolo Recipient of NAIC 2007 Dineen Award

Charles Rapacciuolo, Assistant Deputy Superintendent of the New York State Insurance Department, on Sunday was honored as the recipient of the National Association of Insurance Commissioners (NAIC) 2007 Robert E. Dineen Award.

The Award is the most prestigious honor in the field of insurance regulation. It is presented annually to a single individual from among thousands of state regulators across the country.

The Award was presented to Rapacciuolo by NAIC President Walter Bell at the organization’s Winter Meeting in Houston. Cited for helping to create “a roadmap to the modernization of market regulation,” Rapacciuolo is the fourth New Yorker to receive the Award.

“This award belongs to all of us in the New York State Insurance Department. I am privileged to work with the finest regulators in the world, the members of our Insurance Department family,” Rapacciuolo said in accepting the honor.

“In recognizing Charlie Rapacciuolo, we recognize an individual whose contributions to state insurance regulation have affected, in a very positive way, how the insurance business is regulated all across America. Charlie is a leader and visionary who has played a vital role in encouraging compliance, uniformity and consistency in marketplace regulation,” New York State Insurance Superintendent Eric R. Dinallo said.

Rapacciuolo was honored for his leadership in developing of the NAIC’s System for Electronic Rate and Form Filing (SERFF), an electronic process that features a number of paperless tools to file and review insurer forms. The system has been credited with speeding new products to market and ensuring greater consistency in the filing process.

A member of the SERFF Board and the regulator Chair of the SERFF Product Steering Committee, Rapacciuolo has served on the NAIC’s Operational Efficiencies Working Group and its State Innovations Working Group, as well as other working groups and task forces.

Assistant Deputy Superintendent and Chief of the Department’s Health Bureau, for the last four years, Rapacciuolo has been a member of the Insurance Department since 1973. He was formerly an Assistant Bureau Chief with the Property Bureau.

Michael Moriarty, the Insurance Department’s Deputy Superintendent for Property and Capital Markets, received the Award in 2007. The other New York recipients were Vincent Laurenzano in1993 and Terrance Lennon in 1991.

Established in 1989 and presented annually, the Award is named after Robert E. Dineen, New York Insurance Superintendent from 1943-50. Working through the NAIC, Dineen led the way to the modernization of state insurance regulation in the aftermath of the McCarran Act, which made insurance subject to federal anti-trust law “to the extent that such business is not regulated by state law.” As a consequence of the law, new rules were put in place to strengthen insurance regulation by the states.

The NAIC is composed of state insurance regulators from the 50 states, the District of Columbia and five territories. The organization provides a forum for the development of uniform state policies to protect consumer interests and foster the growth the insurance industry.

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