New York State
James J. Wrynn Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 11/03/2010||FOR IMMEDIATE RELEASE|
New York Insurance Superintendent James J. Wrynn today was elected by acclimation as the Chair of the Northeast Zone of the National Association of Insurance Commissioners (NAIC). This election also makes Superintendent Wrynn a member of the Executive Committee of the NAIC, the national organization of state insurance regulators.
As a member of the NAIC Executive Committee, which serves as the leadership body of the organization, Wrynn will help to set policy on national insurance regulation issues at a key time for the industry.
“It is a great privilege for me to be chosen to serve as Chair of the Northeast Zone of the NAIC. Since I took office as New York Insurance Superintendent, I have seen working with the NAIC as one of my most important task,” Wrynn said. “State regulators must work together to deal with the many challenges we face, including rising health insurance costs and the challenges of implementing federal health reform, ensuring that insurers remain strong in the face of the continued weakness in the economy, and international coordination of regulation to ensure effective oversight and a level playing field for U.S. companies. I’m honored to have the opportunity to play a leadership role in developing policies to deal with these issues.”
Wrynn was elected to serve both the remaining six weeks of the term of Connecticut Commissioner Thomas Sullivan, who is stepping down as of November 12, and a full one-year term in 2011.
The Northeast Zone deals with insurance policy and regulatory issues in that part of the country. The zone includes the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont and the District of Columbia.
Wrynn serves as vice chair of the International Insurance Relations “G” Committee, actively working and traveling to international meetings to ensure that the NAIC plays a leading role in the efforts to more closely coordinate international regulation. He is also co-chair of the NAIC’s AIG Managing Taskforce and co-chaired the NAIC hearing on credit rating agencies in Washington, D.C.
The NAIC, formed in 1871, is an organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace.
The New York Insurance Department works and provides leadership in many areas in the NAIC, including the Valuation of Securities (VOS) Task Force, the Statutory Accounting Principles Working Group, and the Capital Adequacy Task Force. The Department also led the effort to develop the minimum loss ratio rules for national health care reform.