July 7, 2017

STATEMENT BY FINANCIAL SERVICES SUPERINTENDENT MARIA T. VULLO REGARDING DFS'S ORDER TO DEAUTHORIZE AFP AS ATTORNEY-IN-FACT FOR PRI

“DFS stands by its order to revoke the authority of Administrators for the Professions, Inc. (AFP) to act as attorney-in-fact for DFS-regulated Physicians’ Reciprocal Insurers (PRI). Yesterday’s action should come as no surprise to AFP, who has been well aware of DFS's position for many months yet chose not to take any remedial action in the interests of policyholders. Independent of DFS's order, PRI terminated the management agreement at a board meeting at which all subscriber members were present and installed PRIMMA, LLC as its attorney-in-fact. DFS will continue to work with the board of PRI and expects AFP to cooperate in the orderly transition from AFP to PRIMMA to ensure that policyholders are protected.”

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