NU Online News Service, Sept. 11, 3:53 p.m. EDT
New York's new Insurance Superintendent James J. Wrynn announced today that medical malpractice, bond insurers and the life settlement industry will be "must" items for his department.
Mr. Wrynn's declaration in a statement followed his unanimous confirmation by the New York State Senate.
"There are areas we must and we will address, including medical malpractice, bond insurers and the life settlement industry," he said.
Mr. Wrynn promised to "work diligently and innovatively to enhance New York's reputation as the financial capital of the world, so that we can continue to provide good jobs with good wages for New Yorkers.
"I believe consumers must always be fully protected and informed about their insurance choices. We will work to ensure that New Yorkers have access to the health, auto, life and other insurance products they need at a fair price, that they are fairly treated at all times, and that the promises made when people buy insurance are kept when they need to use it."
Mr. Wrynn, who has been serving as acting commissioner since Aug. 20, joined the department from the New York State Insurance Fund, where he was appointed executive director April 22.
Prior to his state appointment, he spent 25 years as a trial attorney focusing in the areas of professional malpractice, product liability, life, accident and health insurance, property and casualty insurance, general liability insurance and insurance coverage disputes.
"I am pleased that the Senate moved quickly to confirm Jim Wrynn as Superintendent of Insurance. Jim's experience as an insurance lawyer and his expansive involvement in government prepare him well for this position. He will be an asset to the Department and the State in this critical time as the nation moves forward with health insurance reform and financial services regulatory reform," said Gov. David Paterson.
Mr. Wrynn said he looks forward "to working with the Department's superb staff to focus on the special requirements of the local New York insurance marketplace, including all of its insurance companies, agents, brokers and consumers who together help this important industry prosper and grow here."
The department said Mr. Wryn's background includes counseling agents, brokers, risk retention groups and insurance companies in most lines of insurance and excess insurance, reinsurance, self-insurance and captive insurance.
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