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LICONY Committees & Subcommittees

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Committees

  • Legislative & Regulatory Committee
    Makes recommendations to the Board on matters of policy relating to legislation, regulation and litigation affecting the business of life insurers.
  • Charitable Giving Committee
    Advises and assists in reviewing and evaluating LICONY’s policies, programs and strategies regarding charitable giving and the relationship with the communities our organization and members serve. The committee also offers members a network to discuss giving strategies and opportunities involving charitable giving and philanthropy.
  • PAC Advisory Committee
    Provides a forum for discussion and makes recommendations on how to best raise funds for the LICONY PAC.
  • Public Relations Committee
    Advises and collaborates with staff to devise appropriate messaging that fosters LICONY’s mission and raises awareness of LICONY’s mission with all external stakeholders.

Subcommittees

  • Accounting Subcommittee
    Makes recommendations to the Legislative and Regulatory Committee on matters of policy regarding company accounting issues.
  • Actuarial & Reserves Subcommittee
    Develops and responds to proposals concerning life insurance company actuarial and product matters, as well as the establishment, calculation and maintenance of reserves for life and annuity products. Makes recommendations on such matters to the Legislative and Regulatory Committee.
  • Agents & Marketing Subcommittee
    Makes recommendations to the Legislative and Regulatory Committee on all matters relating to the regulation of investment advisors, financial planners and agent issues.
  • Dental Insurance Subcommittee
    Reviews and advises on policy related to all legislative and regulatory issues relating to dental insurance products. In particular, this subcommittee reviews issues relating to the issuance of dental insurance through the health insurance exchange in New York.
  • Disability Insurance & Paid Family Leave Subcommittee
    Considers and take positions on matters pertaining to group and individual disability income insurance. Develop and respond to legislative/regulatory initiatives in this area and make recommendations to the Legislative and Regulatory Committee.
  • Examinations Subcommittee
    Considers and provides recommendations to the Legislative and Regulatory Committee on all matters pertaining to financial and market examinations and the Department of Financial Services Market Conduct Profile.
  • Group Annuities Subcommittee
    Considers issues relating to group annuity products.
  • Group Life Insurance Subcommittee
    Considers issues relating to group life insurance products.
  • Individual Annuities Subcommittee
    Reviews issues relating to individual annuity products.
  • Individual Life Insurance Subcommittee
    Reviews issues relating to individual life insurance products.
  • Investment Law Subcommittee
    Reviews and makes recommendations to the Legislative and Regulatory Committee regarding investment law matters, including proposals for regulatory or legislative changes.
  • Life Insurance Guaranty Corporation & Liquidation Subcommittee
    Reviews and makes recommendations to the Legislative and Regulatory Committee regarding guaranty fund issues, including proposals for regulatory or legislative changes.
  • Litigation Subcommittee
    Reviews and makes recommendations to the Legislative and Regulatory Committee on all matters involving litigation and rehabilitation, as well as legislation to authorize punitive damages and private rights of actions for unfair claim settlement practices.
  • Long-Term Care Insurance Subcommittee
    Reviews and weighs in on matters relating to long-term care insurance, to develop or respond to legislative/regulatory initiatives in such areas and to make recommendations on such matters to the Legislative and Regulatory Committee.
  • Policy Forms Filing Subcommittee
    Develop policy and make recommendations to the Legislative and Regulatory Committee on legislation to reform the rules regarding departmental approval of policy forms and compensation plans.
  • Reinsurance Subcommittee
    Reviews and develop legislative/regulatory initiatives on reinsurance issues and to make recommendations to the Legislative and Regulatory Committee on such matters.
  • Replacements Subcommittee
    Studies issues pertaining to the replacement of life insurance to provide appropriate industry responses and to make recommendations to the Legislative and Regulatory Committee on such matters.
  • Section 4228 Advisory Subcommittee
    Develops and responds to legislative/regulatory initiatives on matters relating to limiting agents' compensation and companies' expenses. Makes recommendations to the Legislative and Regulatory Committee on such matters.
  • Separate Accounts Subcommittee
    Establishes and responds to legislative/regulatory proposals relating to the use of separate accounts, and to make recommendations on such matters to the Legislative and Regulatory Committee.
  • Supplemental Health Products Subcommittee
    Makes recommendations to the Legislative and Regulatory Committee regarding matters pertaining to health insurance and managed care. Develops and responds to regulatory and/or legislative initiatives in such areas.
  • Tax Subcommittee
    Takes into consideration all matters relating to the taxation of insurance companies. Make recommendations to the Legislative and Regulatory Committee regarding such matters.

LICONY Publications

LICONY Quarterly

LICONY Hotline

LICONY Working Groups

  • AI Working Group
    Reviews and makes recommendations on policy generally relating to the use of artificial intelligence (AI) in the underwriting process and specifically relating to the details contained in Circular Letter 1 of 2019 – Use of External Data and Information Sources in Underwriting for Life Insurance.
  • Circular Letter 6 of 2023 Working Group
    Develops LICONY policy and provides a forum for members to discuss appropriate compliance with Circular Letter 6 of 2023 – Unfair and Unlawful Discrimination in the Sale of Life Insurance and Annuities.
  • Climate Change Working Group
    Shares with members and reviews for compliance discussion climate change initiatives released by the NY Department of Financial Services, in particular, related to the Proposed Guidance for Domestic Insurers on Managing the Financial Risks from Climate Change.
  • Contingent Deferred Annuities (CDA) Working Group
    Provides a forum for the discussion of issues related to contingent deferred annuities.
  • Cybersecurity Working Group
    Discusses policy and interpretive and compliance concerns regarding 23NYCRR Part 500 – Cybersecurity Requirements for Financial Services Companies and provides a forum for discussion of other cybersecurity initiatives imposed by the NY Department of Financial Services.
  • Disaster Preparedness Working Group
    Provides a forum for discussion relating to the annual Circular Letter that requires a Disaster Planning and Response filing to be submitted to the NY DFS.
  • ERM/ORSA Working Group
    Provides a forum for members to discuss interpretive questions around and compliance with Regulation 203 – Enterprise Risk Management and Own Risk & Solvency Assessment; Group-wide Supervision, including annual filing requirements.
  • ESG Working Group
    Provides an opportunity for education on and a forum for discussion of environmental, social, and governance (ESG) issues that are raised by members or by the NY Department of Financial Services. The ESG Working Group will take up diversity & inclusions issues and will work in conjunction with the LICONY Climate Change Working Group on climate change issues.
  • Funding Agreement Valuation Working Group
    Provides a forum for the discussion of issues and development of guidance related to the valuation of funding agreements.
  • Group Certificate Working Group
    Provides a forum for the discussion of issues and compliance concerns related to the issuance of certificates in the group life insurance market.
  • Hospital Indemnity Policy Working Group
    Reviews and advises on policy related to all legislative & regulatory issues relating to hospital indemnity insurance.
  • Lost Policies Working Group
    Assists members in complying with the lost policy requirements of Regulation 200 -- Unclaimed Life Insurance Benefits and Policy Identification (11NYCRR Part 226.5) and any related guidance.
  • Organ Donation Registration Law Working Group
    Provides a forum for the discussion of issues and compliance concerns related to the implementation of the organ donation registration law (Lauren’s Law) enacted in 2023.
  • PBR Working Group
    Discusses LICONY policy regarding potential amendments to Regulation 213 – Principles-Based Reserving (PBR) to bring it into conformance with the NAIC Valuation Manuals and provide a forum for members to discuss appropriate compliance with the Regulation.
  • Privacy Working Group
    Develops and responds to legislative/regulatory initiatives on matters relating to data privacy legislation and makes recommendations to the Legislative and Regulatory Committee on such matters.
  • Regulation 210 (Non-Guaranteed Elements) Working Group
    Develops LICONY policy and provides a forum for members to discuss appropriate compliance with Regulation 210 – Life Insurance & Annuity Non-Guaranteed Elements.
  • Regulation 60 (Examinations) Working Group
    Provides a forum for discussion of any examination issues relating to appropriate compliance with Regulation 60 – Replacement of Life Insurance Policies and Annuity Contracts, including in relation to Circular Letter 7 of 2016 – Unsuitable Deferred-to-Immediate Annuity Contract Replacements ad Betterment of Rate Calculations.
  • Regulation 60 Working Group: Form 10A Subgroup
    Provides feedback in the development of appropriate revisions to LICONY Alternative Form 10A (life to annuity or annuity to life).
  • Regulation 60 Working Group: Form 10B Drafting Subgroup
    Provides drafting support to the Reg. 60 Form 10B Working Group.
  • Regulation 60 Working Group: Form 10B Subgroup
    Provides a forum for the discussion of compliance issues related to the Form 10B, which is used in replacement annuity to annuity transactions.
  • Regulation 74 Working Group
    Develops policy on advocacy relating to proposed amendments to Regulation 74 – Life Insurance and Annuities Cost Disclosures and Illustrations and to act as a forum for and provide guidance relating to appropriate compliance with the Regulation.
  • Regulation 74 Working Group: Illustration Actuary Subgroup
    Provides illustration actuarial support to the Regulation 74 Working Group
  • Regulation 74 Working Group: Illustration Delivery Subgroup
    Develops advocacy relating to proposed amendments to Regulation 74 relating to illustration delivery.
  • Regulation 74 Working Group: Indexed Product Illustration Subgroup
    Develops advocacy relating to proposed amendments to Regulation 74 relating to indexed product illustration.
  • Regulation 74 Working Group: Universal Life Disclosure Subgroup
    Develops advocacy related to any amendments being proposed by DFS to Regulation 74 requiring distinct disclosure or illustrations for universal life products.
  • Risk Classification & Underwriting Working Group
    Reviews and makes recommendations on policy relating to legislative and regulatory matters involving risk selection, appraisal and underwriting, genetic testing, and the use of AI in the underwriting process.
  • Section 4224 (Anti-Discrimination Rule) Working Group
    Addresses advocacy and compliance related to Circular Letter 6 of 2023 -- Unfair and Unlawful Discrimination in the Sale of Life Insurance and Annuities in the Individual Market and Certain Group Markets and the related Filing Guidance related to Insurance Law §§ 2606(a)(1) and 4224(a)(1).
  • Self-Support Working Group
    Develops policy positions relating to the details required by the NY DFS in the self- support demonstrations required for submission to DFS pursuant to NYIL §4228.
  • Special Considerations Letter Working Group
    Discusses LICONY policy on our advocacy relating to the NY DFS Special Consideration Letter on life company reserving (SCL) provides a forum for members to discuss appropriate compliance with this annual guidance.
  • SSDI Working Group
    Develops and responds to DFS regulatory initiatives relating to long term disability insurance and insurers’ authority to offset for estimated social security disability income, and makes recommendations to the Disability Subcommittee.
  • Structured Annuity Working Group
    Discusses LICONY policy around advocacy for a Proposed Amendment to Regulation 47 – Separate Accounts & Separate Account Products to open the market for registered index-linked annuity products in New York and discuss compliance matters relating to the amendments.
  • Structured Annuity Working Group: Actuarial Subgroup
    Provides actuarial support relating to proposed amendments to Regulation 47.
  • Unclaimed Property Working Group
    Assists members in complying with the unclaimed life benefits requirements of Regulation 200 -- Unclaimed Life Insurance Benefits & Policy Identification (11NYCRR Part 226.5) and any related guidance.