As many of you know who file life and annuity products in NY on a certified basis, there are only two NY Insurance Department employees who currently review these submissions. And soon there will be just one, as Ann Mone, an incredibly dedicated and hard worker, is expected to retire this year. And this year is rapidly moving towards its last quarter. Already there are signs that the inevitable slowdown is coming as she begins to make that transition. Her departure will be felt throughout those companies who do business in NY. It seems unlikely that she will be replaced, so the only possible outcome is a significant increase in review times as Ms. DiNola does her best to keep up with the submissions single-handedly.
On a personal level, I have tremendous respect and admiration for Ms. Mone and I will miss seeing her on visits to the NY Department. On a professional level her departure is a hugely important development as she does so much for all of the attorneys in the Life Bureau now. Even as she uses her accrued time it can be felt. I can only imagine what will happen to turnaround times when she leaves for good!