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History and Organization
The Life Insurance Council of New York, Incorporated (LICONY) is organized as a Type A Not-For-Profit Corporation under Section 201 of the New York Not-For-Profit Corporation law. LICONY was formed as a result of the consolidation of two New York life insurance trade associations--the Association of New York State Life Insurance Companies and Life Companies of New York.
The Association of New York State Life Insurance Companies was organized on February 2, 1968 by a group of ten medium-sized domestic companies located in Albany, Binghamton, Jamestown, Syracuse and New York City. The original purposes were to promote the common business interests of member companies; to present to executive, legislative, judicial and regulatory bodies of New York State institutional views in the best interests of the life insurance industry and its policyholders; to work for legislation and regulations that would tend to accomplish these purposes; and, to oppose legislation and regulations not consistent with these purposes. Since 1968 the Association grew steadily in membership. The large mutual life insurance companies which represent a significant domestic presence, joined in 1970-1971, and by the fall of 1977 there were 38 domestic life insurance members.
Life Companies of New York was formed in 1971 by the presidents of five New York life insurance companies. One of the unique aspects of Life Companies of New York was that attendance at its monthly meetings was limited to chief executive officers or chief operating officers. Formed to provide a forum to discuss mutual practices and areas of concern, Life Companies of New York quickly expanded its membership to some 20 companies.
Leaders in both associations recognized, in view of their common goals and the need to coordinate efforts that the time had come in 1977 to merge. The marriage of these two associations, The Association of New York State Life Insurance Companies and Life Companies of New York in December 1977, produced a single restructured Life Insurance Council of New York, Incorporated (LICONY), comprised of 44 domestic life insurance companies. This consolidation of the life insurance industry trade associations in New York has resulted in a single unified voice speaking on its behalf.
In 1993, LICONY expanded its membership by introducing a new class of membership -- associate members -- that included both non-domestic life insurance companies and professional firms. In 2003, the associate member class was restricted to non-domestic life insurance companies and a new third class of members -- allied professional firms and other services members – was established for accounting, actuarial, law, and other services firms.
Thirty-nine years after the merger, LICONY's membership stands at 52 member companies, 21 associate members and 22 allied professional members.
LICONY is headquartered in Albany, New York, a short walk from the State Capital and currently employs seven full-time staff members who work on behalf of the association's member companies.