HISTORY

            The Life Insurance Council of New York, Incorporated (LICONY) is organized as a Type A Not-For-Profit Corporation under Section 201 of New York's 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 inconsistent 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.  The consolidation of the life insurance industry 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.  These non-voting members are provided LICONY's informational mailings, attend meetings of the Legislative Committee and are permitted to participate in other selected activities .

         In 2006, LICONY's membership stands at 50 member companies and 16 associate members--14 nondomestic life companies and 18 allied professional firms and services.

         LICONY maintains its principal office in New York City, where a significant number of its members are located.  Until 1983, a small satellite office was maintained in Albany, New York, the State Capital, and was used primarily during the New York legislative session.  The New York Insurance Department also maintains an office in Albany.  With the lengthening of the legislative session which now spans over six months, and the increased regulatory activity with the Albany office of the Insurance Department, a fully staffed Albany office was established in 1983.