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|Betsey Brewer and Lynne Day|
The creation of the Lawrence P. Day Memorial Award was announced by Betsey Brewer, The Rule Company and member of the IIABA Los Angeles local association at the IBA West Annual meeting this week in Pasadena. The award has been created d to honor one of the genuinely exceptional members of the industry, Larry Day who passed away last year.
The annual Award will recognize agents and brokers who have contributed to the property & casualty industry through education, mentoring and advocacy work. It is being established by friends, colleagues and mentees of Larry Day, who was a student of the insurance industry and ever ready to share his wisdom and experience with newcomers and colleagues alike.
Larry came from an insurance family and following graduation from Stanford University –to whom he remained a loyal & dedicated alum, and a stint in the Army, Larry began his career at Saylor-Day Company. Later he founded Day & Associates and in 1993 he joined The Rule Company.
Along with his insurance activities he served as President of the Board of the Episcopal Homes of Southern California. He served as President of the California Club during a critical time for that club regarding the admission of women and minorities. He valued art and art education and served as a docent for the Club. He was an avid read, historian and musician. He loved and played Volleyball and was a member of the Dirty 30s.
Larry served as President of IIABA-Los Angeles and on the State Board as well as other committees. He along with then Executive Director, Glenna Zick created the InSweep program for the Los Angeles Association. At the time it was illegal for insurance agents and brokers to invest trust funds, except in U S Government instruments with absolute liquidity agents & brokers also needed the consent of the carrier or client. National brokers could afford a staff to handle these investments but smaller agents and brokers could not. So the idea was born that an agency would have two accounts…one trust account, which was non-interest bearing, and one investment sweep account. Each night Security Pacific National Bank and later Bank of America would sweep balances in and out of the trust account and into a rolling series of 30-day Government Bonds. This was the first time the majority of agents across the US could legally invest their trust money and earn a decent rate of return.
"Many of Larry’s other accomplishments are in the people around this room whom he mentored (including past LA Association Presidents ) Tom Saliba, Jim Kelch, Karen Oxman and myself," said Brewer. "Larry mentored underwriters, wholesalers as well, always putting the needs of the industry ahead of personal fame. We honor his memory with this award."
Brewer introduced Lynne Day, Larry’s wife of over 58 years and Karen Oxman, GNW-Evergreen and also member of IIABA Los Angeles who presented Lynne with a commemorative plaque.