In an article published in the May 2 edition on page 20, a statement about New York state surplus lines placements was based on outdated information.
In the article, National Underwriter quoted a New York-based retail agent who warned about a state law requiring a wholesaler placing New York E&S business to have a physical address in the state.
Changes to that law took place in October 2003, according to Dan Maher, executive director of the Excess Lines Association of New York, who confirmed that full non-resident E&S licenses were added to the law.
While retailers no longer have to worry about whether a wholesaler has a physical location in New York, “we tell retailers to obtain a copy of the wholesaler's New York license before making any placements,” Mr. Maher wrote in an e-mail, responding to NU's request for clarification of the law.
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