The New York Insurance Department said it will hold a hearing June 13 to look into a possible rules change that would make it easier for brokers to obtain coverage for certain classes of difficult-to-place excess lines business.
New York currently maintains an "export list" of risks. Excess line brokers can place these risks with insurers not licensed by the state, without first having three admitted insurers decline the business.
The announcement said the hearing would examine a proposal by the Excess Line Association of New York to add several classes of coverage to the export list on behalf of its members.
Among the business that would be included is homeowners insurance for homeowners in the Long Island coastal counties of Nassau and Suffolk. Also included would be vacant property, types of commercial property, and general liability for owners, landlords and tenants and/or manufacturers and contractors.
In addition, a variety of coverage for rehabilitation centers, nursing homes, day care centers, group homes, halfway houses, hospice service providers, social service agencies, foster care providers and home health care providers.
Insurance Superintendent Eric R. Dinallo said in his announcement that the hearing at the department headquarters on 25 Beaver St., Manhattan, will explore the possibility of increasing insurance capacity by easing access to unauthorized insurers when the authorized insurance market is unresponsive.
His notice said that under state insurance law, he is authorized to amend the number of declinations required for an excess line placement, with respect to particular coverages, after conducting a public hearing.
The department said its Web site at www.ins.state.ny.us/iprop.htm#r41 will list all the proposed new coverages for the Export List.
Persons wishing to testify at the hearing can contact the department's Public Affairs Bureau at 212-480-5262.
Oral testimony will be allowed for up to 10 minutes per speaker. Written comments for the hearing record may be submitted to Export List Hearings, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, or e-mailed to PublicHearingsComments@ins.state.ny.us with the subject line "EXPORT LIST HEARINGS."
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