STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
|George E. Pataki
Gregory V. Serio
|Circular Letter No. 3 (2004)
April 30, 2004
|TO:||ALL AUTHORIZED PROPERTY/CASUALTY INSURERS, RATE SERVICE ORGANIZATIONS AND INSURANCE PRODUCER ORGANIZATIONS|
|RE:||TERMINATION OF ARTICLE 54 OF THE NEW YORK INSURANCE LAW|
Pursuant to Section 5411 and Section 5412(g) of the New York Insurance Law, the provisions of Article 54 cease to be of any force or effect on or after April 30, 2004, except that policies issued or other obligations incurred by the New York Property Insurance Underwriting Association (the Association) shall not be impaired by the expiration of the article and the Association shall continue for the purpose of servicing such policies and performing such obligations.
Because of the sunset of this provision, the Association has informed us that it will take the following steps:
Policies issued or any other obligations incurred by the Association prior to 12:01 a.m., April 30, 2004 will continue to be serviced in accordance with Section 5411 and Section 5412(g) of the Insurance Law.
If you have any questions regarding the contents of this letter please contact:
Lucy Cilione, Supervising Insurance Examiner
Very truly yours,