December 26, 2012
2012 INSURANCE AVAILABILITY SURVEY, 2012 ANNUAL FREE TRADE ZONE REPORT; and SPECIAL HOMEOWNERS INSURANCE SUPPLEMENT
The purpose of this letter is to provide the following data calls:
I. 2012 Insurance Availability
II. 2012 Annual Free Trade Zone Report
III. Special Homeowners Insurance Supplement.
I. Insurance Availability Survey
Pursuant to Section 308 of the Insurance Law, the Department conducts surveys on an annual basis to determine the state of markets for difficult-to-place or complex insurance coverages.
The survey methodology consists of a Microsoft Excel file that contains multiple worksheets. The survey format allows the Department to expeditiously compile insurer responses in a PC-based database.
We rely on insurers' responses to the annual survey to obtain meaningful and timely information on insurance market conditions and trends. This is a dynamic survey; each year, we update the survey based upon the Department's observations of an ever changing marketplace. As in past years, several types of coverage have been added, deleted, and consolidated in a manner that we believe will help you complete the survey quicker and more accurately.
The "Index" and "ReadMe" worksheets in the Excel file contain complete information on all additions and deletions, along with instructions for completing the survey correctly. In order that survey responses you provide reflect the most current information on market activity and availability of coverages, please be sure to follow the instructions carefully.
This year's worksheets are available on the Property Bureau Data Calls page on the Department's Web Site, located at http://www.dfs.ny.gov/insurance/datacall/datacal3.htm. Go to the appropriate link to access a copy of this letter and download the file from the link at the bottom of that page. If you are unable to download the file from the Web Site, you may send an e-mail message addressed to Khatune.Ghani@dfs.ny.gov to request that the files be provided you either by return e-mail or on a CD-R.
For risks/ coverages that lend themselves to both commercial and personal lines underwriting, responses may reflect your writings on both bases.
It should be noted that responses are not required regarding reinsurance. Licensees that write only reinsurance should submit a Nil Report (See ReadMe for specific instructions).
II. Annual Free Trade Zone Report
Insurers that are licensed to write business in the Free Trade Zone as provided in Insurance Law Article 63 are required, pursuant to Section 308 of the Insurance Law and Regulation 86, to complete the worksheet(s) that request information on Free Trade Zone business written during the most recent calendar year.
The data compiled from insurer responses will be used to produce the Department's Annual Free Trade Zone Update. Instructions for completing the Annual Free Trade Zone Report are contained in the 'ReadMe' documents in the worksheets. A new table, Free Trade Zone Class 3 Premiums (Exhibit of Premium and Losses Pursuant to Article 63 - Class Three Risks) has been added to this year's report to provide for reporting of Free Trade Zone Class 3 data.
III. Special Homeowners Insurance Supplement
All insurers licensed to write homeowners insurance must complete the "HO" worksheet that requests information on insurers' underwriting plans for homeowners insurance in New York in 2013. The responses to the Supplement will assist the Department in assessing market conditions and trends, including those areas with the highest exposure to potential catastrophic losses.
IV. Return of Responses
Your Insurance Availability Survey, Annual Free Trade Zone Report and Special Homeowners Insurance Supplement should be accurately completed in accordance with the instructions and transmitted to the Department via the internet as an e-mail attachment, addressed to Khatune.Ghani@dfs.ny.gov, no later than February 8, 2013, or you may submit the completed surveys by the above due date on a CD-R to:
New York State Department of Financial Services
Property Bureau - 2nd Floor
25 Beaver Street
New York, NY 10004
It is not necessary to submit a hardcopy response. Please note that any hardcopy survey responses submitted without the required formatting submitted either as an e-mail attachment or on a CD-R will not be accepted.
Insurers' accurate and timely responses are a key element in the Department's efforts to cultivate and maintain market stability. Responses to the survey have proven to be of great value in our efforts to help consumers and businesses find coverage appropriate to their needs. Survey information has also been a helpful tool in the Department's analysis of conditions and trends in the ever-changing insurance marketplace. Past Survey results have enabled the Department, working with insurers and producer organizations, to develop appropriate coverage sources in difficult market environments.
Questions regarding the content of the survey (coverages,
etc.) may be directed to:
Mr. Horace Sumpter
Senior Insurance Examiner
Phone: (212) 480-5507
regarding the technical aspects of the completion requirements may be directed
Mrs. Khatune Ghani
Phone: (212) 480-5649
Your cooperation in promptly furnishing timely and accurate responses is essential to the success of this project. Insurers that fail to comply with this data call may be subject to fines in accordance with Section 308 of the Insurance Law.
(Please note that we issue an updated survey request each year. Insurers should not submit data prior to receiving the Department's survey call each year.)
Very truly yours,
Deputy Bureau Chief
Contains the instructions and template for entering responses to the 2012 Insurance Availability Survey, 2012 Annual Free Trade Zone Report and Special Homeowners Insurance Supplement.