New York State
Insurance Department


ISSUED: 11/19/99

FOR IMMEDIATE RELEASE

   

LEVIN ANNOUNCES THAT ALL INSURERS ARE IN COMPLIANCE
WITH STATE’S Y2K DISCLOSURE REQUIREMENTS


            Superintendent of Insurance Neil D. Levin today announced that all insurers licensed in New York State are in compliance with the Department’s Y2K disclosure requirements. Companies were required by April 1 to make information about their Y2K readiness plans available to the public in their Management Discussion and Analysis supplements.

            "Our goal was to provide consumers with the opportunity to review the companies’ Y2K plans and I am pleased that all New York State insurers have disclosed their Y2K readiness plans for the benefit of all New York State consumers," said Levin.

            The Department announced June 30 that 44 insurers had failed to comply with the disclosure requirements. Since that announcement, all the companies have filed the necessary information with the Department. The following is a list of those 44 companies that are now in compliance with the disclosure requirements:

Company Name

Accredited Surety and Casualty Co.
Aegis Security Insurance Co.
Associated International Insurance Co.
Atlantic Alliance Fidelity and Surety Co
Broome County Co-Op Fire Ins Co
Business Insurance Co.
Cambridge Co-Operative Fire Insurance Co.
Capital Mutual Insurance Co.
Chatham Reinsurance Corporation
Chrysler Insurance Co.
Colonial Cooperative Insurance Co.
Community Mutual Insurance Company
Connie Lee Insurance Co.
CORPA Reinsurance Co.
Farmers Mutual Ins Co of Milan, Pine Plains & Stanford
Farmers' Town Mutual Insurance Co. of Clinton
Fire Districts of NY Mutual Insurance Co.
First American Title Co.
Franklin Fire Insurance Co.
FSA Insurance Co.
Goldstreet Insurance Co.
Guarantee Insurance Co.
Hartwick Town Insurance Co.
Hereford Insurance Co.
Heritage Indemnity Co.
Illinois Insurance Co.
Investors Insurance Co of America
MEDMARC Mutual Insurance Co.
Meredith Insurance Co.
Mid-Hudson Co-Operative Insurance Co.
MidStates Reinsurance Corp
Paladin Reinsurance Corp
QBE Insurance Corporation
Resource Life Insurance Co.
State National Insurance Co.
Miix Insurance Co.
Ulico Casualty Co.
United Casualty And Surety Insurance Co.
United Equitable Insurance Co.
United International Insurance Co.
Washington Title Insurance Co.
Westchester Fire Insurance Co.
X.L. Insurance Co Of America

          
             Levin also announced that Chrysler Insurance Company, a property insurer, had been incorrectly cited in the Department’s June release for failing to meet the April 1 deadline. Chrysler Insurance Company had in fact filed their MD&A on February 23rd.

            The Department’s Y2K disclosure obligation marks the first time that insurers without publicly traded securities were required, in accordance with Securities and Exchange Commission guidelines, to disclose their state of readiness, a description of their costs to address Y2K issues, the risks associated with their Y2K issues, and their contingency plans. By requiring mutual and other nonpublic insurers to disclose this information, policyholders are able to review the insurer’s Y2K plans.

            The New York State Insurance Department has an aggressive program in place to monitor Year 2000 issues for insurers doing business in the state. The Department has conducted more than 200 on-site Year 2000 investigations and continues to require quarterly reporting on the status of insurer preparedness and initiatives. The Department has also been active in coordinating its efforts with other states through the NAIC. efforts. While there is no guarantee, the Department does not foresee any significant problems at this time.

            "The Y2K issue has been a challenge for regulators, insurers, and residents of New York State," said Levin. "By meeting the Department’s Y2K disclosure requirements, insurers are sharing this vital information with consumers."
      


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