New York State
Insurance Department


ISSUED 10/28/2003

FOR IMMEDIATE RELEASE

DEPARTMENT TO HOLD SERIES OF PUBLIC HEARINGS ON INSURANCE COVERAGE FOR COMMERCIAL LIABILITY MARKETS
Statewide Hearings to Consider Mandating Coverage in the Liability Insurance Marketplace

        Superintendent of Insurance Gregory V. Serio today announced that the New York State Insurance Department will hold public hearings around the state to determine whether he will require the New York Property Insurance Underwriting Association (NYPIUA) to provide commercial liability insurance coverage.

        The Superintendent is invoking his authority to hold public hearings pursuant to Section 5412 of the Insurance Law which authorizes the Superintendent to require NYPIUA to provide liability insurance coverage for the property/casualty market after conducting a public hearing.

        NYPIUA is a joint underwriting association in which all New York licensed property and casualty companies participate. At the present time, NYPIUA acts as the residual market mechanism for New Yorkers seeking insurance for fire and extended property coverage.

        "The Department is holding public hearings to address concerns expressed by businesses and organizations that have requested information and assistance from the Insurance Department to secure appropriate insurance coverage vital to their operations in the current market environment," said Serio.

        The scheduled public hearings are as follows:

Albany:

November 7, 2003 at 9:00 AM

Legislative Office Building

Hearing Room A

Albany, NY

   

Long Island:

November 20, 2003 at 9:00 AM

The Pavilion

Hempstead Town Hall

1 Washington Street

Hempstead, NY

   

New York City:

November 21, 2003 at 9:00 AM

New York State Insurance Department

5th Floor Hearing Room

25 Beaver Street

New York, NY

   

Buffalo:

December 4, 2003 at 9:00 AM

Walter Mahoney Office Building

65 Court Street

Part 1

Buffalo, NY

        The hearings are open to the public. Interested parties may testify at these hearings or submit written comments to be included in the hearing record. Any person wishing to testify should contact the Department’s Public Affairs Bureau at (212) 480-5262. Oral testimony will be allowed up to 5 minutes.

        Written comments should be addressed to Ellen Wenz, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004. Comments will be accepted for 30 days after the close of the last public hearing.

        Oral and written testimony should include the following topics:

        For additional information on these hearings, please contact the Department at 212-480-5262.


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