FOR IMMEDIATE RELEASE
INSURANCE DEPARTMENT RELEASES FEB. 27 HEARING AGENDA
Superintendent of Insurance Howard Mills today released the agenda for the Monday, Feb. 27, 2006 public hearing on the states current homeowners insurance marketplace. The hearing will begin at 10 a.m. at the New York Insurance Departments Manhattan office, 25 Beaver Street5th Floor.
The public hearing will consider issues arising in the wake of the major hurricanes that caused significant losses of life and property in the Gulf Coast and Florida last year as well as those related to limitations of underwriting activity in New York State by a major insurer. Testimony should address the following topics:
·Is coverage for homeowners insurance readily available, particularly in New York City, Westchester, Suffolk and Nassau counties?
·What is the extent/nature of competition in the homeowners insurance market?
·What is the availability and cost of reinsurance to homeowners insurers?
·How have recent limitations of underwriting activity by a major insurer affected the homeowners insurance market?
·What is the effect of percentage deductibles on homeowners insurance losses and on insurers underwriting capacity?
·What are your views on the various catastrophe reserve fund bills that have been introduced both at the State and Federal levels?
·What steps can the Insurance Department, the State Legislature, insurers and consumers take to increase the use of loss mitigation techniques?
Oral testimony will be allowed for up to 10 minutes. Interested parties may testify or submit written comments to be included in the hearing record. Written comments should be addressed to Ms. Ellen Wenz, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004 and will be accepted for 30 days following the hearing. For additional information on the Feb. 27 hearing, contact the Departments Public Affairs Office at 212-480-5262.