New York State
James J. Wrynn Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 10/07/2010||FOR IMMEDIATE RELEASE|
A panel charged by law with examining insurance and other issues facing coastal homeowners and developing possible solutions will hold its first meeting on Oct. 13, New York State Insurance Superintendent James Wrynn announced today.
The Temporary Panel on Homeowners Insurance Coverage is chaired by Wrynn and includes consumer representatives, insurers, agents/brokers, building code experts and weather experts appointed by the Legislature and the Governor. It will meet at 2 p.m. on Oct. 13 in the Neil D. Levin Conference Room on the 5th Floor of the Department’s Manhattan headquarters at 25 Beaver Street.
“We need to address the many issues that affect coastal homeowners and provide policymakers with options to help mitigate future disruptions in that marketplace,” Wrynn said. “Convening the Panel will allow work to begin on developing comprehensive recommendations for the Governor, the Legislature and the Department to consider.”
The meeting will be open to the public, but no comments or testimony will be accepted. As the Panel develops draft recommendations, open hearings taking testimony from all interested parties will be held.
At the meeting the Panel will establish an agenda and work plan to address the various issues set forth in the law. The enabling legislation mandated that the Panel review the following:
(a) Other states’ activities regarding catastrophe related coverage, including but not limited to an evaluation of the experience under the California Earthquake Authority and the Florida Commission on Hurricane Loss Projection Methodology;
(b) The effectiveness of any voluntary market assistance program in effect in New York;
(c) The feasibility or experience, if any, of the New York Property Insurance Underwriting Association writing homeowners insurance policies or reinsuring such policies when written in the voluntary market under certain market conditions;
(d) The feasibility of the New York Property Insurance Underwriting Association issuing bonds or establishing other financial mechanisms for catastrophe insurance coverage; and an evaluation of the feasibility of establishing a state-wide catastrophe insurance fund;
(e) The feasibility of the New York Property Insurance Underwriting Association acting as a servicing carrier for policies written under the federal flood insurance program;
(f) Existing state and local building codes and the feasibility of implementing new building practices and structural improvement retrofitting, to mitigate damage from a major weather catastrophe;
(g) Insurer capacity and effectiveness in the event of a catastrophic weather occurrence, including reinsurance capacity and effectiveness, windstorm deductibles and multi-tier programs;
(h) Insurer preparedness in the recovery, rebuilding and renewal processes following weather-related losses; and
(i) Public awareness of storm risks and programs to educate the public of storm risks and mitigation techniques.
Due to limited space, those planning to attend are advised to contact the Department by e-mail at PublicHearingsComments@ins.state.ny.us with “Temporary Panel” in the subject line, or by calling (212) 480-5262.