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ISSUED 7/07/2010 FOR IMMEDIATE RELEASE

DEPARTMENT TO HOLD A PUBLIC HEARING AUGUST 20 ON WHETHER TO EXPAND THE EXPORT LIST

A public hearing on August 20 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers, Superintendent of Insurance James J. Wrynn announced today. At the hearing, the New York State Insurance Department hopes to get input from the public as it determines whether to revise eligible coverages on the export list, as set forth in Insurance Department Regulation 41 (11NYCRR 27).

The hearing is being held pursuant to Section 2118(b)(4) of the Insurance Law, which authorizes the Superintendent, after conducting a public hearing, to amend the number of declinations required to be obtained prior to making an excess line placement, with respect to particular coverages.

Regulation 41 establishes standards and procedures for the placement of insurance by licensed excess line brokers with insurers not authorized to do business in New York. Among those requirements is that before a New York insurance risk can be placed with an unauthorized insurer, the risk must be offered to and declined by three authorized insurers. The second amendment to Regulation 41 established a list of coverages, commonly referred to collectively as the “Export List”, which may be placed by excess line brokers with unauthorized insurers without first having to obtain the requisite number of declinations from authorized insurers.

The Excess Line Association of New York has proposed the addition of several classes to the export list on behalf of its members, which is available on the Insurance Department's website at www.ins.state.ny.us/iprop.htm#r41. Also included on the website is a list of coverages that are currently on the export list.

The public hearing will be held on August 20 at 10 a.m. at the New York State Insurance Department Neil Levin Hearing Room, 5th Floor, 25 Beaver St, New York, NY 10004. The hearing is open to the public. Information about the hearing is available at the Department’s website, www.ins.state.ny.us. Testimony can be scheduled and written testimony submitted through the website.

Written comments for the hearing record also may be submitted to Export List Hearings 2010, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, or e-mailed to PublicHearingsComments@ins.state.ny.us with the subject line “EXPORT LIST HEARINGS 2010.” The Department will accept comments for up to five business days after the hearing.

Oral or written testimony should address topics pertaining to the availability of insurance coverage by both authorized and unauthorized insurers, such as:

  • The extent to which a particular type of coverage is readily available from authorized insurers;
  • The reason(s) a particular type of coverage is not readily available from authorized insurers;
  • The volume and nature of denials and restrictions on the coverage in question;
  • Whether and the extent to which certain types of coverage are available from unauthorized insurers; and
  • The efficacy of a market assistance program as an alternative to the addition of any type of coverage to the export list.

For additional information about the hearing, please contact Jack Stein, Principal Insurance Examiner, Property Bureau, at (212) 480-5479, or by e-mail at jstein@ins.state.ny.us.

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