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ISSUED 10/15/2010 FOR IMMEDIATE RELEASE

TEMPORARY PANEL ON HOMEOWNERS INSURANCE CONVENES

The Temporary Panel on Homeowners Insurance Coverage -- charged with finding ways to keep homeowners insurance available and affordable in coastal areas -- convened its first meeting at the New York State Insurance Department in New York City on Oct. 13.

Superintendent James Wrynn, who chairs the Temporary Panel, called the meeting so the Panel can begin to explore alternatives to better protect coastal property and minimize disruptions caused when insurers non-renew existing policies.

Deputy Superintendent Michael Moriarty said the Panel will consider the viewpoints of all stakeholders, including consumers, insurers, agents/brokers and experts in such fields as weather and building codes. The members of the panel include representatives from each of these groups.

Moriarty said the Panel will work in sub-groups to examine specific homeowner insurance issues. These working groups will then report back to the full Panel to develop recommendations for the Governor, the Legislature and the Insurance Department to consider.

Meetings open to the public will be held as specific draft recommendations are proposed, Moriarty said. He said that information on the Panel’s work will be posted to the Insurance Department website, www.ins.state.ny.us, as it becomes available.

The Panel currently includes 14 members appointed by Gov. David Paterson, the Senate and the Assembly. Another eight members need to be appointed. The Temporary Panel was authorized by the Legislature in 2008.

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