NEW YORK STATE
INSURANCE DEPARTMENT

FIFTH AMENDMENT TO REGULATION 41
11 NYCRR 27

EXCESS LINE PLACEMENTS
GOVERNING STANDARDS

        I, Neil D. Levin, Superintendent of Insurance of the State of New York, pursuant to the authority granted by sections 201, 301, 2101, 2104, 2105, 2110, 2116, 2118, 2121, 2122, 2130, [2344,] 3103, 5907, 5909, 5911 and 9102 of the Insurance Law, do hereby promulgate the following Fifth Amendment to Part 27 of Title 11 (Regulation 41) to take effect upon publication in the State Register.

(New Matter Underscored, Matter In [Brackets] Deleted)

Subdivision (c) of Section 27.1 is hereby amended to read as follows:

(c) "Unauthorized insurer" means an insurer that is not an authorized insurer, including:

        (1) an underwriting member, syndicate or similar insurance exchange entity not authorized to do an insurance business in this State; [or]
        (2) an association of insurance underwriters not authorized to do an insurance business in this State[.]; or
        (3) a partnership of insurers not authorized to do an insurance business in this State, each licensed in its domicile and the partnership is duly authorized by its domiciliary jurisdiction to insure risks on a joint and several basis.

New subdivisions (q) and (r) are added to Section 27.1 to read as follows:

(q) "Alien insurer" has the meaning ascribed by Section 107(a)(5) of the Insurance Law.

(r) "Foreign insurer" has the meaning ascribed by Section 107 (a) (21) of the Insurance Law.

Section 27.5 is hereby amended to read as follows:

27.5 Supporting affidavits. (a) For every policy or policy renewal procured from an unauthorized insurer pursuant to section 2118 of the Insurance Law, affidavits meeting the requirements of this section shall be filed by the excess line broker with the excess line association.

(b) Each affidavit shall be on an affidavit form prescribed by the superintendent, consisting of Parts A[, B,] and C, as follows:

        (1) Part A is the affidavit by the excess line broker and shall be consecutively numbered; and
        (2)[ Part B is the affidavit by the insured; and
        (3)] Part C is the affidavit by the producing broker that shall be submitted in addition to Part A, if any of the requisite declinations from authorized insurers has been obtained by the producing broker or if the producing broker provided the insured with the written notice required by subdivision (e) of this section.

(c) (1) The excess line broker shall obtain a properly completed and executed affidavit from[:

(i) the insured (Part B); and
(ii)] the producing broker (Part C), if the producing broker has obtained any of the requisite declinations from authorized insurers or if the producing broker provided the insured with the written notice required by subdivision (e) of this section.

        (2) The affidavits required by paragraph (1) of this subdivision shall be obtained, whenever practicable, prior to placing coverage with an unauthorized insurer, but in no event more than 45 days following such placement.

(d) As set forth in Part 301 (Regulation No. 134) of this Title:
        (1) a consolidated Part A and, when required, a consolidated Part C of the required affidavit may be completed and executed by the excess line broker or producing broker, on behalf of more than one member of a purchasing group, where liability insurance (as defined in section 5902 of the Insurance Law for purchasing group members) has been procured during any consecutive 30 day period prior to the filing of the affidavit(s); and
        (2) any consolidated affidavit (Part A or Part C) shall specify all applicable information required for each insured member of the purchasing group[; and
        (3) separate affidavits (Part B) shall be completed and executed by each insured member of the purchasing group].

(e) The excess line broker or the producing broker shall affirm in Part A or Part C[, and the insured shall affirm in Part B] of the affidavit, as true under the penalties of perjury, that the insured was specifically advised in writing, prior to placement, that:
        (1) the unauthorized insurer with which the coverage would be placed is not authorized to do an insurance business in this State and is not subject to supervision by this State;
        (2) in the event of the insolvency of the unauthorized insurer, losses will not be covered by any New York State security fund; and
        (3) the policy may not be subject to all of the regulations of the superintendent pertaining to policy forms.

A copy of the written notice provided to the insured shall be attached to the affirming broker’s affidavit.

(f) In Part A of the affidavit, the excess line broker shall:
        (1) identify each authorized insurer and its representative declining to issue or renew the coverage;
        (2) identify any producing broker acting on behalf of the insured;
        (3) identify the insured being placed with the unauthorized insurer;
        (4)describe the type and extent of, and the premium for, the coverage to be placed;
        (5) identify the unauthorized insurer with which the coverage has been placed;
        (6) specify, if coverage has been placed with more than one unauthorized insurer, the separate participation and proportionate premium of each such insurer, except that for purposes of this paragraph placement with Lloyd's shall be treated as if the placement was made with one unauthorized insurer;
        (7) identify, in the case of an association of insurance underwriters or insurance exchange entity, each syndicate participating in the coverage; and
        (8) indicate when coverage has been placed through participation in a purchasing group.

(g) Where the premium tax is to be allocated in accordance with section 27.8 of this Part, the excess line broker shall also specify the bases for allocation, using a form prescribed by the superintendent that shall be attached to Part A of the affidavit and, if an alternative equitable method of allocation is utilized, additional information to substantiate such method shall be provided.

Section 27.10 is hereby amended to read as follows:

27.10 Policy form compliance. (a) Policies issued by unauthorized insurers pursuant to this Part are exempt from the provisions of Part 71 (Regulation 107) and Part [72] 73 (Regulation 121) of this Title.

(b) A complete copy of any liability insurance policy shall be maintained by the excess line broker, provided, however, the broker need not maintain a copy of any policy which provides liability coverage:

        (1) only on an occurrence basis; and
        (2) only with unlimited legal defense costs outside the limits of liability stated in the policy.

Section 27.13 is hereby amended to read as follows:

27.13 Duty to inquire about unauthorized insurers. (a) Prior to placing business with an unauthorized insurer, an excess line broker shall make inquiry sufficient to ascertain the insurer's financial stability and capacity adequate to its business and, in order to support such inquiry, shall except as provided by subdivision (k) of this section obtain, review and retain at least the following:
        (1) a copy of the insurer's most recent annual financial statement as of a date in no event earlier than 18 months prior to placement, in the form filed with its home jurisdiction and, if an alien insurer, the standard financial statement filed with the National Association of Insurance Commissioners ("NAIC") to satisfy NAIC requirements for an alien insurer's inclusion on the NAIC [Non-Admitted Insurers Information Office ("NAIIO")] International Insurers Department ("IID") list;
        (2) evidence, if an alien insurer, that such insurer appears in the most recent NAIC [NAIIO] IID list of alien insurers;
        (3) a copy of the insurer's latest available report on examination, if any, in English (or true translation) and stated in United States dollars, as conducted by its home jurisdiction;
        (4) a certification, in English (or true translation), from the insurer's home jurisdiction verifying that such insurer is authorized to write, both by and within its home jurisdiction, the kinds of insurance sought to be placed;
        (5) an executed copy of the trust agreement required by section 27.13 of this Part;
        (6) a certification from the unauthorized insurer that it agrees to comply with the provisions of section 27.10 of this Part and subdivisions (h) and (j) of this section;
        (7) a statement from the trustee, specifying the amount and nature of the funds maintained in compliance with the provisions of paragraph (3) of subdivision (b) of this section, and affirming that the trustee is a qualified United States financial institution; and
        (8) a copy of the unauthorized insurer's prospective business plan (including the lines of business the insurer intends to write, its anticipated premium volume, the markets it intends to serve, and any other pertinent information) covering at least a three year period.

(b) No excess line broker shall place coverage with an unauthorized insurer, unless its financial statements or other evidence demonstrate that such insurer:
        (1) is solvent and otherwise substantially complies with solvency requirements for authorized insurers;
        (2) [was an eligible excess line insurer as of the effective date of this Part and] has surplus to policyholders sufficient to support its writings, reasonable in relation to its outstanding liabilities, adequate to its financial needs and, in no event, less than: [US $12,500,000 as of December 31, 1994 and US$15,000,000 as of December 31, 1995; or was not an eligible excess line insurer as of the effective date of this Part and has surplus to policyholders sufficient to support its writings, reasonable in relation to its outstanding liabilities, adequate to its financial needs and, in no event, less than]

(i) In the case of individual incorporated insurers, US$15,000,000;
(ii) In the case of an association of insurance underwriters consisting of individual incorporated insurers located outside the United States, each insurer maintains surplus to policyholders of not less than US$25,000,000 and the association maintains an aggregate surplus to policyholders of not less than US$10,000,000,000; or
(iii) In the case of a partnership of unlicensed insurers, each licensed in its domicile and which partnership is duly authorized by its domiciliary jurisdiction to insure risks on a joint and several basis, each insurer maintains surplus to policyholders of not less than US$15,000,000;
and

        (3) maintains a trust fund in compliance with section 27.14 of this Part.

(c) For purposes of subdivision (b) of this section, in the case of an insurance exchange created by the laws of a state other than this State, no excess line broker shall procure coverage from that exchange or any of its syndicates, unless:
        (1) the insurance exchange maintains funds in trust or custodial accounts, under terms acceptable to the superintendent, in an amount not less than US $75,000,000 in the aggregate, provided that an amount at least equal to the greater of US $30,000,000 or one-third of the aggregate, is maintained on a joint and several basis for the protection of all insurance exchange policyholders;
        (2) the syndicates of such insurance exchange maintain total capital and surplus, or their substantial equivalent, not less than US $100,000,000 in the aggregate; and
        (3) each syndicate with which excess line insurance is placed maintains minimum capital and surplus, or their substantial equivalent, of not less than US $15,000,000.

(d) In the case of [an unauthorized alien insurer;] an association of insurance underwriters consisting of individual incorporated insurers located outside the United States; [or] a group located outside the United States whose members consist of individual incorporated insurers who are not engaged in any business other than underwriting as a member of the group and individual unincorporated insurers, provided all the members are subject to the same level of solvency regulation and control by the group's domiciliary regulator; or a partnership of unlicensed insurers, each licensed in its domicile and which partnership is duly authorized by its domiciliary jurisdiction to insure risks on a joint and several basis:
        (1) prior to placing business with [a group of alien insurers] any of such entities that includes one or more unauthorized insurers, an excess line broker shall obtain financial statements or reports on examination, with respect to each unauthorized insurer that is a member of such [group] entity, showing the information required in paragraphs (1) and (3) of subdivision (a) of this section; and
        (2) if the excess line broker after due care and a diligent effort has been unable to obtain [its] the insurer’s financial statement or report on examination, but has obtained financial and other information giving such broker a reasonable belief that placing coverage with such insurer is nonetheless appropriate, the excess line broker may procure coverage from the insurer, provided that the excess line broker has given, or caused to be given by a producing broker, written notice to the insured of such facts prior to placement.

(e) If the excess line broker satisfies the superintendent that placing coverage with the insurer is necessary and will not be detrimental to the public and the policyholder, the requirement set forth in paragraph (2) of subdivision (a) of this section may be waived by the superintendent, in light of such factors as the length of time the insurer has been authorized in its home jurisdiction and elsewhere, its financial condition, and unavailability of particular coverages from authorized insurers or unauthorized insurers meeting the requirements of this Part.

(f) Before placing business with an unauthorized insurer, an excess line broker shall make inquiry sufficient to demonstrate that such insurer's:
        (1) claims practices have been, and continue to be, satisfactory; and
        (2) management is trustworthy and competent.

(g) Whenever an excess line broker knew or should have known that an unauthorized insurer is not in compliance with any requirement of this section, the excess line broker shall:
        (1) cease procuring coverage from such insurer; and
        (2) notify, in writing and within ten days, the superintendent, excess line association, any producing broker and each insured having a policy placed by the excess line broker with such insurer that, in the excess line broker's judgment, replacement of coverage is warranted, stating reasons supporting that judgment. Proof of mailing of the excess line broker's notice to replace coverage, to the first named insured at the address shown in the policy, shall be sufficient proof of notice required by this paragraph.

(h) No excess line broker shall place coverage with an unauthorized insurer, unless such insurer has filed a current listing that sets forth the following individual policy details:
        (1) [gross premium] written premium (gross premiums, including policy fees, less return premiums plus additional premiums and premiums on policies not taken) charged on each policy covering property or risks located or resident in this State;
        (2) name and address of the [insured and the] excess line broker and, wherever practicable, the insured;
        (3) effective date of coverage and policy number
        (4) type and amount of coverage; and
        (5) such other information as the superintendent may require.

(i) The listing required by subdivision (h) of this section shall be annually submitted by March 15, in duplicate on a form prescribed by the superintendent, and addressed to:

New York State Insurance Department
Property & Casualty Insurance Bureau
Attention: Excess Line Unit
25 Beaver Street
New York, New York 10004

(j) No excess line broker shall place coverage with an unauthorized insurer, unless such insurer has agreed in writing to be bound by the provisions of section 2121 of the Insurance Law.

(k) The excess line broker's need to obtain and retain any information or materials specified in this section may be waived to the extent that the excess line association:
        (1) maintains such information or materials; and
        (2) makes the information and materials available, during normal business hours and at reasonable cost, to excess line brokers, producing brokers, insureds or prospective insureds, provided, however, that nothing in this paragraph shall be interpreted in any way to relieve or diminish the obligation of the excess line licensee to inquire about unauthorized insurers and review all the relevant material required by this section.

(l)(1) The requirements of paragraph (2) of subdivision (b) or paragraph (3) of subdivision (c) of this section may be satisfied by an unauthorized insurer possessing less than the surplus to policyholders required, and the requirements of paragraph (1) of subdivision (c) of this section regarding the maintenance of funds on a joint and several basis may be satisfied by an insurance exchange possessing less than the amount of funds in trust or custodial accounts required to be maintained on a joint and several basis for the protection of all insurance exchange policyholders, upon an affirmative finding of acceptability by the superintendent. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, the unauthorized insurer's or insurance exchange's underwriting profit and investment income trends, unauthorized insurer or insurance exchange record and reputation within the industry, whether the unauthorized insurer or insurance exchange will provide capacity for risks for which coverage is not readily available in the admitted market or from unauthorized insurers which satisfy the requirements of paragraph (2) of subdivision (b) or paragraph (3) of subdivision (c) of this section, and insurance exchanges which satisfy the requirements of paragraph (1) of subdivision (c) of this section, and the degree to which a finding of acceptability would benefit insurance consumers in this State.
        (2) An unauthorized insurer or insurance exchange seeking an affirmative finding of acceptability from the superintendent shall file a business plan with the superintendent detailing the unauthorized insurer's or insurance exchange's proposed underwriting activity on New York risks. Any affirmative finding of acceptability pursuant to this subdivision shall be conditioned upon the unauthorized insurer's or insurance exchange's adherence to the business plan as filed with the superintendent. Any unauthorized insurer or insurance exchange granted an affirmative finding of acceptability pursuant to this subdivision may file a revised business plan with the superintendent seeking to alter its underwriting activity on New York risks.
        (3) In no event shall the superintendent make an affirmative finding of acceptability when the unauthorized insurer's surplus to policyholders is less than US $4,500,000.

Section 27.14 is hereby amended to read as follows:

27.14 Trust fund. (a) No excess line broker shall place coverage with an unauthorized insurer unless such insurer has established and maintains a trust fund in compliance with the requirements set forth in this section and section 27.15 of this Part.

(b) Except in connection with the trust fund specified in paragraph (1) of subdivision [(g)] (i) of this section, a trust agreement form designed for these purposes and prescribed by the superintendent, or the NAIC standard trust form agreement designed for these purposes as amended by any New York supplement prescribed by the superintendent, shall be utilized to comply with the requirements of this section and section 27.15 of this Part.

(c) The trust fund shall at all times be established and maintained in the United States in a qualified United States financial institution.

(d) The funds in trust shall be in the form of cash, letter of credit, or assets satisfactory to the superintendent and in conformity with section 1404(a)(1) and (2) of the Insurance Law.

(e) [The] In the case of an insurer domiciled in the United States and licensed by at least one state, the amount of funds in trust shall be no less than US$2,500,000[, except as provided for in subdivisions (f) and (g) of this section].

(f) In the case of an alien insurer, except as provided for in subdivisions (g), (h) and (i) of this section, the amount of funds in trust shall be the lesser of US$60,000,000, or US $5,400,000 plus, for liabilities arising from business written on or after January 1, 1998, thirty (30%) of the estimated gross liabilities, as of the end of each calendar year, attributable to excess line business written in the United States (exclusive of marine insurance as set forth in Section 2117(b)(3) of the Insurance Law).

Such liabilities are to be determined no less than annually and reported to the trustee and the Superintendent of Insurance of the State of New York.

[(f)] (g) In the case of an association of insurance underwriters consisting of individual incorporated alien insurers [located outside the United States], the amount of funds in trust shall be an aggregate sum of no less than US$100,000,000 maintained on a joint and several basis for the payment of the [obligations] United States excess line liabilities (exclusive of marine insurance as set forth in Section 2117(b)(3) of the Insurance Law) of each individual incorporated alien insurer.

(h) In the case of a partnership of unlicensed insurers, licensed in their domicile and which partnership is duly authorized by its domiciliary jurisdiction to insure risks on a joint and several basis, the amount of funds in trust shall be no less than US$75,000,000 maintained on a joint and several basis for the payment of the United States excess line liabilities (exclusive of marine insurance as set forth in Section 2117(b)(3) of the Insurance Law) of the partnership.

[(g)] (i) (1) In the case of a group whose members consist of individual incorporated alien insurers who are not engaged in any business other than underwriting as a member of the group and individual unincorporated insurers, provided all the members are subject to the same level of solvency regulation and control by the group's domiciliary regulator:

(i) each syndicate in the group shall maintain a trust fund in the form of a trusteed account representing the syndicate’s gross liabilities attributable to excess line business written in the United States (exclusive of marine insurance as set forth in Section 2117(b)(3) of the Insurance Law); and
(ii) the group shall maintain in the form of a trusteed account a surplus in the amount of US $100,000,000 which shall be held jointly for the benefit of United States excess line policyholders of any member of the group.

        (2) The superintendent may determine that a syndicate need not maintain in trust the full amount required by subparagraph (i) of paragraph (1) of this subdivision, based on such factors as the amount and nature of the business written by the syndicate, the quality and completeness of financial information provided to the superintendent, information provided to the superintendent by the group’s domiciliary regulator, and the amount of jointly held funds which the group maintains in excess of the amount required by subparagraph (ii) of paragraph (1) of this subdivision. In no event, however, shall the superintendent determine that a syndicate may maintain less than 30% of its gross United States excess line liabilities.

[(h)] (j) The trust fund shall be established pursuant to a trust agreement consistent with section 27.14 of this Part and containing the following minimum provisions in a form satisfactory to the superintendent:
        (1) the trust fund is for the exclusive protection of all direct policyholders and beneficiaries of direct policies covering property or risks located within the United States (exclusive of any marine insurance business, excluded from excess line business pursuant to Section 2117(b)(3) of the Insurance Law) where the insurer does business on an unauthorized basis;
        (2) the trust fund must be irrevocable for a term of at least five years, unless during such term the insurer becomes an authorized insurer in this State or the termination of the trust is approved by the superintendent and such unauthorized insurer is:

(i) entering into a merger agreement with an authorized insurer in this State;
(ii) entering into an assumption and assignment agreement, approved by the superintendent, transferring all liabilities covered by the trust fund to an authorized insurer in this State or another eligible excess line insurer; or
(iii) transferring, with the approval of the superintendent, the trust fund to another qualified trustee
;

        (3) in the event of termination of a trust for a reason other than [becoming an authorized insurer in this State] those specified in paragraph (2) of this subdivision, the termination shall not become effective until five years elapse from the date that the insurer provides written notice to the trustee of the insurer's intention to terminate the trust;
        (4) in the event that the trust is to be renewed for an additional period of at least five years or to be replaced by another trust at expiration, the trustee must be notified of the decision to renew or replace the trust at least one year prior to the expiration of the trust;
        (5) the superintendent and excess line association shall be notified by the trustee, within thirty days of its receipt of notice from the insurer, that a trust has been amended or will not be renewed or replaced;
        (6) in the event of termination of a trust, an independent certified public accountant shall be appointed by the trustee as auditor, and an audit shall be made of the trust fund as of the date of such termination;
        (7) the audit shall estimate any outstanding liability of the insurer for unpaid losses (both reported and unreported) and unearned premiums on policies issued by the insurer to United States policyholders during the term of the trust, up to the date of termination;
        (8) the auditor shall, upon completion of the audit, and from time to time thereafter at the request of the trustee, issue a certificate to the trustee certifying the amount of any outstanding liability at the date of the termination or at a later date specified in the certificate; and
        (9) the trustee shall retain in trust, following the date of termination by the insurer, such funds as may be necessary to pay losses and unearned premiums consistent with the audit.

[(i)] (k) Upon receipt of a notice from the trustee that a trust will not be renewed or replaced:
        (1) the superintendent may, or the excess line association at the superintendent's request shall, issue a notice to excess line brokers of the termination; and
        (2) the superintendent may also direct excess line brokers to cease placing or renewing policies of insurance with the insurer on property or risks located or resident in this State and, in that event, no new or renewal policies issued by such insurer shall be stamped by the excess line association.

Section 27.15 is hereby amended to read as follows:

27.15 Trust fund disbursements. (a) The trust agreement shall provide that disbursements from the trust fund shall be made only if:
        (1) a judgment has been obtained by the policyholder or third-party claimant against the unauthorized insurer in any court of competent jurisdiction within the United States;
        (2) such judgment has become final in that the particular litigation has been concluded, either through failure to appeal within the time permitted or through final disposition of any appeal or similar procedure for review permitted by applicable law;
        (3) the trustee has been duly served with a certified copy of the judgment, together with such proof as to its finality as the trustee may reasonably request;
        (4) the trustee receives certified written statements from the policyholder, third-party claimant or legal counsel for such policyholder or claimant stating, without qualification other than with respect to the passage of time periods described in paragraph (5) of this subdivision, that:

(i) the claim does not include exemplary or punitive damages;
(ii) the part, if any, of the claim, for unearned premium; and
(iii) the policyholder or claimant has complied with paragraphs (1), (2), (3) and (4) of this subdivision; and

        (5) 30 days elapse from the date the trustee receives the documents required by paragraph (3) of this subdivision without the judgment having been satisfied, except, in the event that the termination date of the trust is less than 30 days following such receipt, a period of time expires equal to the amount of time left before that termination date.

(b) The trust agreement shall also provide that in the event the insurer is found insolvent pursuant to the laws of its home jurisdiction, the trustee shall disburse the trust funds at the direction of the Superintendent of Insurance of the State of New York in accordance with Article 74 of the New York Insurance Law.

(c) Notwithstanding subdivisions (a) and (b) of this section, a trust fund that meets the requirements of the NAIC will be deemed to satisfy the provisions of this section.

(d) Disbursements from the trust fund shall be made only for the following purposes and only in the following priority:
        (1) bona fide claims resulting from covered losses under direct policies issued within the United States by the insurer on an unauthorized basis; and
        (2) after all such claims have been paid, then return of unearned premiums on such policies.

(e) Notwithstanding the provisions of subdivision (d) of this section, the trust agreement may provide that the trustee maintains a first priority security interest in and lien upon the trust to ensure the payment of the reasonable expenses of the trustee, but the amount of such first priority security interest and lien may not exceed the lesser of ten percent of the value of the trust or US$250,000.

(f) In the event that a claim is payable pursuant to another existing trust fund, the other trust fund shall be considered primary and only an amount not paid by that trust fund may be paid in accordance with subdivision (d) of this section.

[(f)] (g) The trustee may request information that the claim has not been satisfied by another source and that a claimant has no knowledge of any source of recovery other than the insurer.

Section 27.23 is hereby amended to read as follows:

27.23 Transition. [a] Unauthorized insurers not meeting the trust fund requirements contained in sections 27.14 and 27.15 of this Part in effect on January 1, 1994, and which were in compliance with Part 27 [previously] in effect prior to that date, shall comply with [the new] such requirements of this Part no later than July 1, 1994.

(b) An unauthorized insurer not meeting the trust fund requirements contained in sections 27.14 and 27.15 of this Part, but which met the trust fund requirements in effect prior to the promulgation of this amendment, may continue to meet such requirements, except for the requirements contained in section 27.15(e), and shall comply with the new trust fund requirements of this Part no later than January 1, 2000.

 

        I, Neil D. Levin, Superintendent of Insurance of the State of New York, do hereby certify that the foregoing is the Fifth Amendment to 11 NYCRR 27 (Regulation 41), promulgated by me on May 4, 1999, pursuant to the authority granted by Sections 201, 301, 2101, 2104, 2105, 2110, 2116, 2118, 2121, 2122, 2130, 3103, 5907, 5909, 5911 and 9102 of the Insurance Law, to take effect upon publication in the State Register.

        Pursuant to the provisions of the State Administrative Procedure Act, prior notice of the proposed amendment was published in the State Register on April 22, 1998 and prior notice of a revised proposed amendment was published in the State Register on March 31, 1999. No other publication or prior notice is required by statute.

 

__________________________
Neil D. Levin
Superintendent of Insurance
 
May 4, 1999