NEW YORK STATE
SIXTH AMENDMENT TO REGULATION 41
11 NYCRR 27
EXCESS LINE PLACEMENTS GOVERNING STANDARDS
I, Gregory V. Serio, Superintendent of Insurance of the State of New York, pursuant to the authority granted by Sections 201, 301, 1101, 2105 and 2117 of the Insurance Law, Chapter 294 of the Laws of 1997, Chapter 597 of the Laws of 1999 and Chapter 578 of the Laws of 2000, do hereby promulgate the following Sixth Amendment to 11 NYCRR 27 (Regulation 41) to take effect upon publication in the State Register.
(New Matter Is Underscored; Matter in [Brackets] Is Deleted)
Paragraph (1) of Section 27.0(a) is amended to read as follows:
(1) the contract of insurance provides insurance coverage only of the kinds specified in paragraphs 4 through 14, 16, 17, 19, 20 [or], 22, 27 or 28 of section 1113 (a) of the Insurance Law;
Subdivision (i) of Section 27.13 is amended to read as follows:
(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, NY 10004
Paragraph (2) of Section 27.3 (g) is amended to read as follows:
(i) Application may be made to the superintendent for the addition of a coverage to the list of coverages enumerated in paragraph (1) of this subdivision. Applications may request either a total or partial reduction in the number of declinations as provided in section [2118 (d)(4)] 2118 (b)(4) of the Insurance Law.
Section 27.18 is amended to read as follows:
27.18 Delivery of policy or other documents and required legend; required notification.
(a) The excess line broker or producing broker shall promptly deliver every insurance policy placed with an unauthorized insurer to the insured, and every such policy shall bear across its face, in not less than ten point bold red type, the following legend:
THIS INSURANCE POLICY IS WRITTEN BY AN INSURER (INSURERS) * NOT LICENSED BY THE STATE OF NEW YORK, NOT SUBJECT TO ITS SUPERVISION, AND NOT PROTECTED IN THE EVENT OF INSOLVENCY OF THE INSURER, BY THE NEW YORK STATE SECURITY FUNDS. THE POLICY MAY NOT BE SUBJECT TO ALL OF THE REGULATIONS OF THE INSURANCE DEPARTMENT PERTAINING TO POLICY FORMS.
*When more than one insurer is involved, the parenthetical material should be substituted as appropriate. Otherwise, the parenthetical material should be deleted.
(b) (1) Pursuant to the provisions of Sections 1101(b)(5) and 2117(i) of the New York Insurance Law, any document issued by, or on behalf of, an unauthorized insurer, which is affiliated with an authorized insurer, that indicates any location within this state in which it conducts its operations shall include a notice, in not less than 10 point type, but in all cases prominently displayed, as follows:
THIS INSURER IS NOT LICENSED IN THE STATE OF NEW YORK AND IS NOT SUBJECT TO ITS SUPERVISION.
(2) An insurer may substitute its name in the notice for the words "this insurer".
(c) Any unauthorized insurer, affiliated with an authorized insurer, that maintains an office in this state pursuant to Section 1101(b)(5) of the New York Insurance Law, shall notify the superintendent of the address and telephone number of every such address and the name, title, address, telephone number and e-mail address of a person who has the authority to respond to inquiries from the superintendent. The insurer shall provide the information within 15 business days of the date of the establishment of the office. Any change in this information shall be submitted to the superintendent when it occurs.
I, Gregory V. Serio, Superintendent of Insurance, do hereby certify that the foregoing is the Sixth Amendment to 11 NYCRR 27 (Regulation 41), promulgated by me on June 15, 2001 pursuant to the authority granted by Sections 201, 301, 1101, 2105 and 2117 of the Insurance Law, Chapter 294 of the Laws of 1997, Chapter 597 of the Laws of 1999 and Chapter 578 of the Laws of 2000, 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 March 27, 2001. No other publication or prior notice is required by statute.
Superintendent of Insurance
June 15, 2001