Free Trade Zone License Application/Renewal

An authorized insurer may obtain a special risk license pursuant to Article 63 of the Insurance Law to write in the "Free Trade Zone". In order to be licensed to write in the "Free Trade Zone", the insurer must be in compliance with the requirements specified in Article 63 of the Insurance Law and Regulation 86.

To obtain a special risk license, the "application for license under Article 63 of the Insurance law" (Application) must be completed by the authorized insurer.

Application must also be completed again annually by the authorized insurer in order to renew the special risk license. The special risk license runs from September 1st to August 31st each year. All renewal applications should be submitted to DFS by July 31st.

The Application is available in PDF and MS Word format to download.

The completed Application along with a check or money order for $2,000.00 made out to the "Superintendent of Financial Services" should be mailed to:

Mr. Gilbert Denton
Senior Insurance Examiner
New York State Department of Financial Services
Property Bureau - 4th Floor
1 State Street
New York, New York 10004

Chapter 490 of the Laws of 2011 is effective November 15, 2011 and revises the minimum surplus to policyholders requirement for authorized insurers to write in the Free Trade Zone. In addition Chapter 490 adds a new Class 3 risk. Authorized insurers that are currently licensed to write in the Free Trade Zone do not have to submit a new Application in order to write Class 3 risks. However, effective November 15, 2011 insurers must meet the revised minimum surplus to policyholders as specified in Chapter 490 in order to continue to be licensed to write in the Free Trade Zone. Due to the changes made by Chapter 490, the Department has revised the Application.

Chapter 490 of the Laws of 2011 is effective November 15, 2011 and revises the minimum surplus to policyholders requirement for authorized insurers to write in the Free Trade Zone. In addition Chapter 490 adds a new Class 3 risk. Authorized insurers that are currently licensed to write in the Free Trade Zone do not have to submit a new Application in order to write Class 3 risks. However, effective November 15, 2011 insurers must meet the revised minimum surplus to policyholders as specified in Chapter 490 in order to continue to be licensed to write in the Free Trade Zone. Due to the changes made by Chapter 490, the Department has revised the Application.

As directed by Governor Andrew M. Cuomo, in order to help contain the spread of COVID-19 DFS offices are currently closed and staff is working remotely at this time. Companies are directed to submit completed free trade zone initial/renewal applications electronically to [email protected]. Guidance regarding electronic signatures and notarizations can be found here. The Department will notify the company when DFS offices reopen and hard copies of the free trade zone initial/renewal applications and a check for the required fee can be mailed to the office.