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ISSUED 12/10/2007 FOR IMMEDIATE RELEASE

DEPARTMENT ADJOURNS DECEMBER 14 HEARING ON SURETY BONDS

On November 2nd, 2007, Superintendent of Insurance Eric R. Dinallo announced that the New York State Insurance Department would hold a public hearing to determine whether to require the New York Property Insurance Underwriting Association (NYPIUA) to provide a market for surety bonds. The hearing was to be held pursuant to Section 5412 of the Insurance Law, which authorizes the Superintendent, after conducting a public hearing, to require NYPIUA to provide a market for meaningful insurance coverage. The hearing was scheduled on December 14th at the Adam Clayton Powell Jr., State Office Building in New York City. Notice of the hearing was published in the New York State Register on November 28, 2007.

This hearing has been adjourned until further notice.

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Department of Financial Services

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