A public hearing on August 20, 2010 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers. The New York State Insurance Department (“NYID”) is soliciting input from the public as it determines whether to revise eligible coverages on the Export List, as set forth in Insurance Department Regulation 41 (11 NYCRR 27).
Regulation 41 sets forth procedures for the placement of insurance by licensed excess line brokers with insurers not authorized to do business in New York. One requirement under the regulation is that the risk must be declined by three authorized insurers before a New York insurance risk can be placed with an unauthorized insurer. Under an amendment to Regulation 41, certain coverages may be placed by excess line brokers with unauthorized insurers without first having to obtain the three declinations. This list of coverages is generally referred to as the “Export List.”