Newsfeed

UPDATE: On January 10, the Excess Line Association of New York (ELANY) issued a bulletin  ​stating:

"ELANY is working with the New York Department of Financial Services (DFS) to revise the DFS’s affidavit forms. In the interim, please leave the three data fields blank when filling out both Part A and Part C affidavits. For electronic filers, these fields have been deactivated."​

On December 30^th, Governor Hochul signed into law legislation that will reduce paperwork burdens on brokers placing coverage in the excess market and allow them to better serve their customers.

The bill, which Big I NY strongly supported, streamlines the affidavits that brokers must submit upon placing excess coverage. Prior to the bill's signature, the form required a total of twenty-one data elements in total for three declinations. The new law is effectively immediately and removes name of declining representative, affiliation of the representative, and reason for the declination from the affidavits.

We thank Assemblywoman Pam Hunter and Senator Neil Breslin for sponsoring this important bill and applaud Governor Hochul for signing it into law.