NY FAIR Plan Still Lacks Renewal
By Mark E. Ruquet
NU Online News Service, May 17, 2:55 p.m. EDT?Caught in a legislative deadlock, New York State's residual insurance association remains closed for business for a third week.[@@]
There has been no movement on two bills languishing in state Senate and Assembly committees that would extend the life of the New York Property Insurance Underwriting Association (NYPIUA).
The Senate's bill (S07181) would extend the life of NYPIUA for two months while the Legislature works at passing the state's budget, a spokesman for the Senate Insurance Committee Chairman James Seward said. The bill passed the Republican-controlled Senate and is awaiting action in the Democrat-controlled Assembly.
On the Assembly side, there are two bills, one (A11037) would extend NYPIUA for another year, while a second (A4527) would make the program permanent without the need for reauthorization. Both bills have passed the Assembly and are awaiting action in the Senate.
Assembly Insurance Committee Chairman Alexander B. Pete Grannis, D-Manhattan, has been vocal in his criticism of the Senate's actions, saying that the upper chamber is holding NYPIUA hostage for political gain. He did not say what advantage he thought was being sought.
The program insures more than 57,000 homes and businesses throughout the state, primarily in New York City and Long Island. It is currently not accepting new policies or renewal business.
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