New York retail and wholesale agents fired a barrage of arguments at regulators who are considering their request for a change in the rule governing their placement of certain hard-to-place excess lines business.
In testimony at a New York Insurance Department hearing in Manhattan two weeks ago, they urged expansion of the state's excess and surplus lines export list, to eliminate what they said are the unnecessary regulatory burdens inherent in the current system.
Regulators responded that the department will consider the agents' arguments, but will also examine possible negative consequences of allowing agents to place business with carriers not licensed in the state (nonadmitted insurers) without first receiving declinations from admitted carriers.
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