The New York Insurance Department, after more than a year of consideration and a hearing, formally proposed a regulation expanding the list of difficult risks that can be insured by other than New York- licensed carriers this month.
Publication of the new rule, which can be modified after public comment, has the support of the Independent Insurance Agents & Brokers of New York, which has been pushing for a regulatory change.
The rule would amend what is known as the "export list"–categories of insurance classes and coverages which an excess line broker may place with an unlicensed insurance company without first having them rejected by three New York State- licensed insurers.
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