IABNY Urges Regulators to Drop NYPIUA Proposals

The Independent Insurance Agents & Brokers of New York has urged regulators to drop consideration of proposals that would expand coverage by the New York Property Insurance Underwriting Association into commercial general liability.

The IABNY said that doing so would not solve the state’s lack of affordable commercial general liability insurance. The comments came as representatives from the Syracuse-based organization testified before state regulators. They indicated that giving N.Y.’s residual market program additional authority to write commercial insurance would be at best a stop-gap solution and, at worst, could lead to some carriers withdrawing from the state.

The New York State Insurance Department is conducting hearings around the state in order to hear the views of the industry and the public before reaching a decision.