A new regulation that goes into effect in New York this month will force excess line insurers to triple their minimum policyholders surplus to $45 million by the middle of 2013.
For eligible excess line insurers already in the state, the regulation allows them to increase that minimum in steps over the next two years, according to the Excess Line Association of New York (ELANY). The current minimum is $15 million, which will raise to $25 million by July, $35 million by Jan. 1, 2012 and $45 million by the beginning of 2013.
Topics Carriers Excess Surplus New York
Was this article valuable?
Here are more articles you may enjoy.
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Two-Thirds of Independent Agencies Plan to Increase AI Use This Year, Survey Says 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
