Superintendent of Insurance Gregory V. Serio announced that the New York State Insurance Department will hold public hearings around the state to determine whether he will require the New York Property Insurance Underwriting Association (NYPIUA) to provide commercial liability insurance coverage.
The bulletin noted that the “NYPIUA is a joint underwriting association in which all New York licensed property and casualty companies participate. At the present time, NYPIUA acts as the residual market mechanism for New Yorkers seeking insurance for fire and extended property coverage.” Serio has the authority to require NYPIUA to provide liability insurance coverage for the property/casualty market after conducting a public hearing.
“The Department is holding public hearings to address concerns expressed by businesses and organizations that have requested information and assistance from the Insurance Department to secure appropriate insurance coverage vital to their operations in the current market environment,” Serio stated.
The scheduled public hearings are as follows:
Albany: November 7, 2003 at 9:00 AM
Legislative Office Building
Hearing Room A
Long Island: November 20, 2003 at 9:00 AM
Hempstead Town Hall
1 Washington Street
New York City: November 21, 2003 at 9:00 AM
New York State Insurance Department
5th Floor Hearing Room
25 Beaver Street
New York, NY
Buffalo: December 4, 2003 at 9:00 AM
Walter Mahoney Office Building
65 Court Street
The hearings are open to the public. Interested parties may testify at these hearings or submit written comments to be included in the hearing record. Any person wishing to testify should contact the Department’s Public Affairs Bureau at (212) 480-5262. Oral testimony will be allowed up to 5 minutes.
Written comments should be addressed to Ellen Wenz, Public Affairs Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004. Comments will be accepted for 30 days after the close of the last public hearing.
Oral and written testimony should include the following topics:
— Is coverage for the exposure readily available?
— What is the extent and nature of competition for the coverage?
— What is the size and significance of the coverage?
— Are available coverage limits adequate to meet the needs of the insured?
— The availability of reinsurance for the coverage.
— The efficacy of a market assistance program as an alternative.
— The volume of cancellations and nonrenewals.
— The volume and nature of denials and restrictions on the coverage.
— To what extent have changes in the economic, judicial, or social environment affected the market and coverage?
For additional information on these hearings, please contact the Department at 212-480-5262.
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