N.Y. State Calls Off Bid Bonds Hearing

December 10, 2007

The New York State Insurance Department has called off a public hearing scheduled for later this week on whether the New York Property Insurance Underwriting Association should be required to provide a market for surety bonds.

Superintendent of Insurance Eric Dinallo first scheduled the hearing after fielding complaints from some minority contractors that they had difficulty securing the coverage in the Empire State.

NYPIUA is a joint underwriting association in which New York-authorized property casualty companies participate. It acts as the residual market mechanism for New Yorkers seeking insurance for fire and extended property coverage.

The hearing had been set for Friday in New York City; the insurance department said the hearing has been “adjourned until further notice.”

Source: New York State Insurance Department

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