Excess Lines Modernization Bill Clears Key Committee Vote
This week, the Senate Insurance Committee voted in favor of Big I NY – supported legislation which would make it easier to place commercial coverage in the excess market. The bill, S.498 (Breslin, D-Bethlehem), would simplify and streamline the affidavit process, and exempt commercial lines insurance transactions placed by wholesale insurance brokers from the requirement to obtain three separate declinations.New York's excess line market is critical to providing insurance for risks that are not underwritten by admitted carriers – such as those which are unique, volatile, or lack loss history. Current law requires brokers to obtain three declinations from admitted carriers before an excess line…