Big I NY Priority Excess Lines Affidavit Bill Signed Into Law
On December 30th, Governor Hochul signed into law legislation that will reduce paperwork burdens on brokers placing coverage in the excess market and allow them to better serve their customers. The bill, which Big I NY strongly supported, streamlines the affidavits that brokers must submit upon placing excess coverage. Prior to the bill's signature, the form required a total of twenty-one data elements in total for three declinations. The new law is effectively immediately and removes name of declining representative, affiliation of the representative, and reason for the declination from the affidavits.We thank Assemblywoman Pam Hunter and Senator Neil Breslin for sponsoring this important bill…