NYSIR’s A.M. Best Rating Withdrawn
[UPDATE: Since we posted this news item, we have learned that NYSIR is a "municipal reciprocal insurer," as New York Insurance Law Section 6102 defines that term. That same section of the law permits a municipal reciprocal insurer to opt out of having its policies covered by the New York Property Casualty Insurance Security Fund (also known as "the guaranty fund.") According to NYSIR's website, they have chosen not to participate in the NYPCISF. Therefore, should the carrier run into difficulty paying claims, they may assess each one of their policyholders (referred to as "subscribers") for the shortfall. It is possible that some school districts may…