Albany Update: Excess Lines Simplification Bill Passes Senate, Budget Negotiations Underway, HERO Act Designation Ends
Big I NY Applauds Senate Passage of Excess Lines Affidavit Simplification Bill:This week the New York Senate passed Big I NY-supported legislation to streamline the affidavit required when placing coverage in the excess market. The bill, S.8127 sponsored by Senator Neil Breslin (D, Albany), would reduce significant burdens on agents by streamlining the reporting of declinations by reducing declination data elements from twenty-one to nine. New York is one of only 13 states/jurisdictions that require declination information for each policy to be filed with the state or a stamping office. Of these states New York filings are the most burdensome, with seven required data elements…