Industry News

​The Excess Line Association of New York (ELANY) has warned New York licensed excess line brokers of stepped-up enforcement of document filing requirements. In a bulletin ​dated August 15, 2022, the association said that the New York State Department of Financial Services (DFS) has been issuing fines to excess line brokers who "demonstrate a pattern of late policy document filings with ELANY."The fines have been in the tens of thousands of dollars, the association said, with at least one reaching six figures. These are on top of the late-filing fees that ELANY imposes. Many states, including New York, require licensed producers to notify them of…

​The New York State Workers Compensation Board is is presenting monthly webinars for employers, starting today. You and your clients may find the information useful.The webinars, presented by the Board's Advocate for Business, will address basics of the state's Workers' Compensation system, coverage requirements, and employer obligations. They will also address:Who does and does not need coverageHow and when to report workplace injuries and illnesses, including cases of COVID-19Factors to consider when an employer hires independent contractors, laborers and domestic workersHow to reduce premiumsPenalties and where to go for help with themThe sessions are free of charge and do not require pre-registration. More information can…

​The New York State Department of Financial Services has asked producer trade organizations to distribute the following message:Dear Producers,Section 4 of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public member alternates to the Governing Committee of the NYAIP. Section 15A of the New York Automobile Insurance Plan (NYAIP) manual provides for the Department of Financial Services to appoint at least 4 public members,  1 company member and their respective alternates to the Producer Certification Peer Review Panel.At the request of the Department of Financial Services (DFS,) the NYAIP is soliciting producer trade…