N.Y. Comp. Codes R. & Regs. tit. 11 § 18-3.0

Current through Register Vol. 46, No. 25, June 18, 2024

Section 18-3.0 - Introduction

(a)

(1) This Subpart was initially promulgated in 1979. However, in November 1987, the members of the New York Insurance Exchange, Inc. voted to suspend writing new and renewal business, and no business has been written on the Exchange since that time. In November 1999, the New York Insurance Exchange, Inc. was liquidated. Nonetheless, because article 62 remains in the Insurance Law, this Subpart is continued. The original statutory references have been retained.

(2) Section 425-a, now article 62 of the Insurance Law, was added by chapter 480 of the Laws of 1978, effective July 20, 1978, and was amended by chapter 11 of the Laws of 1979, effective February 28, 1979. Subdivision 1 of section 425- a, now section 6201(a), provides for the creation of a New York insurance exchange, subject to such regulations as may be promulgated by the superintendent.

(b) This Subpart implements the provision of article 62 of the Insurance Law, by establishing criteria to enable the initial board of governors or the nominating committees to determine the eligibility of nominees for the positions of public governor of the exchange.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 18-3.0