N.Y. Comp. Codes R. & Regs. tit. 11 § 27.7

Current through Register Vol. 46, No. 51, December 18, 2024

Section 27.7 - Reports to be filed by excess line association

(a) The excess line association shall submit the following:

(1) monthly reports, by the 15th day of every month, including aggregate premium data, drawn from excess line brokers' affidavits and classified by type of coverage, relating to policies stamped by the excess line association during the preceding calendar month, together with affidavits, pertaining to each policy stamped, as required by section 27.5 of this Part;

(2) bi-monthly reports, identifying excess line brokers that failed to comply with any of the provisions of this Part or section 2118 of the Insurance Law, including placement of any policy with an unauthorized insurer that does not meet eligibility standards for stamping by the excess line association (and, if so, also identifying such insurer), based upon the association's examination of insurance documents submitted by the excess line brokers, whether or not stamped by the association, during the preceding two-month period; and

(3) an annual report, by March 15th, concerning excess line business, including the number of policies presented to, but not stamped by, the excess line association, and a delineation of the classes and kinds of business procured during the preceding calendar year.

(b) The reports required by this section shall be submitted, in a format and utilizing such written or electronic media as prescribed by or satisfactory to the superintendent, to:

New York State Department of Financial Services

Property Bureau

Attention: Excess Line Unit

One State Street

New York, NY 10004

N.Y. Comp. Codes R. & Regs. Tit. 11 § 27.7

Amended, New York State Register October 8, 2014/Volume XXXVI, Issue 40, eff.10/8/2014