Senator Breslin Introduces ELANY Supported Bill Favoring Brokers

Senator Breslin has filed Bill # S-769, supported by the Excess Line Association of New York that implies simplified requirements for agents and brokers placing business in the state’s E & S lines marketplace.

The bill would “excuse retail insurance brokers and any unaffiliated wholesale excess line insurance brokers from making a diligent effort when procuring commercial lines insurance”.

The full bill as filed appears opposite.

 PIANY has weighed in, stating in a press release that, as currently drafted, the relief sought is not fully realized. “PIANY would urge the Senate to amend the bill to ensure the spirit of the bill is fully implemented. Further, it would reduce the affidavit requirement on brokers when procuring non-commercial lines insurance—they would need to only record the name of the carrier, National Association of Insurance Commissioners’ number and the information the agent/broker relied upon to indicate why the authorized insurer might write the type of coverage and class of insurance involved. No additional information would need to be reported on the affidavit.

This legislation would remove an artificial barrier that can prevent consumers from obtaining the necessary coverage for their risks”.