News

The following reminder is from the Excess Lines Association of NY:

During audits by the Insurance Division of the NYS Department of Financial Services (DFS), it has been repeatedly stated that declination dates by licensed insurers should precede the notice of excess line placement date and the inception date of the policy on all affidavit transactions. When the inception date of the policy precedes any of the declination dates or the date of notice of excess line placement, the DFS views the transaction as potentially being made without a proper diligent search effort.

ELANY is required to report audit results on document dating issues to the Excess Line Unit of the Insurance Division.

Again, please verify the accuracy of all transaction dates before submitting affidavits to ELANY.

For more information about making exces lines placesment in New York state, please visit the ELANY website, at www.elany.org