NEW YORK ADOPTS EMERGENCY AMENDMENT TO EXCESS LINES REGULATION
The New York State Department of Financial Services has, on an emergency basis published in the State Register on August 1, 2012, adopted amendments to Insurance Regulation 41, concerning excess (or surplus) lines insurance. The purpose of the amendment is to implement the changes to the New York insurance code which were adopted in 2011 to conform the law to the Nonadmitted and Reinsurance Reform Act portion of the Dodd-Frank Act, which addressed certain issues regarding the writing of excess and surplus lines insurance.
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