The New York Department of Financial Services (the “NY DFS”) has released proposed amendments
to Insurance Regulation 41 (11 NYCRR Part 27), which governs the standards for excess lines placements. The proposed amendments, if enacted, would include removal of the requirement that foreign insurers maintain a $2.5 million trust and the adoption of a new electronic reporting format for excess lines insurers. The NY DFS is still reviewing comments from interested parties and is considering making further revisions. Consequently, an effective date has not been set. We will continue to follow this issue and provide further updates on InsureReinsure.com.