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NEW YORK—New York has issued regulations implementing a new law deregulating most insurance business with companies that employ risk managers or generate annual commercial risk premiums totaling more than $25,000 in property/casualty insurance.
The regulation allows insurers to issue commercial insurance policies to large companies with risk managers in New York without submitting rate filings to the New York Department of Financial Services or obtaining official prior approval for the sale of policies, said Benjamin M. Lawsky, superintendent of the New York State Department of Financial Services, in a statement.
“The new law and regulation enhance the ability of insurers to underwrite large commercial insureds in New York, increase speed to market for certain insurance products not currently exempted, and eliminate barriers to economic development in New York,” said Mr. Lawsky in the Monday statement.
Under the exemption, a business is considered a “large commercial insured” if it generates annual gross revenues exceeding $15 million and has a net worth of at least $1.5 million, among other things, according to the statement.
A nonprofit organization is deemed a “large commercial insured” if it has an annual budget exceeding $20 million for each of its three fiscal years preceding the policy's effective date, among other things.
The insurer using the exemption must file a certificate of insurance with the terms of the policy within one business day of binding the insurance coverage and must file any other policy forms no later than 60 calendar days after the inception date of the policy, according to the statement.
Insurers are not exempt from New York's insurance laws and regulations and the exemption does not apply to workers compensation and medical malpractice coverages, along with certain other property/casualty insurance lines, according to the statement.
ALBANY, N.Y.—The New York State Department of Financial Services, which officially launched last week with promises to save money and collaborate with business, has taken early steps that seem business-friendly, experts say.