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October 20, 2014
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RE: 14TH
AMENDMENT TO REGULATION 41 (11 NYCRR 27) -- FINAL ADOPTION
On October 8, 2014, the Department of Financial Services (DFS) published in the State Register the final
adopted
version of the “14th Amendment to Regulation 41”. The 14th Amendment
was originally promulgated on an
“emergency basis” on July 22, 2011 and readopted several times thereafter in order to implement
the provisions of
the Non Admitted and Reinsurance Reform Act of 2010 (NRRA) and New York legislation conforming New
York Law to the NRRA. (See ELANY Bulletin No. 2011-22)
http://www.elany.org/contentHTML/1659.htm
.
On July 17, 2013, the DFS published in the State Register proposed changes to the “14th
Amendment to
Regulation 41,” which primarily impacted eligibility standards for insurers and the duty of due
care owed by
excess line brokers. (See ELANY Bulletin 2013-33)
http://www.elany.org/contentHTML/1790.htm
. As a
result of public comments received by the DFS, additional revisions were proposed to the 14th
amendment to the
regulation and were published in the State Register on July 9, 2014. The final adopted version of the “14th
Amendment to Regulation 41” became effective as of October 8, 2014.
Attached is a copy of ELANY’s summary of the revised provisions contained
in the final adopted version of the
“14th Amendment to Regulation 41”.
For your convenience, ELANY has compiled and consolidated Regulation 41 (11 NYCRR 27), inclusive of
Amendments 1 through 14. To review the consolidated Regulation, please visit our website
www.elany.org
and
refer to the Regulations navigation bar then click on “Regulation 41”.
All current ELANY bulletins and other current ELANY publications can be found on our website at
www.elany.org
.
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