Section VII - Stamping
When New York is the home state of the insured, the Association shall stamp copies of Excess Line Coverage Documents submitted to it provided that the unauthorized insurer that is to insure the business meets the standards of eligibility under the New York Insurance Law and Regulations. If the Association believes that the unauthorized insurer in question does not meet the standard of eligibility, the Association shall notify the Superintendent of Financial Services or the Superintendent's Designee within forty-five (45) days and prior to stamping submitted documents.
The Association will stamp insurance documents which evidence a kind of insurance, class or type of coverage which can legally be placed by an excess line licensee with an eligible excess line insurer.
It shall be unlawful for a licensee, as defined in Sections 2101, 2104, and 2105 of New York Insurance Law, to deliver in this state any Declarations Page of an insurance policy or Cover Note evidencing insurance unless such insurance document is accompanied by the coverage document stamped by the Excess Line Association or is exempt from such requirements; provided, however, that a licensee's failure to comply with stamping requirements shall not affect the validity of the coverage.
Last Reviewed/Updated 4/18/2014