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September 16, 2013
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RE: 14th AMENDMENT TO REGULATION 41 (11 NYCRR 27)
On July 17, 2013 the Department of Financial Services (DFS) published in the State Register proposed
changes to
Regulation 41 which will be significant to the industry if adopted. The current version of the
14th Amendment the
Regulation 41 has been promulgated on an emergency basis to implement the Non Admitted and Reinsurance
Reform Act (NRRA) and New York legislation conforming New York Law to the NRRA. The new proposed
Amendments primarily impact eligibility standards for insurers and the duty of due care in selecting
insurers owed
by excess line brokers.
Attached are both an ELANY summary of the proposed changes and the Amendments to the 14th
Amendment to
Reg 41 proposed by DFS.
All current ELANY bulletins and other current ELANY publications can be found on our website at
http://www.elany.org
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