Section I - INTRODUCTION
On September 1, 1988 New York Insurance Law Sec. 2130 (Chapter 630 of the Laws of 1988) became effective. The new law provided for the creation of the Excess Line Association of New York (ELANY). The Association is a not-for-profit advisory organization consisting of all New York state excess line insurance licensees, and was created to assist licensees in complying with the many detailed and complicated features of the current excess line regulatory system.
Each Excess Line licensee, by law, is deemed to be a member of the Excess Line Association of New York.
Copies of all declaration pages of insurance policies or cover notes evidencing insurance procured on or after January 1, 1989 with an unauthorized insurer, as well as all other premium bearing documents pertaining to said insurance, must be submitted to ELANY for review and stamping.
After reviewing the documents, ELANY will issue a stamp provided ELANY has verified that: 1) the excess line insurer providing the coverage meets the minimum standards of eligibility imposed by New York law; 2) the placement complies with the rules and regulations of the Superintendent of Financial Services and New York Insurance Law; and 3) the filing is in compliance with the rules and procedures of the Association.
All excess line licensees have been notified that after January 1, 1989, it is illegal to deliver any declaration page or cover note for a policy placed in New York's excess line market when New York is the home state of the insured, unless it has been stamped by ELANY or a copy of the coverage document bearing the ELANY stamp is attached to the original coverage document. This manual is designated to assist you in filing documents with the Excess Line Association of New York.
MEMBERSHIP IN THE EXCESS LINE ASSOCIATION DOES NOT, IN ANY WAY, RELIEVE A LICENSEE OF ITS LEGAL RESPONSIBILITY TO COMPLY WITH THE EXCESS LINE LAW AND REGULATIONS OF THE STATE OF NEW YORK.
Last Reviewed/Updated 4/18/2014