N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 18-1.0

Current through Register Vol. 46, No. 50, December 11, 2024

Section 18-1.0 - Introduction

(a)

(1) This Part was initially promulgated in 1979. However, in November 1987, the members of the New York Insurance Exchange, Inc. voted to suspend writing new and renewal business, and no business has been written on the Exchange since that time. In November 1999, the New York Insurance Exchange, Inc. was liquidated. Nonetheless, because article 62 remains in the Insurance Law, this Part is continued. The original statutory references have been retained.

(2) Section 425-a, now article 62 of the Insurance Law, was added by chapter 480 of the Laws of 1978, effective July 20, 1978, and was amended by chapter 11 of the Laws of 1979, effective February 28, 1979. Subdivision 1 of section 425- a, now section 6201(a), provides for the creation of a New York insurance exchange, subject to such regulations as may be promulgated by the superintendent; subdivision 6 of section 425-a, now section 6203(c), makes the Insurance Law and regulations promulgated thereunder applicable to the exchange, its members, and the insurance or reinsurance written through the exchange except as may be exempted by the superintendent pursuant to regulation; provided, however, that no such exemption shall be unfairly discriminatory or detrimental to the solvency of licensed insurers.

(b) This Part implements the provisions of section 425-a, now article 62, by specifying sections of the Insurance Law and regulations promulgated thereunder which shall not apply, in whole or in part, to the New York Insurance Exchange and its members, and to the insurance and reinsurance written through the exchange.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 18-1.0