Excess Line Association of New York (ELANY)

The New York Senate Insurance Committee has favorably reported a bill that seeks to remove the requirement for excess line brokers to secure a declination from the Medical Malpractice Insurance Pool (MMIP) for placing medical practice coverage for general hospitals, physicians, and dentists.) ELANY is actively advocating for passage of S4964 by the full Senate and is working toward Assembly passage of its identical bill, A1521. The current requirement prevents the excess line market from playing a constructive role in meeting the needs of New York's medical community and their patients because the MMIP, as the medical malpractice residual market, does not decline hard-to-place risks. Read the bill here: https://lnkd.in/etuzxPQe

All licensed excess line brokers must file a tax return ELECTRONICALLY (Premium Tax Statement) on or before March 17, 2025, even if NO business was placed under that license. New York and several other states assess up to a $500 penalty if you fail to file. Read ELANY Bulletin 2025-07 to learn more: https://lnkd.in/ee6EY2PY

According to data from the World Economic Forum, at the current rate of progress, it will take until 2158, which is roughly five generations from now, to reach full gender parity. ELANY steps forward in solidarity for International Women's Day (IWD) 2025 on March 8 to help #AccelerateAction. As an industry we can identify the systemic barriers and biases that women face, both in personal and professional spheres. Let's Accelerate Action to speed up the rate of progress worldwide.

ELANY was delighted to invite James Lucas, Executive Director of AON's Crisis Management & International Terrorism team, George Barratt, War & Terrorism underwriter at Talbot Underwriting Limited, and Claire Fisher Crisis Management Underwriter at Aspen Insurance Group to our office. They were joined by ELANY staff Janet Pane, Theresa Hetherington & Branan Whitehead for a discussion on workplace violence insurance, including regulatory requirements, product features, and legislation. Excess Line Association of New York (ELANY)

ELANY is pleased to announce that the 2024 ELANY reports, used to complete the excess line broker Premium Tax Statement, have been posted. Sign in at: https://lnkd.in/eq-FBpW6.

ELANY was pleased to participate in a collaborative discussion with the Insurance Committee of the New York City Bar Association regarding issues of mutual concern. CEO & Executive Director Janet Pane and Director of Government Affairs and Strategic Initiatives Howard Greene discussed several ELANY legislative initiatives, including bills to reform diligent effort requirements, remove barriers to medical malpractice insurance placements with excess line insurers, and enhance newly enacted laws that explicitly authorize business interruption and parametric insurance in New York. ELANY actively partners with groups like the Bar Association to build working coalitions and gain expert insights to effectively advocate on behalf of consumers and excess line market players.

ELANY CEO and Executive Director Janet Pane participated in a NY P&C Insurance Summit panel hosted by Big I New York and City and State New York, entitled “Where Do You Go When You Can’t Find Insurance?”. Janet shared insights about the excess line market and the vital role it plays in New York for the most difficult risks.

2024 was a perfect storm of increased E&S transactions in NYS and increased fines for late filings. ELANY encourages all brokers to make sure they file accurately and on time. Click here to learn more regarding compliance obligations for brokers: https://lnkd.in/eduK2V3D

Surplus lines premium reached over $81 billion in 2024 and New York's excess line market saw a 14% increase in premium year-over-year. Janet Pane, CEO & Executive Director of ELANY, underscored the E&S sector's crucial role in addressing coverage gaps for consumers "As the safety valve for risks the admitted market cannot or will not write, E&S insurance plays a critical role in providing vital new coverages, and we are seeing that reflected in filings. Read the press release and download the full report here: https://ow.ly/ulli50UV3JH

The London market continues its status as a leading player in the NY excess line market. In light of this, ELANY hosted a CE webinar entitled 'The London Market: What to Expect in 2025'. Hosted by Janet Pane, CEO and Executive Director of ELANY, the live webinar featured an esteemed panel including Chris Mather Underwriting - Property & Casualty with the Lloyd’s Market Association, Ian Gormley, UK CEO, BMS Group and Helen Dalziel, Director of Public Policy, International Underwriting Association of London. The panel discussed the important opportunities and challenges for excess line brokers placing risks in the London market. See the recorded webinar here: https://ow.ly/R71A50UUqRA