On May 9, 2023, PIWA held a series of advocacy meetings in the State Capitol and Legislative Office Building with legislators and key staff to highlight the importance of the excess-and-surplus-lines insurance market and to advocate for the passage of priority legislation.
PIWA was represented by President Steve Diamond, board members Paige Radakovich and Dennis Lee, and legislative counsel Robert S. Pastel, Esq. and Campbell H. Wallace, Esq. The day included meetings with Assembly Insurance Committee Chair David Weprin, D-24, and insurance committee staff; Assembly majority and minority program and counsel staff; Senate Insurance Committee Ranking Member Sen. Pamela Helming, R-54; Senate Insurance Committee Chair Neil Breslin’s, D-46, committee director; and Senate Majority and Minority program and counsel staff.
Over the course of the day, PIWA’s representatives educated policymakers on the nuances of the regulation, oversight, and market dynamics associated with the E&S market. Conversations highlighted how the E&S market provides coverage for a significant portion of the state’s personal- and commercial-lines risks, and delivers creative and flexible insurance solutions for businesses and institutions in legislators’ districts.
Among the bills discussed were S.2796/A.4597, S.4354/A.4984 and S.5896/A.5253.
The first four bills are supported by PIWA and respectively would allow for the placement of medical malpractice insurance in the nonadmitted market; grant an additional five-year reauthorization to the Excess Lines Association of New York; and simplify the placement by retail brokers of certain commercial risks with nonaffiliated surplus lines brokers. Procedurally, all three of these bills have passed the Senate and now await Assembly action.
Additionally, the PIWA representatives expressed concern about S.88/A.1687, which would prohibit the issuance of insurance policies with an exclusion for injury caused by exposure to lead based paint. The prevention of lead poisoning in rental properties was identified as a priority by Gov. Kathy Hochul in this year’s budget. The final adopted version of the budget included a provision (S.4007C/A.3007C, Part T) that creates a state registry of certain rental properties, mandates proactive lead paint inspections in certain high concern areas, and requires the compliance with such law as a condition to the issuance of a certificate of occupancy following a periodic fire safety inspection. This approach encourages the remediation of lead risks without unsettling the insurance market and the negative consequences flowing from S.88/A.1687.
(L-R) Steve Diamond, Senate Insurance Committee Director Evan Schneider, Paige Radakovich, Dennis Lee and Campbell Wallace
The 2023 legislative session is scheduled to conclude on June 8, 2023. However, speculation in the Capitol suggests that the session will run slightly later to tackle issues that were delayed by the late budget.
PIWA and its legislative counsel will continue to advocate for passage of these priority bills through the last day of session.
PIWA members meet at Spring Reception
In addition to meeting with their legislative representatives in May, PIWA members took the time to come together for the PIWA Spring Reception on May 18, 2023, at the Hard Rock Hotel NYC.
Attendees learned about the industry and networked with peers and company representatives. Were you there? See photos from the event here.
Campbell Wallace, Esq.
Campbell Wallace is a partner at Pastel & Rosen LLP. Having served as a counsel in the New York state Assembly and as a registered lobbyist for various organizations in multiple states, he brings to the firm and its clients extensive insurance and legal expertise, and legislative acumen.