N.Y.: Risk retention placement reports due March 15

February 15, 2024

New York State Insurance Law Section 5904 requires producers placing New York state business with risk retention groups not chartered in the state to report this business by Friday, March 15, 2024.

To comply with New York State Insurance Law Section 5904(c), if a business has been placed with a risk retention group not chartered in New York, the producer of record is required to report such business on the Statement of Business Placed with Risk Retention Groups not Chartered in New York form. This form is due no later than March 15 of each year.

To assist members in timely reporting, PIANY offers the statement form that needs to be completed and submitted. It should be mailed to the New York State Department of Financial Services, State of New York, Excess Line Unit, One State St., New York, NY  10004-1511. This form is not yet available in electronic format.

If you have any additional questions, PIA members can contact PIA’s Industry Resource Center at (800) 424-4244 or by emailing resourcecenter@pia.org.

Shirley Albright, CPIA, CISR
PIA Northeast

Shirley Albright, CPIA, CISR, joined PIA in 1983 and has worked in many facets of the association over the years. In 1995, she was an integral part of establishing the Industry Resource Center to include the development of the software system to record and track all incoming and outgoing inquiries. She quickly moved from industry resource representative to assistant director and eventually to her current position as director. Currently, Shirley oversees the daily operations of the Industry Resource Center to include the triage of thousands of incoming member inquiries. Her other accomplishments include obtaining her New York state property/casualty broker’s license, CPIA and CISR designations.

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