I left you on a cliffhanger last time, so we're back with the conclusion of my discussion of the new law affecting the coastal property market. To summarize:
- The temporary panel on Homeowners insurance is now permanent.
- The Insurance Department must develop incentives for additional insurers to enter the New York Homeowners market.
- Several temporary laws affecting Homeowners insurance are now permanent, among them the law authorizing multi-tier rating plans.
- Flex-rating for auto insurance is finally reinstated!
- Exemptions from non-renewal requirements for companies with very small books of business.
- Certain temporary laws relating to auto insurance are extended until 2011.
- I conclusively establish who the real podcaster in the IIABNY office is.