Circular Letter No. 24 (1998)

September 4, 1998

On August 5, 1998, Governor Pataki signed into law Chapter 579 of the Laws of 1998 that, among other things, repeals Section 334 of the Insurance Law. Section 334 directed the Superintendent to compile commercial liability insurance data for an Annual Commercial Property/Casualty Report to be submitted to the Governor and the Legislature. Regulation 131, which implements the provisions of Section 334, instructed insurers about the format and content of the data required for compilation of the report.

The repeal of Section 334 does not take effect for 180 days. However, since the Insurance Department will not have to compile the report that would have been due May 1, 1999, all insurers who are currently submitting commercial liability data for the purposes of the report are no longer required to do so.

Please direct any questions concerning this Circular Letter to the following:

Vince Mazzarella, Senior Insurance Examiner
Property Bureau, New York State Insurance Department
25 Beaver Street, New York, New York 10004
212-480-5590