NY | The Excess Line Association of New York (ELANY) has issued Bulletin No. 2024-13 concerning minimum premiums.
Filings must list a total written premium for the entire policy period. Where total written premium is not known, an estimated premium must be listed. In the past, ELANY has advised brokers in certain situations to list a $10 estimated premium since a filing cannot show zero premium. Please note that the New York State Department of Financial Services (DFS) has informed ELANY that this practice is no longer acceptable and total estimated premium must therefore be included in the filing. The minimum premium entered should be a reasonable estimate and aligned to the limits of the policy.