New York Issues Circular Letter Concerning Affordable Housing Underwriting and Rating

NY | The New York State Department of Financial Services (“DFS”) has issued Circular Letter No. 6 to inform all insurers authorized to write property/casualty insurance in New York State, licensed insurance producers, the New York Property Insurance Underwriting Association (“NYPIUA”), and the Excess Line Association of New York that insurers, including excess line insurers, and NYPIUA cannot inquire about on an application or cancel, refuse to issue, refuse to renew or increase the premium of a policy, or exclude, limit, restrict, or reduce coverage under a policy based on the fact that the real property being insured is an affordable housing development or contains affordable housing units. Continue reading.