NY | The New York State Department of Financial Services (“DFS”) has issued Circular Letter No. 6 (2024) imposing restrictions on affordable housing underwriting and rating. The Circular Letter explicitly applies to excess line insurers and is intended to address the requirements contained in Insurance Law §3462, which was enacted this past spring. The Circular Letter informs insurers, including excess line insurers, that they 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