Feb 25, 2014

Flood insurance added to export list

The annual Exportable List hearing was held Jan. 8, 2014, at the Department of Banking and Insurance. According to New Jersey Insurance Law, the DOBI commissioner generally may declare eligible for export any class or classes of insurance coverage or risk for which, after a hearing, he or she determines that there exists no reasonable or adequate market among authorized carriers in New Jersey.

The list of such risks, lines or classes of insurance is known as the Exportable List. Discussions at the January meeting included whether to add flood to the Exportable List. On Feb. 21, 2014, the Hearing Officer submitted a report recommending that flood insurance indeed be added to the Exportable List.

DOBI Commissioner Kenneth Kobylowski concurred with the Hearing Officers report and approved the recommendation. More and More