(a) The association shall create a coastal market assistance program to provide a voluntary mechanism whereby insurers and insurance agents and brokers facilitate efficient access to participating private market insurance companies for those personal residential property risks located in coastal areas.
Terms Used In N.Y. Insurance Law 5414
- Market: means a line, subline or classification (other than a classification delineated by geographic location) of property/casualty insurance not subject to subsection (b) of section two thousand three hundred five, section two thousand three hundred twenty-eight or section three thousand four hundred twenty-five of this chapter. See N.Y. Insurance Law 5412
- Minority leader: See Floor Leaders
(b) To provide the association with advice and assistance with the operations of the coastal market assistance program, a C-MAP agents advisory council shall be established, consisting of nine members appointed as follows: three members shall be appointed by the governor, two members shall be appointed by the temporary president of the senate, two members shall be appointed by the speaker of the assembly, one member shall be appointed by the minority leader of the senate, and one member shall be appointed by the minority leader of the assembly, provided however that each member shall be an insurance producer, as defined in article twenty-one of this chapter, who sells homeowners’ insurance in an area served by the coastal market assistance program. The superintendent, or his or her designee, also may participate as an ex-officio member. Each member of such advisory council shall serve at the pleasure of the official who appointed such member.
(c) The association shall administer the coastal market assistance program. The association may, subject to approval of the superintendent, adopt reasonable eligibility standards for participation in the coastal market assistance program.
(d) The C-MAP agents advisory council shall provide recommendations to the association for consideration by the board of directors. The board of directors shall promptly advise the superintendent, in writing, of any recommendations received from the C-MAP agents advisory council.
(e) The association shall study and may adopt a voluntary single adjuster program, under which a residence insured under both an association and a private market policy would have claims under both policies adjusted by the private market carrier. The association may adopt other incentives to encourage voluntary participation in the coastal market assistance program, subject to the approval of the superintendent.