NY| The Excess Line Association of New York (“ELANY”) has issued Bulletin 2024-27.
In Bulletin 2021-09, ELANY provided guidance regarding the submission of premium bearing endorsements. This included a limitation on the use of extension endorsements, which cannot be used to annualize premium on a multiyear policy since the excess line tax is payable in the tax year of the policy effective date and the tax is applicable to the written premium for the entire policy term. Furthermore, extension endorsements cannot be used to avoid completing a diligent search at policy expiration.
