The New York Department of Financial Services (DFS) recently approved versions of ACORD certificates of insurance currently available, along with planned future versions containing an edition date of 2016/03.
The New York legislature recently passed new Insurance Law Article 5 “Certificates of Insurance,” which requires standard certificate of insurance forms issued by an industry standard-setting organization to be reviewed and approved by the Superintendent of Financial Services. As a result, ACORD submitted standard certificates of insurance to the DFS for review and ACORD is pleased with the Department’s quick response and approval time.
This is the first time ACORD certificates of insurance were submitted in New York. The DFS also requested permission to include the ACORD certificates of insurance on their website. ACORD granted this request, and the DFS has included a copyright notice advising users that ACORD certificates of insurance are for member use. This is significant for ACORD Members utilizing the ACORD certificates of insurance, because now they do not have to make separate filing submissions to the New York Department of Financial Services, as they have already been approved through ACORD’s submission.
Non-subscribers wishing to utilize the ACORD certificates of insurance approved in New York may contact ACORD’s Member Services at memberservices@acord.org to determine subscription options.