NY Insurance Risk Exchange (NY–IREX)
In January 2010, a Working Group of industry and regulatory representatives was established to help formulate an action plan for the re-establishment of an insurance risk exchange in New York. In June 2010 the Working Group issued its preliminary recommendations and in July 2011 a draft plan to implement these recommendations was prepared, but to date has not been released by the Department. Because of the interest in reviving the insurance exchange in New York, and the numerous requests to the Working Group for materials on the old New York Insurance Exchange, and because of my role as special advisor to the Working Group and a principal author of the implementation plan, I present this section of articles, studies, documents and publications relating to the original exchange and subsequent developments, including the Working Group’s preliminary recommendations and the draft plan to implement those recommendations.
It is my hope that making this information readily available to all interested parties will assist in the effort to establish a new, modern syndicated risk exchange facility in New York.
Working Group Materials
“Plan to Implement the Recommendations of the Industry Working Group,” Draft of July 25, 2011.
“Preliminary Recommendations of the Sub-groups to the Insurance Exchange Working Group,” June 28, 2010.
Background and Governing Documents
Exchange: A Guide to an Alternative Insurance Market, Peter H. Bickford (NILS Publishing Co. 1987-1990). Note: This volume is out of print and is too lengthy to include in pdf or other format. However, I have included the following extracts from the volume:
Front Matter and Table of Contents
Insurance Exchanges – A Commentary (Parts A through D)
Insurance Exchanges – A Commentary (Part E added in 1990): “Looking at U.S. Insurance Exchange Experiences: Two Post Mortems and a Hopeful Prognosis.”
New York Insurance Exchange Governing Documents:
- NY Insurance Law Article 62 and Regulations 89, 89A and 89B
- Constitution and By-Laws
- Operating Rules
Related Studies and Articles
“Senate Task Force on the Development of the New York Insurance Exchange,” Senator John R. Dunne, Chairman, Senator Donald M. Halperin, Senator Roy M. Goodman, July 1980.
“An Analysis of the New York Insurance Exchange’s Economic Impact,” prepared by The Diebold Group, Inc., April 1981.
“The New York Insurance Exchange – Future Directions,” prepared by Stewart Economics, Inc., October 23, 1986.
Statement by Peter H. Bickford presented at the New York Insurance Department Hearing on the Future of the New York Insurance Exchange, December 21, 1987.
“What Ever Happened to the New York Insurance Exchange (And Why Do We Care)?” by Peter H. Bickford, Practicing Law Institute Conference on Run-offs and Commutations, November 2004.
“The Once and Future New York Insurance Exchange,” by Peter H. Bickford, February 2010.
“A Desert Flower,” by Peter H. Bickford, Insurance Advocate, January 21, 2013
“Speaking of Exchanges . . . Will the Phoenix Rise?” by Peter H. Bickford, AIRROC Matters, Spring 2014