NY’s Plans for a Direct Competitor to Lloyd’s Are Gaining Momentum.

We have previously commented on NY’s plans to reopen a New York Insurance Exchange. It appears that the reopening of the exchange will be a priority of NYS Governor Patterson heading into an election year. In his State of the State Address earlier today http://www.ny.gov/governor/press/press_01061001.html, Governor Patterson announced that, assuming industry interest, his administration plans to create a New York Insurance Exchange and have it operational “as soon as possible.”