Excess Line Association of New York

“Any corporation, partnership or individual licensed as an excess line broker under section 2105 of the new york insurance law shall be deemed a member of the association. Members that are organized as corporations or partnerships shall provide the association, in writing, with the name of an officer, partner or employee who shall be authorized to exercise all powers, rights, and responsibilities of those members including, but not limited to, the rights to vote and to serve as a director.”

“The chairman of the board shall appoint a nominating committee, subject to approval of the board of directors, at least 90 days before the annual meeting, to nominate members to fill the expiring terms of directors. The recommendations of the nominating committee shall be announced at least 60 days before the annual meeting, and active members shall be given 10 days after such announcement to make additional nominations of active members who have signified their willingness to stand for election by petition supported by no less than 40 active members. Ballots shall be mailed to members at least 30 days prior to the annual meeting indicating the nominations by the nominating committee and any additional nominations by petition. The result of the election shall be counted the day prior to the annual meeting by tellers appointed by the board.”

“Any changes to the plan of operations must be approved in advance by the new york state department of financial services.”

“The form 990 is reviewed and signed by the executive director. In addition, the form 990 is provided to the entire board before it is filed.”

“The conflict of interest policy is distributed annually to the board of directors and managers. Each year the questionnaire is completed and returned to be reviewed by the chairman of the board. In the event a conflict exists, the individual with the conflict must recuse himself/herself from any deliberation and voting regarding the conflict.”

“The executive director's compensation is determined by the members of the executive committee, who present the final determination to the entire board. Compensation of other similar positions in similarly sized organizations is used to help determine the executive director's compensation. The chairman of the board then notifies the director of operations, by email, of any change in compensation for changes to the payroll. A copy of the email becomes part of the executive director's personnel file. For other key employees, the compensation determination is made by the executive director.”

“The board of directors shall, once each year, provide for an independent audit of all the books and records of the association and a report of such independent audit shall be made to the board and the superintendent of insurance. Copies of such report shall be made available to each member to review at the association's office. The conflict of interest policy is not available to the public. Financial statements are made available to the public upon request for the same period of disclosure as set forth in section 6104(d).”

“The organization, in a full transparency posture to reporting, is reporting all benefits in full in part vii, column f and not applying the $10,000 per item exception for certain benefits.”