Subscription market in fashion. NY Governor backs plans, says report

New York Governor, David Paterson, intends to establish the New York Insurance Exchange (NYIE), according to a report in The Wall Street Journal. The much-heralded but thus far delayed exchange would bring buyers and sellers of complex commercial insurance together and operate like Lloyd’s of London.

James Wrynn, superintendent of New York’s insurance department, was quoted as saying that half the money that goes to Lloyd’s comes from the US, and this could be channeled into the NYIE. The exchange would set up a central fund to pay claims if an insuring syndicate was unable to pay. It would also create thousands of jobs in New York City and upstate New York.