Return of the New York Insurance Exchange?

Yesterday's National Underwriter reported that Governor Patterson announced earlier this week at a dinner hosted by Lloyd's of London, that New York may reprise the long-defunct New York Insurance Exchange as part of New York State's financial services modernization campaign. As it had in the early 1980's, the Exchange would provide access to coverage for specialty or hard-to-place risks as well as reinsurance. For an excellent overview of the New York Insurance Exchange, see Peter Bickford's article, "What Ever Happened to the New York Insurance Exchange (and Why Do We Care)?"