Coverage line

A careful pair of hands balances small employee-benefit baskets on a shared scale.Illustration for The General Average

What Fiduciary Liability Insurance Requirements Apply in New York?

New York Secure Choice applies to private employers with 10 or more employees, two years in business, and no qualified retirement plan; The statute uses the ten-employee and two-year tests to define covered employers. Coverage review should identify which people make discretionary plan decisions and which staff perform the state payroll task; give the broker both roles.

What Is Fiduciary Liability Insurance?

Fiduciary liability can protect your company and plan fiduciaries when participants claim mishandling of an employee benefit plan. If you sponsor a retirement or health plan, check who is insured and whether both administration errors and fiduciary-breach claims are addressed. Read the national Fiduciary liability guide.

What to Watch for With Fiduciary Liability in New York

Ten-employee and two-year eligibility
Use ten-employee and two-year eligibility as the state checkpoint. Keep the supporting eligibility record, employee authorization, exemption certification, or program notice with payroll reconciliation so the employer can trace how it applied the rule. ¹
Name The Decision Makers
For New York, ten-employee and two-year eligibility is a state payroll or program checkpoint. Assign an operational owner to track it, and separately identify the people who select investments, resolve eligibility disputes, or monitor the plan provider; those discretionary roles matter to the fiduciary application. ^1,²
Set An Exception Review
At renewal, sample New York payroll or program records against ten-employee and two-year eligibility. Record the reviewer, any missed authorization, enrollment, or remittance step, the correction date, and the plan fiduciary who reviewed the exception. ¹

Which Fiduciary Liability Providers Have New York License Records?

These providers publish a national listing for Fiduciary liability; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in New York. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

Coalition
Insurance producer, Surplus-lines broker · checked 2026-09-28
Coalition Insurance Solutions, Inc.
Coalition’s license page lists producer and surplus-lines licenses for Coalition Insurance Solutions, Inc. in all 50 states and the District of Columbia. The page separately lists insurers; this record covers the brokerage entity only. ¹²
Coalition offers fiduciary liability through its executive-risks product for private and nonprofit US organizations.
Corgi
Insurance producer · checked 2026-09-28
Corgi Insurance Services, Inc.
Corgi’s company producer-license table lists 50 jurisdictions: 49 states and the District of Columbia, including DC license 3003091619. New Mexico does not appear in the table and is not included here; the omission does not establish that Corgi is unlicensed there. The company-reported table has no stated as-of date and does not establish product availability. ¹³
Corgi lists fiduciary liability in its coverage catalog and package options.

Who Regulates Insurance in New York?

New York State Department of Financial Services

New York DFS supervises insurance companies and producers, administers insurance law and accepts consumer complaints about property and casualty policies, including commercial insurance. ^3,^4,^5,⁶

Website: Regulator website
License lookup: Search licensed producers
Complaints: File a complaint
Phone: 800-342-3736

Surplus-Lines Tax and Stamping Office in New York

Reported tax rate. 3.6% of gross premium, less returned premium; ELANY stamping fee is 0.15% through 2026 and 0.17% for policies incepting on/after Jan. 1, 2027 ^7,^8,^9,¹⁰

When New York is the insured’s home state, excess-line tax is 3.6% of gross premium less returned premium. ELANY’s September 20, 2026 bulletin sets a 0.15% stamping fee through December 31, 2026 and 0.17% for policies incepting on or after January 1, 2027; statutory search requirements and guaranty-fund protection depend on the applicable New York excess-line rules.

Excess Line Association of New York

Questions to Ask Before You Buy Fiduciary Liability in New York

What state-specific eligibility, authorization, or remittance rule applies to the employer’s retirement arrangement?
Who reviews payroll-to-plan reconciliations and records exceptions under that rule?
Which people exercise plan discretion, and are they identified in the fiduciary application?

Fiduciary Liability Insurance in New York: Frequently Asked Questions

What state retirement or payroll rule should an employer in New York check first?

New York Secure Choice applies to private employers with 10 or more employees, two years in business, and no qualified retirement plan. Verify those tests and the program’s registration instructions before assigning payroll setup. ¹

Does hiring a plan administrator remove an employer’s fiduciary responsibility in New York?

No. Provider selection does not end the plan fiduciary’s duty to monitor the provider. Document who retains that review, and assign a separate owner for the state checkpoint: ten-employee and two-year eligibility. ^2,¹

Sources

16 documents, numbered as cited. Open the sources

Sources for Fiduciary Liability Insurance in New York

1
General Business Law Article 43 — New York Secure Choice Savings Program. New York State Senate; General Business Law Article 43, §§ 1300–1316, especially §§ 1311 and 1313: covered employer definition, remittance, and employer liability. Accessed 2026-09-29.
2
Retirement plan fiduciary responsibilities. Internal Revenue Service; Employer plan fiduciaries must act prudently and solely in participants’ interests; hiring a provider does not remove the duty to monitor that provider. Accessed 2026-09-29.
3
New York State Department of Financial Services. New York State Department of Financial Services; Official regulator homepage. Accessed 2026-09-28.
4
Who We Supervise. New York State Department of Financial Services; DFS describes insurance oversight and provides links to company and producer searches. Accessed 2026-09-28.
5
Insurance License Search. New York State Department of Financial Services; DFS portal performs public insurance producer license searches; it displays a CAPTCHA to limit automated access. Accessed 2026-09-28.
6
Consumer Complaints. New York State Department of Financial Services; Official portal files insurance complaints for health, life and property/casualty insurance. Accessed 2026-09-28.
7
New York Insurance Law §2118(d)(1). New York State Senate; Current statutory text: 3.6% of gross premiums less returned premium when New York is the insured’s home state. Accessed 2026-09-28.
8
ELANY Bulletin 2026-20: Notice of Change in Stamping Fee. Excess Line Association of New York; September 20, 2026 bulletin: 0.17% applies to policies incepting from Jan. 1, 2027; endorsements on policies incepting Jan. 1, 2023–Dec. 31, 2026 retain 0.15%; excess-line tax remains 3.6%. Accessed 2026-09-28.
9
New York Insurance Law §2118. New York State Senate; Excess-line broker duties and filing requirements; §2118(a) due care; exceptions should be applied only where statutory conditions are met. Accessed 2026-09-28.
10
New York Insurance Law §2118. New York State Senate; Excess-line statutory duties and policies; source is used for placement context. No state-specific guaranty cap/note included. Accessed 2026-09-28.
11
Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
12
Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
13
Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
14
About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
15
Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
16
Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

What Fiduciary Liability Insurance Requirements Apply in New York?

What Is Fiduciary Liability Insurance?

What to Watch for With Fiduciary Liability in New York

Ten-employee and two-year eligibility

Name The Decision Makers

Set An Exception Review

Which Fiduciary Liability Providers Have New York License Records?

Coalition

Corgi