Bill Text: NY A02202 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 2202

Introduced

Bill Title: Clarifies the excess line insurance placement affidavit requirements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-02-01 - substituted by s1318 [A02202 Detail]

Download: New_York-2023-A02202-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          2202

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2023
                                       ___________

        Introduced by M. of A. HUNTER -- read once and referred to the Committee
          on Insurance

        AN  ACT to amend the insurance law, in relation to clarifying the excess
          line insurance placement affidavit requirements

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subparagraph  (C)  of  paragraph  3  of subsection (b) of
     2  section 2118 of the insurance law, as amended by a chapter of  the  laws
     3  of  2022  amending  the insurance law relating to simplifying the excess
     4  line insurance placement affidavit requirements, as proposed in legisla-
     5  tive bills numbers S. 8127 and A. 9088, is amended to read as follows:
     6    (C) Every licensee, or affirming broker, in connection with the place-
     7  ment of each risk pursuant to this section [not  otherwise  exempt  from
     8  the  diligent    effort  requirement],  shall  record  on  the affidavit
     9  required pursuant to subparagraph (A) of this paragraph the  name,  date
    10  of the declination, and  national  association  of insurance commission-
    11  ers  code  of  each  authorized insurer declining a risk and information
    12  relied upon that formed  the  basis  of  such  licensee's  or  affirming
    13  broker's  reason  to  believe that the authorized insurer might consider
    14  writing the type of coverage or class of insurance involved.  [No  addi-
    15  tional diligent effort information shall be reported on the affidavit] A
    16  licensee  or  affirming  broker  shall  not be required to record on the
    17  affidavit the name of the representative declining the risk, the  repre-
    18  sentative's affiliation, or the reason for the declination.
    19    §  2.  This  act  shall  take  effect on the same date and in the same
    20  manner as a chapter of the laws  of  2022  amending  the  insurance  law
    21  relating  to  simplifying  the excess line insurance placement affidavit
    22  requirements, as proposed in legislative bills numbers S.  8127  and  A.
    23  9088, takes effect.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04213-01-3