Bill Text: NY A07291 | 2023-2024 | General Assembly | Introduced

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Bill Title: Extends certain exemptions from regulatory requirements necessitating prior approval of rates and forms for large, commercial insureds and special risks and to make changes to certain notice requirements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2023-06-30 - signed chap.158 [A07291 Detail]

Download: New_York-2023-A07291-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7291

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 17, 2023
                                       ___________

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

        AN ACT to amend the insurance law, in  relation  to  extending  authori-
          zation for certain exemptions from filing requirements

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

     1    Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
     2  ance law, as amended by section 1 of item TTT of subpart B of  part  XXX
     3  of chapter 58 of the laws of 2020, is amended to read as follows:
     4    (3)  until  June thirtieth, two thousand [twenty-three] twenty-five, a
     5  domestic property/casualty insurance company that maintains at all times
     6  a surplus to policyholders of at least  twice  the  minimum  surplus  to
     7  policyholders  required to be maintained for the kinds of insurance that
     8  it is authorized to write in this state, or an insurer licensed pursuant
     9  to article sixty-one of this chapter as a reciprocal insurer that  main-
    10  tains  at  all  times a surplus to policyholders of at least the minimum
    11  surplus to policyholders required to be  maintained  for  the  kinds  of
    12  insurance  that  it  is authorized to write in this state, provided that
    13  the domestic property/casualty insurance company or reciprocal  insurer:
    14  (A)  has  total  direct  premiums  comprised  of at least ninety percent
    15  medical malpractice insurance; (B) assumes reinsurance  premiums  in  an
    16  amount  that is less than five percent of total direct premiums written;
    17  and (C) writes ninety percent of  its  total  direct  premiums  in  this
    18  state.
    19    § 2. The opening paragraph of paragraph 3 of subsection (a) of section
    20  6303  of  the  insurance  law,  as amended by chapter 438 of the laws of
    21  2018, is amended to read as follows:
    22    until June thirtieth, two thousand  [twenty-three]  twenty-seven,  the
    23  policy,  other than a medical malpractice insurance policy, is issued to
    24  a large commercial insured that employs or retains a special risk manag-
    25  er to assist in the negotiation and purchase of a policy exempted  under
    26  this article, provided, however, that:
    27    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11476-01-3