Bill Text: NY A10416 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to authorizing real estate value assurance insurance against loss of real estate value specifically attributable to local rezoning or significant changes in land use within their neighborhood that are not related to broader economic downturns.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-24 - referred to insurance [A10416 Detail]
Download: New_York-2023-A10416-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10416 IN ASSEMBLY May 24, 2024 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Bichotte Hermelyn) -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to authorizing real estate value assurance insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 34 of subsection (a) of section 1113 of the 2 insurance law, as renumbered by chapter 359 of the laws of 2021, is 3 renumbered paragraph 35 and a new paragraph 34 is added to read as 4 follows: 5 (34) "Real estate value assurance insurance" means insurance against 6 loss of real estate value specifically attributable to local rezoning or 7 significant changes in land use within their neighborhood that are not 8 related to broader economic downturns. 9 § 2. Subsection (a) of section 2105 of the insurance law, as amended 10 by chapter 359 of the laws of 2021, is amended to read as follows: 11 (a) The superintendent may issue an excess line broker's license to 12 any person, firm, association or corporation who or which is licensed as 13 an insurance broker under section two thousand one hundred four of this 14 article, or who or which is licensed as an excess line broker in the 15 licensee's home state, provided, however, that the applicant's home 16 state grants non-resident licenses to residents of this state on the 17 same basis, except that reciprocity is not required in regard to the 18 placement of liability insurance on behalf of a purchasing group or any 19 of its members; authorizing such person, firm, association or corpo- 20 ration to procure, subject to the restrictions herein provided, policies 21 of insurance from insurers [which] that are not authorized to transact 22 business in this state of the kind or kinds of insurance specified in 23 paragraphs four through fourteen, sixteen, seventeen, nineteen, twenty, 24 twenty-two, twenty-seven, twenty-eight, thirty-one, thirty-two [and], 25 thirty-three and thirty-four of subsection (a) of section one thousand 26 one hundred thirteen of this chapter and in subsection (h) of this 27 section, provided, however, that the provisions of this section and 28 section two thousand one hundred eighteen of this article shall not 29 apply to ocean marine insurance and other contracts of insurance enumer- 30 ated in subsections (b) and (c) of section two thousand one hundred EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15730-01-4A. 10416 2 1 seventeen of this article. Such license may be suspended or revoked by 2 the superintendent whenever in [his or her] the superintendent's judg- 3 ment such suspension or revocation will best promote the interests of 4 the people of this state. 5 § 3. Subsection (a) of section 4101 of the insurance law is amended to 6 read as follows: 7 (a) "Basic kinds of insurance" means the kinds of insurance described 8 in the following paragraphs of subsection (a) of section one thousand 9 one hundred thirteen of this chapter numbered therein as set forth in 10 parentheses below: 11 fire (4); 12 burglary and theft (7); 13 glass (8); 14 boiler and machinery (9); 15 elevator (10); 16 animal (11); 17 personal injury liability (13); 18 property damage liability (14) - basic as to stock companies only; 19 workers' compensation and employers' liability (15); 20 fidelity and surety (16); 21 credit (17); 22 marine and inland marine (20); 23 marine protection and indemnity (21) - basic as to mutual companies 24 only; 25 real estate value assurance (34). 26 § 4. Group A of table one of paragraph 1 of subsection (a) of section 27 4103 of the insurance law, as amended by chapter 359 of the laws of 28 2021, is amended to read as follows: 29 Group A: 30 7 $300,000 $150,000 31 8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000 32 13 or 15 - for each such kind $500,000 $250,000 33 16 $900,000 $450,000 34 17 $400,000 $200,000 35 Basic additional amount 36 required for any one 37 or more of the above 38 kinds of insurance $100,000 $ 50,000 39 3(i), 3(ii), 6{1} or 12{2} - for each 40 such kind $100,000 $ 50,000 41 22 $2,000,000 $1,000,000 42 24 $400,000 $200,000 43 26(B) $200,000 $100,000 44 26(A), 26(C) or 26(D) - 45 for each such kind $600,000 $300,000 46 27 $300,000 $150,000 47 28 $2,000,000 $1,000,000 48 30 $400,000 $200,000 49 31 $100,000 $ 50,000 50 32 $100,000 $ 50,000 51 33 $100,000 $ 50,000 52 34 $2,000,000 $1,000,000 53 § 5. This act shall take effect on the thirtieth day after it shall 54 have become a law.
