Bill Text: NY S01318 | 2023-2024 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2023-03-03 - SIGNED CHAP.93 [S01318 Detail]

Download: New_York-2023-S01318-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1318

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 11, 2023
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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