Bill Text: NY S03513 | 2015-2016 | General Assembly | Amended

New York Senate Bill 3513 (Prior Session Legislation)

Bill Title: Relates to extending authorization for certain exemptions from filing requirements.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-06-15 - SUBSTITUTED BY A6131A [S03513 Detail]

Download: New_York-2015-S03513-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3513--A
           Cal. No. 323
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 11, 2015
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the  Committee  on  Insurance  --  reported
         favorably  from  said  committee,  ordered to first and second report,
         ordered to a third reading, amended and ordered  reprinted,  retaining
         its place in the order of third reading
       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 9 of part B of chapter 78 of the laws of
    3  2014, is amended to read as follows:
    4    (3)  until  December  thirty-first, two thousand [sixteen] EIGHTEEN, 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    S 2. The opening paragraph of paragraph 3 of subsection (a) of section
   20  6303 of the insurance law, as amended by chapter 75 of the laws of 2013,
   21  is amended to read as follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07120-02-5
       S. 3513--A                          2
    1    until  June  thirtieth,  two  thousand [fifteen] NINETEEN, the policy,
    2  other than a medical malpractice insurance policy, is issued to a  large
    3  commercial  insured  that  employs  or retains a special risk manager to
    4  assist in the negotiation and purchase of a policy exempted  under  this
    5  article, provided, however, that:
    6    S 3. This act shall take effect immediately.