Bill Text: NY S04010 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Grants authority to assessment corporations to write specified kinds of standalone liability insurance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-06-20 - COMMITTED TO RULES [S04010 Detail]

Download: New_York-2017-S04010-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          4010
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 1, 2017
                                       ___________
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance
        AN ACT to amend the insurance law, in relation to  the  organization  of
          assessment corporations
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The opening paragraph of subsection (a) of section 6605  of
     2  the  insurance  law  as  added  by  chapter  137 of the laws of 1986, is
     3  amended to read as follows:
     4    An assessment corporation may be organized and licensed in the  manner
     5  prescribed in section six thousand six hundred three of this article and
     6  may do, in addition to the kind of insurance specified in paragraph four
     7  of  subsection  (a) of section one thousand one hundred thirteen of this
     8  chapter, any one or more of the kinds of insurance  specified  in  para-
     9  graphs five, six, seven and eight of such subsection [solely in conjunc-
    10  tion  with fire insurance written under the same policy and covering the
    11  same premises] and insurance against loss or damage to  property  caused
    12  by aircraft or vehicles in compliance with the following prerequisites:
    13    §  2.  Subsection (b) of section 6605 of the insurance law, as amended
    14  by chapter 379 of the laws of 2001, is amended to read as follows:
    15    (b) Any licensed assessment corporation may amend its charter  and  be
    16  licensed  to  do  the  kinds  of insurance specified in paragraphs nine,
    17  thirteen, fourteen and fifteen (except workers' compensation  insurance)
    18  of  subsection  (a) of section one thousand one hundred thirteen of this
    19  chapter [solely in conjunction with fire  insurance  written  under  the
    20  same  policy  and  covering the same premises] and may be licensed to do
    21  the kinds of insurance specified in paragraphs twelve, nineteen (exclud-
    22  ing aircraft physical damage insurance) and twenty (inland marine  only)
    23  of  such  subsection.  An  assessment  corporation licensed to write the
    24  kinds of insurance specified in  paragraphs  thirteen  and  fourteen  of
    25  subsection  (a)  of  section  one  thousand one hundred thirteen of this
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09515-01-7
        S. 4010                             2
     1  chapter is authorized to write personal or commercial umbrella liability
     2  insurance or any other type of standalone liability insurance, excluding
     3  automobile insurance.
     4    §  3.  Section  6605  of  the insurance law is amended by adding a new
     5  subsection (d) to read as follows:
     6    (d) An assessment corporation licensed to write the kinds of insurance
     7  specified in paragraphs thirteen  and  fourteen  of  subsection  (a)  of
     8  section  one thousand one hundred thirteen of this chapter is authorized
     9  to write personal or commercial  umbrella  liability  insurance  or  any
    10  other  type  of  standalone  liability  insurance,  excluding automobile
    11  insurance.
    12    § 4. This act shall take effect immediately.