Bill Text: NY S04327 | 2013-2014 | General Assembly | Amended

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-06-20 - SUBSTITUTED BY A6918A [S04327 Detail]

Download: New_York-2013-S04327-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4327--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    March 21, 2013
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee  on  Insurance  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       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 (a) of section 6303 of the
    2  insurance law, as amended by chapter 490 of the laws of 2011, is amended
    3  to read as follows:
    4    (3) until June thirtieth, two thousand [thirteen] FIFTEEN, the policy,
    5  other than a medical malpractice insurance policy, is issued to a  large
    6  commercial  insured  that  employs  or retains a special risk manager to
    7  assist in the negotiation and purchase of a policy exempted  under  this
    8  article, provided, however, that:
    9    (A)(i) the special risk manager is not employed by the insurer issuing
   10  the policy or any person in the insurer's holding company system; and
   11    (ii)  the special risk manager is licensed as an insurance producer in
   12  this state pursuant  to  article  twenty-one  of  this  chapter,  unless
   13  exempted from licensing therein; AND
   14    (B)  [the  insurer shall file with the superintendent a certificate of
   15  insurance evidencing the existence and terms of the  policy  within  one
   16  business day of binding the insurance coverage; and
   17    (C)]  a policy form that has not been previously filed with the super-
   18  intendent shall be  filed  with  the  superintendent  for  informational
   19  purposes  within  three  business  days after first delivery of a policy
   20  using such form, but no later than sixty calendar days after the  incep-
   21  tion date of such policy.
   22    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08856-06-3