Bill Text: NY S07950 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 7950

Introduced

Bill Title: Relates to establishing a captive insurance program for commuter vans.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced) 2024-01-04 - REFERRED TO INSURANCE [S07950 Detail]

Download: New_York-2023-S07950-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          7950

                    IN SENATE

                                     January 4, 2024
                                       ___________

        Introduced  by  Sens.  PARKER, COMRIE, JACKSON, MYRIE, PERSAUD, SANDERS,
          SEPULVEDA -- 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 establishing a captive
          insurance program for commuter vans

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The insurance law is amended by adding a new  section  7013
     2  to read as follows:
     3    §  7013.  Captive  insurance program for commuter vans. (a) The super-
     4  intendent shall implement a captive insurance program for commuter  vans
     5  that  are engaged in the business of carrying or transporting passengers
     6  for hire. The program shall include, but shall not be limited to:
     7    (1) identifying and licensing a captive insurance company or companies
     8  to provide necessary insurance coverage to commuter vans;
     9    (2) standards for enrollment  of  eligible  commuter  vans,  including
    10  mechanisms for determining eligibility; and
    11    (3) standards for monitoring the performance of such captive insurance
    12  company  or  companies  in  providing  affordable  insurance coverage to
    13  commuter vans participating in the program.
    14    (b) For the purposes of this section, the term  "commuter  van"  shall
    15  have  the  same meaning as such term is defined in section 19-502 of the
    16  administrative code of the city of New York.
    17    § 2. This act shall take effect on the ninetieth day  after  it  shall
    18  have become a law.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11837-01-3