Bill Text: NY S09136 | 2023-2024 | General Assembly | Introduced

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Bill Title: Expands authorization for certain exemptions from filing requirements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2024-05-30 - referred to insurance [S09136 Detail]

Download: New_York-2023-S09136-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9136

                    IN SENATE

                                     April 30, 2024
                                       ___________

        Introduced  by  Sen. BRESLIN -- 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  expanding  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 chapter 158 of the laws of 2023, is  amended  to
     3  read as follows:
     4    (3)  until  June  thirtieth, two thousand [twenty-five] twenty-nine, 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)] (B) writes ninety percent of its total direct premiums in this
    18  state.
    19    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15275-01-4