Bill Text: NY S09481 | 2023-2024 | General Assembly | Introduced
Bill Title: Authorizes stand-alone business interruption insurance.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-06-04 - SUBSTITUTED BY A10342 [S09481 Detail]
Download: New_York-2023-S09481-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9481 IN SENATE May 16, 2024 ___________ Introduced by Sen. MAYER -- (at request of the Department of Financial Services) -- 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 authorizing stand-al- one business interruption insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 34 of subsection (a) of section 1113 of the 2 insurance law, as renumbered by chapter 359 of the laws of 2021, is 3 renumbered paragraph 35 and a new paragraph 34 is added to read as 4 follows: 5 (34) "Business interruption insurance" means insurance against loss of 6 use and occupancy, rents, and profits resulting from a business closure 7 due to: (A) loss of or damage to insured or neighboring property; (B) an 8 act or threatened act of violence while the perpetrator is on the busi- 9 ness premises; or (C) a government order. 10 § 2. Subsection (a) of section 2105 of the insurance law, as amended 11 by chapter 359 of the laws of 2021, is amended to read as follows: 12 (a) The superintendent may issue an excess line broker's license to 13 any person, firm, association or corporation who or which is licensed as 14 an insurance broker under section two thousand one hundred four of this 15 article, or who or which is licensed as an excess line broker in the 16 licensee's home state, provided, however, that the applicant's home 17 state grants non-resident licenses to residents of this state on the 18 same basis, except that reciprocity is not required in regard to the 19 placement of liability insurance on behalf of a purchasing group or any 20 of its members; authorizing such person, firm, association or corpo- 21 ration to procure, subject to the restrictions herein provided, policies 22 of insurance from insurers [which] that are not authorized to transact 23 business in this state of the kind or kinds of insurance specified in 24 paragraphs four through fourteen, sixteen, seventeen, nineteen, twenty, 25 twenty-two, twenty-seven, twenty-eight, thirty-one, thirty-two [and], 26 thirty-three and thirty-four of subsection (a) of section one thousand 27 one hundred thirteen of this chapter and in subsection (h) of this EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14188-01-4S. 9481 2 1 section, provided, however, that the provisions of this section and 2 section two thousand one hundred eighteen of this article shall not 3 apply to ocean marine insurance and other contracts of insurance enumer- 4 ated in subsections (b) and (c) of section two thousand one hundred 5 seventeen of this article. Such license may be suspended or revoked by 6 the superintendent whenever in [his or her] the superintendent's judg- 7 ment such suspension or revocation will best promote the interests of 8 the people of this state. 9 § 3. Subsection (a) of section 4101 of the insurance law is amended to 10 read as follows: 11 § 4101. Definitions. In this article: (a) "Basic kinds of insurance" 12 means the kinds of insurance described in the following paragraphs of 13 subsection (a) of section one thousand one hundred thirteen of this 14 chapter numbered therein as set forth in parentheses below: 15 fire (4); 16 burglary and theft (7); 17 glass (8); 18 boiler and machinery (9); 19 elevator (10); 20 animal (11); 21 personal injury liability (13); 22 property damage liability (14) - basic as to stock companies only; 23 workers' compensation and employers' liability (15); 24 fidelity and surety (16); 25 credit (17); 26 marine and inland marine (20); 27 marine protection and indemnity (21) - basic as to mutual companies 28 only; 29 business interruption insurance (34). 30 § 4. Group A of table one of paragraph 1 of subsection (a) of section 31 4103 of the insurance law, as amended by chapter 359 of the laws of 32 2021, is amended to read as follows: 33 Group A: 34 7 $300,000 $150,000 35 8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000 36 13 or 15 - for each such kind $500,000 $250,000 37 16 $900,000 $450,000 38 17 $400,000 $200,000 39 Basic additional amount 40 required for any one 41 or more of the above 42 kinds of insurance $100,000 $ 50,000 43 3(i), 3(ii), 6{1} or 12{2} - for each 44 such kind $100,000 $ 50,000 45 22 $2,000,000 $1,000,000 46 24 $400,000 $200,000 47 26(B) $200,000 $100,000 48 26(A), 26(C) or 26(D) - 49 for each such kind $600,000 $300,000 50 27 $300,000 $150,000 51 28 $2,000,000 $1,000,000 52 30 $400,000 $200,000 53 31 $100,000 $ 50,000S. 9481 3 1 32 $100,000 $ 50,000 2 33 $100,000 $ 50,000 3 34 $2,000,000 $1,000,0000 4 § 5. Table two of paragraph 1 of subsection (a) of section 4107 of the 5 insurance law, as amended by chapter 805 of the laws of 1984, is amended 6 to read as follows: 7 TABLE TWO 8 Kind of 9 insurance 10 specified 11 in the 12 following Num- Number 13 numbered Num- ber of 14 paragraphs ber Number of Insur- Minimum 15 of subsec- of of Sep- ance Surplus 16 tion (a) Mem- Appli- arate Poli- Initial to be Other 17 of § 1113 bers cations Risks cies Surplus Maintained Requirements 18 --------- ----- ------ ----- ---- ------- ---------- ------------ 19 4 50 300 300 -- $ 300,000{1}$ 200,000{1}see note{2} 20 7 20 20 200 20 $ 300,000 $ 200,000 see note{3} 21 8 20 20 300 20 $ 150,000 $ 100,000 see note{3} 22 9 20 20 200 20 $ 300,000 $ 200,000 see note{3} 23 10 20 20 300 20 $ 150,000 $ 100,000 see note{3} 24 11 20 20 300 20 $ 150,000 $ 100,000 see note{3} 25 13 100 100 500{4} -- $ 500,000{5}$ 400,000{5}see note{6} 26 15 40{7} 40 2,500{7} -- $ 500,000 $ 400,000 see note{6} 27 30{7} 30 5,000{7} -- $ 500,000 $ 400,000 see note{6} 28 20{7} 20 7,500{7} -- $ 500,000 $ 400,000 see note{6} 29 10{7} 10 10,000{7} -- $ 500,000 $ 400,000 see note{6} 30 16 -- -- --- -- $1,500,000 $1,000,000 31 17 20 20 2,000 20 $ 750,000 $ 500,000 see note{3} 32 20 50 300 300 -- $1,000,000{8}$ 500,000{8}see note{9} 33 21 20 20{10} 200{11}-- $ 500,000 $ 500,000 see note{12} 34 34 20 20 200 20 $2,000,000 $1,000,000 see note {3} 35 § 6. This act shall take effect on the thirtieth day after it shall have 36 become a law.
