Bill Text: NY A10634 | 2017-2018 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-06-13 - substituted by s7746a [A10634 Detail]

Download: New_York-2017-A10634-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10634
                   IN ASSEMBLY
                                       May 9, 2018
                                       ___________
        Introduced  by M. of A. STECK -- read once and referred to the Committee
          on Insurance
        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 (c) of section 6302 of the insur-
     2  ance law, as amended by chapter 24 of the laws of 2015,  is  amended  to
     3  read as follows:
     4    (3)  until  December  thirty-first,  two thousand [eighteen] twenty, 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) writes ninety percent of  its  total  direct  premiums  in  this
    18  state.
    19    § 2. The opening paragraph of paragraph 3 of subsection (a) of section
    20  6303 of the insurance law, as amended by chapter 24 of the laws of 2015,
    21  is amended to read as follows:
    22    until  June thirtieth, two thousand [nineteen] twenty-three, the poli-
    23  cy, other than a medical malpractice insurance policy, is  issued  to  a
    24  large  commercial insured that employs or retains a special risk manager
    25  to assist in the negotiation and purchase of  a  policy  exempted  under
    26  this article, provided, however, that:
    27    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14305-03-8