Bill Text: NY S04654 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to extending the exemption from filing requirements only with respect to rates and policy forms to businesses underwritten and transacted from an office outside this state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-02-12 - referred to insurance [S04654 Detail]

Download: New_York-2017-S04654-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4654
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 23, 2017
                                       ___________
        Introduced  by  Sen.  SEWARD -- 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 exemption from  filing
          requirements only with respect to rates and policy forms
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (a) of section 6303 of  the  insurance  law,  as
     2  amended  by  chapter  490 of the laws of 2011, paragraph 3 as amended by
     3  chapter 75 of the laws of 2013 and the opening paragraph of paragraph  3
     4  as  amended  by  chapter  24  of the laws of 2015, is amended to read as
     5  follows:
     6    (a) The exemption that may be granted pursuant to this  article  shall
     7  apply  only  if  [the  business  is  underwritten and transacted from an
     8  office within this state; and]:
     9    (1) the risk, as defined in regulations of the superintendent, produc-
    10  es a minimum annual premium in excess of one hundred thousand dollars or
    11  such higher amount as the superintendent may prescribe by regulation;
    12    (2) the coverage is for a risk or class of risks which is of an unusu-
    13  al nature, a high loss hazard, or difficult to place, pursuant to a list
    14  promulgated or amended by the superintendent; or
    15    (3) until June thirtieth, two thousand  nineteen,  the  policy,  other
    16  than  a  medical  malpractice  insurance  policy,  is  issued to a large
    17  commercial insured that employs or retains a  special  risk  manager  to
    18  assist  in  the negotiation and purchase of a policy exempted under this
    19  article, provided, however, that:
    20    (A)(i) the special risk manager is not employed by the insurer issuing
    21  the policy or any person in the insurer's holding company system; and
    22    (ii) the special risk manager is licensed as an insurance producer  in
    23  this  state  pursuant  to  article  twenty-one  of  this chapter, unless
    24  exempted from licensing therein; and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10034-01-7
        S. 4654                             2
     1    (B) a policy form that has not been previously filed with  the  super-
     2  intendent  shall  be  filed  with  the  superintendent for informational
     3  purposes within three business days after first  delivery  of  a  policy
     4  using  such form, but no later than sixty calendar days after the incep-
     5  tion date of such policy.
     6    § 2. This act shall take effect immediately.