Bill Text: NY S05735 | 2019-2020 | General Assembly | Introduced

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Bill Title: Permits insurers to make available multiple rating programs for commercial insurance within the same company.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-12-28 - COMMITTED TO RULES [S05735 Detail]

Download: New_York-2019-S05735-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5735

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 14, 2019
                                       ___________

        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 permitting insurers to
          make available multiple rating programs for commercial insurance with-
          in the same company

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

     1    Section  1. Section 2352 of the insurance law, as added by chapter 457
     2  of the laws of 2011, is amended to read as follows:
     3    § 2352. Multiple rating programs. (a) Subject to the  superintendent's
     4  prior  approval,  an  insurer may establish more than one rating program
     5  within the same company for policies of insurance that  are  subject  to
     6  section  three  thousand four hundred twenty-five or section three thou-
     7  sand four hundred twenty-six of this chapter; provided that:
     8    (1) each rating program shall apply only to policies newly written  on
     9  or  after  the  effective  date  of  the rating program but prior to the
    10  effective date of any subsequently  approved  rating  program;  provided
    11  however  if  an  insurer  terminates  a rating program, then the insurer
    12  shall renew the policies that were  subject  to  the  terminated  rating
    13  program in a subsequently approved rating program.
    14    (2)  the  provisions  of subsection (f) of section three thousand four
    15  hundred twenty-five and subsection (b) of  section  two  thousand  three
    16  hundred  forty-nine  of  this  chapter  shall  be applied to each rating
    17  program to which they are applicable separately.
    18    (b) The superintendent may promulgate rules and regulations to  imple-
    19  ment the provisions of this section.
    20    §  2.  This  act shall take effect on the ninetieth day after it shall
    21  have become a law.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11711-01-9