Bill Text: NY S07746 | 2017-2018 | General Assembly | Amended

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2018-12-21 - SIGNED CHAP.438 [S07746 Detail]

Download: New_York-2017-S07746-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         7746--A
            Cal. No. 731
                    IN SENATE
                                    February 15, 2018
                                       ___________
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the  Committee  on  Insurance  --  reported
          favorably  from  said  committee,  ordered to first and second report,
          ordered to a third reading, amended and ordered  reprinted,  retaining
          its place in the order of third reading
        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.
                                                                   LBD14305-02-8