Bill Text: NY S07746 | 2017-2018 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7746 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 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. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14305-01-8