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


                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
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