Bill Text: NY S08127 | 2021-2022 | General Assembly | Introduced

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Bill Title: Simplifies the excess line insurance placement affidavit requirements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-12-30 - APPROVAL MEMO.110 [S08127 Detail]

Download: New_York-2021-S08127-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8127

                    IN SENATE

                                    January 25, 2022
                                       ___________

        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 simplifying the excess
          line insurance placement affidavit requirements

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

     1    Section  1.  Subparagraph  (C)  of  paragraph  3  of subsection (b) of
     2  section 2118 of the insurance law, as amended by chapter 684 of the laws
     3  of 1993, is amended to read as follows:
     4    (C) Every licensee, or affirming broker, in connection with the place-
     5  ment of each risk pursuant to this section not otherwise exempt from the
     6  diligent  effort requirement, shall record  on  the  affidavit  required
     7  pursuant  to  subparagraph (A) of this paragraph the name  and  national
     8  association  of insurance commissioners code of each authorized  insurer
     9  declining  a  risk  and information relied upon that formed the basis of
    10  such licensee's or affirming broker's reason to believe that the author-
    11  ized insurer might consider writing the type of  coverage  or  class  of
    12  insurance  involved.  No additional diligent effort information shall be
    13  reported on the affidavit.
    14    § 2. This act shall take effect immediately, provided,  however,  that
    15  the  amendments  to subparagraph (C) of paragraph 3 of subsection (b) of
    16  section 2118 of the insurance law made by section one of this act  shall
    17  not  affect  the  expiration  of  such subsection and shall be deemed to
    18  expire therewith.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14285-01-2