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A06131 Summary:

BILL NOA06131A
 
SAME ASSAME AS S03513-A
 
SPONSORSteck
 
COSPNSR
 
MLTSPNSR
 
Amd SS6302 & 6303, Ins L
 
Relates to extending authorization for certain exemptions from filing requirements.
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A06131 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A6131A              REVISED 5/27/15
 
SPONSOR: Steck
  TITLE OF BILL: An act to amend the insurance law, in relation to extending authorization for certain exemptions from filing requirements   PURPOSE: To extend certain exemptions from regulatory requirements necessitating prior approval of rates and forms for large, commercial insureds and special risks and to make changes to certain notice requirements.   SUMMARY OF PROVISIONS: Section 1 of the bill amends section 6302 (c)(3) of the insurance law to extend the minimum surplus to policyholder ratio required of medical malpractice insurers, from December 31, 2016 to December 31, 2018. Section 2 of the bill amends section 6303 (a)(3) of the insurance law to extend the current provision which permits certain qualified insurers to write insurance without the Department of Financial Services' prior approval of rates and forms, from June 30, 2015 to June 30, 2019. Section 3 is the effective date.   EXISTING LAW: The current law expires on June 30, 2015 and December 31, 2016.   JUSTIFICATION: In 2011, legislation was enacted which modernized and streamlined the regulation of commercial insurance by expanding the types of insurance which may be written without the Department's prior approval of rates and forms when sold to large commercial policyholders. This law has proven successful in ensuring that commercial policyholders have maximum flexibility to create policies that are tailored to their needs, as they must respond rapidly to competitive forces, the economy and the needs of their customers. For this reason, this legislation seeks to extend these provisions,   LEGISLATIVE HISTORY: S.4172 of 2014; A.6131 of 2015   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Immediately
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