STATE OF NEW YORK
________________________________________________________________________
7038
IN SENATE
March 17, 2016
___________
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 the organization of
assessment corporations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of subsection (a) of section 6605 of
2 the insurance law, as added by chapter 137 of the laws of 1986, is
3 amended to read as follows:
4 An assessment corporation may be organized and licensed in the manner
5 prescribed in section six thousand six hundred three of this article and
6 may do, in addition to the kind of insurance specified in paragraph four
7 of subsection (a) of section one thousand one hundred thirteen of this
8 chapter, any one or more of the kinds of insurance specified in para-
9 graphs five, six, seven and eight of such subsection [solely in conjunc-
10 tion with fire insurance written under the same policy and covering the
11 same premises] and insurance against loss or damage to property caused
12 by aircraft or vehicles in compliance with the following prerequisites:
13 § 2. Subsection (b) of section 6605 of the insurance law, as amended
14 by chapter 379 of the laws of 2001, is amended to read as follows:
15 (b) Any licensed assessment corporation may amend its charter and be
16 licensed to do the kinds of insurance specified in paragraphs nine,
17 thirteen, fourteen and fifteen (except workers' compensation insurance)
18 of subsection (a) of section one thousand one hundred thirteen of this
19 chapter [solely in conjunction with fire insurance written under the
20 same policy and covering the same premises] and may be licensed to do
21 the kinds of insurance specified in paragraphs twelve, nineteen (exclud-
22 ing aircraft physical damage insurance) and twenty (inland marine only)
23 of such subsection.
24 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14576-01-6
