Relates to authorizing real estate value assurance insurance against loss of real estate value specifically attributable to local rezoning or significant changes in land use within their neighborhood that are not related to broader economic downturns.
STATE OF NEW YORK
________________________________________________________________________
10416
IN ASSEMBLY
May 24, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A.
Bichotte Hermelyn) -- read once and referred to the Committee on
Insurance
AN ACT to amend the insurance law, in relation to authorizing real
estate value assurance insurance
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 34 of subsection (a) of section 1113 of the
2 insurance law, as renumbered by chapter 359 of the laws of 2021, is
3 renumbered paragraph 35 and a new paragraph 34 is added to read as
4 follows:
5 (34) "Real estate value assurance insurance" means insurance against
6 loss of real estate value specifically attributable to local rezoning or
7 significant changes in land use within their neighborhood that are not
8 related to broader economic downturns.
9 § 2. Subsection (a) of section 2105 of the insurance law, as amended
10 by chapter 359 of the laws of 2021, is amended to read as follows:
11 (a) The superintendent may issue an excess line broker's license to
12 any person, firm, association or corporation who or which is licensed as
13 an insurance broker under section two thousand one hundred four of this
14 article, or who or which is licensed as an excess line broker in the
15 licensee's home state, provided, however, that the applicant's home
16 state grants non-resident licenses to residents of this state on the
17 same basis, except that reciprocity is not required in regard to the
18 placement of liability insurance on behalf of a purchasing group or any
19 of its members; authorizing such person, firm, association or corpo-
20 ration to procure, subject to the restrictions herein provided, policies
21 of insurance from insurers [which] that are not authorized to transact
22 business in this state of the kind or kinds of insurance specified in
23 paragraphs four through fourteen, sixteen, seventeen, nineteen, twenty,
24 twenty-two, twenty-seven, twenty-eight, thirty-one, thirty-two [and],
25 thirty-three and thirty-four of subsection (a) of section one thousand
26 one hundred thirteen of this chapter and in subsection (h) of this
27 section, provided, however, that the provisions of this section and
28 section two thousand one hundred eighteen of this article shall not
29 apply to ocean marine insurance and other contracts of insurance enumer-
30 ated in subsections (b) and (c) of section two thousand one hundred
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15730-01-4
A. 10416 2
1 seventeen of this article. Such license may be suspended or revoked by
2 the superintendent whenever in [his or her] the superintendent's judg-
3 ment such suspension or revocation will best promote the interests of
4 the people of this state.
5 § 3. Subsection (a) of section 4101 of the insurance law is amended to
6 read as follows:
7 (a) "Basic kinds of insurance" means the kinds of insurance described
8 in the following paragraphs of subsection (a) of section one thousand
9 one hundred thirteen of this chapter numbered therein as set forth in
10 parentheses below:
11 fire (4);
12 burglary and theft (7);
13 glass (8);
14 boiler and machinery (9);
15 elevator (10);
16 animal (11);
17 personal injury liability (13);
18 property damage liability (14) - basic as to stock companies only;
19 workers' compensation and employers' liability (15);
20 fidelity and surety (16);
21 credit (17);
22 marine and inland marine (20);
23 marine protection and indemnity (21) - basic as to mutual companies
24 only;
25 real estate value assurance (34).
26 § 4. Group A of table one of paragraph 1 of subsection (a) of section
27 4103 of the insurance law, as amended by chapter 359 of the laws of
28 2021, is amended to read as follows:
29 Group A:
30 7 $300,000 $150,000
31 8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000
32 13 or 15 - for each such kind $500,000 $250,000
33 16 $900,000 $450,000
34 17 $400,000 $200,000
35 Basic additional amount
36 required for any one
37 or more of the above
38 kinds of insurance $100,000 $ 50,000
39 3(i), 3(ii), 6{1} or 12{2} - for each
40 such kind $100,000 $ 50,000
41 22 $2,000,000 $1,000,000
42 24 $400,000 $200,000
43 26(B) $200,000 $100,000
44 26(A), 26(C) or 26(D) -
45 for each such kind $600,000 $300,000
46 27 $300,000 $150,000
47 28 $2,000,000 $1,000,000
48 30 $400,000 $200,000
49 31 $100,000 $ 50,000
50 32 $100,000 $ 50,000
51 33 $100,000 $ 50,000
52 34$2,000,000$1,000,000
53 § 5. This act shall take effect on the thirtieth day after it shall
54 have become a law.
