Amd §§1113, 2105, 3425, 4101, 4102, 4103 & 4107, rpld §3450, Ins L
Relates to kinds of insurance authorized, including expenses and business income losses from acts or threats of violence, including while not on the insured's premises, and adding representations and warranties and tax interpretation insurance.
STATE OF NEW YORK
________________________________________________________________________
11262
IN ASSEMBLY
May 4, 2026
___________
Introduced by M. of A. HUNTER -- read once and referred to the Committee
on Insurance
AN ACT to amend the insurance law, in relation to kinds of insurance
authorized; and to repeal certain provisions of such law relating
thereto
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (D) of paragraph 7 of subsection (a) of
2 section 1113 of the insurance law, as amended by chapter 318 of the laws
3 of 2008, is amended to read as follows:
4 (D) Insurance covering loss of or damage to property as a result of an
5 act or threatened act of violence, bullying, or stalking; a ransom or
6 reward payment incurred as the result of an abduction or the theft of
7 property; travel and lodging expense and lost wages incurred as the
8 result of an act or threatened act of violence, bullying, stalking, or
9 abduction; expense incurred to locate or identify a missing or abducted
10 person; or other expenses to respond to [a violent] an act or threatened
11 act of violence, bullying, stalking, or abduction, or to prevent a reoc-
12 currence thereof, including expenses to hire a public relations firm or
13 security firm in response to an act or threatened act of violence,
14 bullying, stalking, or abduction; and
15 § 2. Paragraphs 13 and 14 of subsection (a) of section 1113 of the
16 insurance law, paragraph 13 as amended by chapter 534 of the laws of
17 1985 and paragraph 14 as amended by chapter 614 of the laws of 1997, are
18 amended to read as follows:
19 (13) "Personal injury liability insurance," means insurance against
20 legal or contractual liability of the insured, and against loss, damage
21 or expense incident to a claim of such liability (including the insur-
22 er's obligation to pay medical, hospital, surgical and disability bene-
23 fits to injured persons, and funeral and death benefits to dependents,
24 beneficiaries or personal representatives of persons who are killed,
25 irrespective of legal liability of the insured), arising out of death or
26 injury of any person, or arising out of injury to the economic interests
27 of any person, as the result of negligence in rendering expert, fiduci-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15745-01-6
A. 11262 2
1 ary or professional service, but excluding any kind of insurance speci-
2 fied in paragraph fifteen of this subsection, except insurance to
3 protect an insured against liability for indemnification or contribution
4 to a third party held responsible for injury to the insured's employee
5 arising out of and in the course of employment when such insurance is
6 written pursuant to this paragraph and not written pursuant to paragraph
7 fifteen of this subsection.
8 (14) "Property damage liability insurance," means insurance against
9 legal or contractual liability of the insured, and against loss, damage
10 or expense incident to a claim of such liability, arising out of the
11 loss or destruction of, or damage to, the property of any other person,
12 but not including any kind of insurance specified in paragraph thirteen,
13 fifteen or twenty-eight of this subsection.
14 § 3. Paragraph 34 of the subsection (a) of section 1113 of the insur-
15 ance law, as added by chapter 369 of the laws of 2024, is amended to
16 read as follows:
17 (34) "Business interruption insurance" means insurance against loss of
18 use and occupancy, rents, and profits resulting from a reduction in
19 business or business closure, including expenses to remediate the prop-
20 erty, due to: (A) loss of or damage to insured or neighboring property;
21 (B) an act or threatened act of violence [while the perpetrator is on]
22 or abduction affecting the business [premises] operations; or (C) a
23 government order.
24 § 4. Paragraphs 34 and 35 of subsection (a) of section 1113 of the
25 insurance law, paragraph 34 as added by chapter 569 of the laws of 2024
26 and paragraph 35 as renumbered by chapter 369 of the laws of 2024, are
27 renumbered paragraphs 35 and 38 and two new paragraphs 36 and 37 are
28 added to read as follows:
29 (36) "Representations and warranties insurance" means insurance:
30 (A) against legal liability of the insured and against loss, damage,
31 or expense incident to a claim of such liability arising out of injury
32 to the economic interests of a buyer, as the result of a breach of a
33 seller's representations or warranties in a corporate merger or acquisi-
34 tion transaction, when the seller is the insured; or
35 (B) against loss of or damage to property, including injury to the
36 economic interests of the insured, as a result of a breach of a seller's
37 representations or warranties in a corporate merger or acquisition tran-
38 saction, when the buyer is the insured.
39 (37) "Tax interpretation insurance" means insurance against:
40 (A) expenses incurred, other than legal expenses or administrative
41 penalties imposed by a governmental tax authority, as a result of a
42 determination by a governmental tax authority that a tax treatment for a
43 business entity is invalid; and
44 (B) the increase in tax, including interest, that a business entity is
45 legally obligated to pay a governmental tax authority upon a determi-
46 nation by a court of competent jurisdiction, or upon a settlement with a
47 governmental tax authority, that the tax treatment is invalid.
48 § 5. Subsection (a) of section 2105 of the insurance law, as separate-
49 ly amended by chapters 369 and 569 of the laws of 2024, is amended to
50 read as follows:
51 (a) The superintendent may issue an excess line broker's license to
52 any person, firm, association or corporation who or which is licensed as
53 an insurance broker under section two thousand one hundred four of this
54 article, or who or which is licensed as an excess line broker in the
55 licensee's home state, provided, however, that the applicant's home
56 state grants non-resident licenses to residents of this state on the
A. 11262 3
1 same basis, except that reciprocity is not required in regard to the
2 placement of liability insurance on behalf of a purchasing group or any
3 of its members; authorizing such person, firm, association or corpo-
4 ration to procure, subject to the restrictions herein provided, policies
5 of insurance from insurers that are not authorized to transact business
6 in this state of the kind or kinds of insurance specified in paragraphs
7 four through fourteen, sixteen, seventeen, nineteen, twenty, twenty-two,
8 twenty-seven, twenty-eight, thirty-one, thirty-two, thirty-three, [and]
9 thirty-four, thirty-five, thirty-six, and thirty-seven of subsection (a)
10 of section one thousand one hundred thirteen of this chapter, and in
11 subsection (h) of this section, provided, however, that the provisions
12 of this section and section two thousand one hundred eighteen of this
13 article shall not apply to ocean marine insurance and other contracts of
14 insurance enumerated in subsections (b) and (c) of section two thousand
15 one hundred seventeen of this article. Such license may be suspended or
16 revoked by the superintendent whenever in the superintendent's judgment
17 such suspension or revocation will best promote the interests of the
18 people of this state.
19 § 6. Subparagraph (D) of paragraph 2 of subsection (a) of section 3425
20 of the insurance law, as amended by chapter 569 of the laws of 2024, is
21 amended to read as follows:
22 (D) parametric insurance, as defined in paragraph [thirty-four] thir-
23 ty-five of subsection (a) of section one thousand one hundred thirteen
24 of this chapter.
25 § 7. Section 3450 of the insurance law is REPEALED.
26 § 8. Subsection (b) of section 4101 of the insurance law, as amended
27 by chapter 569 of the laws of 2024, is amended to read as follows:
28 (b) "Non-basic kinds of insurance" means the kinds of insurance
29 described in the following paragraphs of subsection (a) of section one
30 thousand one hundred thirteen of this chapter numbered therein as set
31 forth in parentheses below:
32 accident and health (item (i) of (3));
33 non-cancellable disability (item (ii) of (3));
34 miscellaneous property (5);
35 water damage (6);
36 collision (12);
37 property damage liability (14) - non-basic as to mutual companies
38 only;
39 motor vehicle and aircraft physical damage (19);
40 inland marine as specified in marine and inland marine (20);
41 marine protection and indemnity (21) - non-basic as to stock companies
42 only;
43 residual value (22);
44 credit unemployment (24);
45 gap (26);
46 prize indemnification (27);
47 service contract reimbursement (28);
48 legal services insurance (29);
49 involuntary unemployment insurance (30);
50 salary protection insurance (31);
51 donor medical expense insurance (32);
52 excess business disability insurance (33);
53 parametric insurance [(34)] (35);
54 representations and warranties insurance (36);
55 tax interpretation insurance (37).
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1 § 9. Paragraphs 1 and 2 of subsection (b) of section 4102 of the
2 insurance law, paragraph 1 as amended by chapter 326 of the laws of 2004
3 and paragraph 2 as amended by chapter 569 of the laws of 2024, are
4 amended to read as follows:
5 (1) If licensed to write burglary and theft (7), glass (8), boiler and
6 machinery (9), elevator (10), animal (11), personal injury liability
7 (13), property damage liability (14), workers' compensation and employ-
8 ers' liability (15), fidelity and surety (16), or credit (17), it may be
9 licensed to write accident and health (item (i) of (3)), non-cancellable
10 disability (item (ii) of (3)), water damage (6), collision (12), resi-
11 dual value (22), credit unemployment (24), gap (26), prize indemnifica-
12 tion (27), service contract reimbursement (28) [and], involuntary unem-
13 ployment (30), salary protection (31), donor medical expense (32),
14 excess business disability insurance (33), representations and warran-
15 ties (35) and tax interpretation (36);
16 (2) If licensed to write fire (4), it may be licensed to write miscel-
17 laneous property (5), water damage (6), collision (12), motor vehicle
18 and aircraft physical damage (19), inland marine as specified in marine
19 and inland marine (20) and parametric [(34)] (35);
20 § 10. Group A of table one of paragraph 1 of subsection (a) of section
21 4103 of the insurance law, as amended by chapter 369 of the laws of
22 2024, is amended to read as follows:
23 Group A:
24 7 $300,000 $150,000
25 8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000
26 13 or 15 - for each such kind $500,000 $250,000
27 16 $900,000 $450,000
28 17 $400,000 $200,000
29 Basic additional amount
30 required for any one
31 or more of the above
32 kinds of insurance $100,000 $ 50,000
33 3(i), 3(ii), 6{1} or 12{2} - for each
34 such kind $100,000 $ 50,000
35 22 $2,000,000 $1,000,000
36 24 $400,000 $200,000
37 26(B) $200,000 $100,000
38 26(A), 26(C) or 26(D) -
39 for each such kind $600,000 $300,000
40 27 $300,000 $150,000
41 28 $2,000,000 $1,000,000
42 30 $400,000 $200,000
43 31 $100,000 $ 50,000
44 32 $100,000 $ 50,000
45 33 $100,000 $ 50,000
46 34 $2,000,000 [$1,000,0000]
47 $1,000,000
48 36$35,000,000$17,500,000
49 37$35,000,000$17,500,000
50 § 11. Note 3 of table one of paragraph 1 of subsection (a) of section
51 4103 of the insurance law, as amended by chapter 569 of the laws of
52 2024, is amended to read as follows:
53 {3} If licensed to write paragraph 4, no additional paid-in capital
54 and surplus is required for a license to write paragraphs 5, 6, 12, 19,
55 20, (inland marine only) and [34] 35.
A. 11262 5
1 § 12. Note 1 of table two of paragraph 1 of subsection (a) of section
2 4107 of the insurance law, as amended by chapter 569 of the laws of
3 2024, is amended to read as follows:
4 {1} If licensed to write paragraph 4, no additional surplus is
5 required for a license to write paragraphs 5, 6, 12, 19, 20, (inland
6 marine only) and [34] 35.
7 § 13. Group C of table three of subsection (b) of section 4107 of the
8 insurance law, as amended by chapter 359 of the laws of 2021, is amended
9 to read as follows:
10 Group C:
11 3(i) or 3(ii) - for each such kind $ 100,000 $ 100,000
12 22 $3,000,000 $2,000,000
13 24 $ 300,000 $ 300,000
14 26 (B) $ 300,000 $ 200,000
15 26(A), 26(C) or 26(D) -
16 for each such kind $ 900,000 $ 600,000
17 28 $3,000,000 $2,000,000
18 6{5}, 12{6} or 14{2} - for
19 each such kind $ 50,000 $ 50,000
20 27 $ 300,000 $ 150,000
21 30 $ 300,000 $ 300,000
22 31 $ 100,000 $ 100,000
23 32 $ 100,000 $ 100,000
24 33 $ 100,000 $ 100,000
25 36$35,000,000$35,000,000
26 37$35,000,000$35,000,000
27 § 14. Note 3 of table three of subsection (b) of section 4107 of the
28 insurance law, as amended by chapter 569 of the laws of 2024, is amended
29 to read as follows:
30 {3} If licensed to write paragraph 4, no additional surplus is
31 required for a license to write paragraphs 5, 6, 12, 19, 20, (inland
32 marine only) and [34] 35.
33 § 15. This act shall take effect on the thirtieth day after it shall
34 have become a law.
