Relates to extending the exemption from filing requirements only with respect to rates and policy forms to businesses underwritten and transacted from an office outside this state.
STATE OF NEW YORK
________________________________________________________________________
4960
2025-2026 Regular Sessions
IN SENATE
February 14, 2025
___________
Introduced by Sen. BAILEY -- 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 exemption from filing
requirements only with respect to rates and policy forms
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (a) of section 6303 of the insurance law, as
2 amended by chapter 490 of the laws of 2011, paragraph 3 as amended by
3 chapter 75 of the laws of 2013 and the opening paragraph of paragraph 3
4 as amended by chapter 158 of the laws of 2023, is amended to read as
5 follows:
6 (a) The exemption that may be granted pursuant to this article shall
7 apply only if [the business is underwritten and transacted from an
8 office within this state; and]:
9 (1) the risk, as defined in regulations of the superintendent, produc-
10 es a minimum annual premium in excess of one hundred thousand dollars or
11 such higher amount as the superintendent may prescribe by regulation;
12 (2) the coverage is for a risk or class of risks which is of an unusu-
13 al nature, a high loss hazard, or difficult to place, pursuant to a list
14 promulgated or amended by the superintendent; or
15 (3) until June thirtieth, two thousand twenty-seven, the policy, other
16 than a medical malpractice insurance policy, is issued to a large
17 commercial insured that employs or retains a special risk manager to
18 assist in the negotiation and purchase of a policy exempted under this
19 article, provided, however, that:
20 (A)(i) the special risk manager is not employed by the insurer issuing
21 the policy or any person in the insurer's holding company system; and
22 (ii) the special risk manager is licensed as an insurance producer in
23 this state pursuant to article twenty-one of this chapter, unless
24 exempted from licensing therein; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07792-01-5
S. 4960 2
1 (B) a policy form that has not been previously filed with the super-
2 intendent shall be filed with the superintendent for informational
3 purposes within three business days after first delivery of a policy
4 using such form, but no later than sixty calendar days after the incep-
5 tion date of such policy.
6 § 2. This act shall take effect immediately.
