STATE OF NEW YORK
________________________________________________________________________
5329
2025-2026 Regular Sessions
IN SENATE
February 20, 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 expanding authori-
zation for certain exemptions from filing requirements
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
2 ance law, as amended by chapter 158 of the laws of 2023, is amended to
3 read as follows:
4 (3) until June thirtieth, two thousand [twenty-five] thirty, a domes-
5 tic property/casualty insurance company that maintains at all times a
6 surplus to policyholders of at least twice the minimum surplus to poli-
7 cyholders required to be maintained for the kinds of insurance that it
8 is authorized to write in this state, or an insurer licensed pursuant to
9 article sixty-one of this chapter as a reciprocal insurer that maintains
10 at all times a surplus to policyholders of at least the minimum surplus
11 to policyholders required to be maintained for the kinds of insurance
12 that it is authorized to write in this state, provided that the domestic
13 property/casualty insurance company or reciprocal insurer: (A) has
14 total direct premiums comprised of at least ninety percent medical malp-
15 ractice insurance; [(B) assumes reinsurance premiums in an amount that
16 is less than five percent of total direct premiums written;] and [(C)]
17 (B) writes ninety percent of its total direct premiums in this state.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07822-01-5
