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S09481 Actions:

BILL NOS09481
 
05/16/2024REFERRED TO INSURANCE
06/04/2024COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/04/2024ORDERED TO THIRD READING CAL.1726
06/04/2024SUBSTITUTED BY A10342
 A10342 AMEND= Rules (Burgos)
 05/17/2024referred to insurance
 05/22/2024reported referred to codes
 05/28/2024reported referred to ways and means
 06/03/2024reported referred to rules
 06/03/2024reported
 06/03/2024rules report cal.379
 06/03/2024ordered to third reading rules cal.379
 06/04/2024passed assembly
 06/04/2024delivered to senate
 06/04/2024REFERRED TO RULES
 06/04/2024SUBSTITUTED FOR S9481
 06/04/20243RD READING CAL.1726
 06/04/2024PASSED SENATE
 06/04/2024RETURNED TO ASSEMBLY
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S09481 Memo:

Memo not available
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S09481 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9481
 
                    IN SENATE
 
                                      May 16, 2024
                                       ___________
 
        Introduced  by  Sen. MAYER -- (at request of the Department of Financial
          Services) -- 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 authorizing stand-al-
          one business interruption 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) "Business interruption insurance" means insurance against loss of
     6  use and occupancy, rents, and profits resulting from a business  closure
     7  due to: (A) loss of or damage to insured or neighboring property; (B) an
     8  act  or threatened act of violence while the perpetrator is on the busi-
     9  ness premises; or (C) a government order.
    10    § 2. Subsection (a) of section 2105 of the insurance law,  as  amended
    11  by chapter 359 of the laws of 2021, is amended to read as follows:
    12    (a)  The  superintendent  may issue an excess line broker's license to
    13  any person, firm, association or corporation who or which is licensed as
    14  an insurance broker under section two thousand one hundred four of  this
    15  article,  or  who  or  which is licensed as an excess line broker in the
    16  licensee's home state, provided,  however,  that  the  applicant's  home
    17  state  grants  non-resident  licenses  to residents of this state on the
    18  same basis, except that reciprocity is not required  in  regard  to  the
    19  placement  of liability insurance on behalf of a purchasing group or any
    20  of its members; authorizing such person,  firm,  association  or  corpo-
    21  ration to procure, subject to the restrictions herein provided, policies
    22  of  insurance  from insurers [which] that are not authorized to transact
    23  business in this state of the kind or kinds of  insurance  specified  in
    24  paragraphs  four through fourteen, sixteen, seventeen, nineteen, twenty,
    25  twenty-two, twenty-seven, twenty-eight,  thirty-one,  thirty-two  [and],
    26  thirty-three  and  thirty-four of subsection (a) of section one thousand
    27  one hundred thirteen of this chapter  and  in  subsection  (h)  of  this
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14188-01-4

        S. 9481                             2
 
     1  section,  provided,  however,  that  the  provisions of this section and
     2  section two thousand one hundred eighteen  of  this  article  shall  not
     3  apply to ocean marine insurance and other contracts of insurance enumer-
     4  ated  in  subsections  (b)  and  (c) of section two thousand one hundred
     5  seventeen of this article. Such license may be suspended or  revoked  by
     6  the  superintendent  whenever in [his or her] the superintendent's judg-
     7  ment such suspension or revocation will best promote  the  interests  of
     8  the people of this state.
     9    § 3. Subsection (a) of section 4101 of the insurance law is amended to
    10  read as follows:
    11    §  4101.  Definitions. In this article: (a) "Basic kinds of insurance"
    12  means the kinds of insurance described in the  following  paragraphs  of
    13  subsection  (a)  of  section  one  thousand one hundred thirteen of this
    14  chapter numbered therein as set forth in parentheses below:
    15    fire (4);
    16    burglary and theft (7);
    17    glass (8);
    18    boiler and machinery (9);
    19    elevator (10);
    20    animal (11);
    21    personal injury liability (13);
    22    property damage liability (14) - basic as to stock companies only;
    23    workers' compensation and employers' liability (15);
    24    fidelity and surety (16);
    25    credit (17);
    26    marine and inland marine (20);
    27    marine protection and indemnity (21) - basic as  to  mutual  companies
    28  only;
    29    business interruption insurance (34).
    30    §  4. Group A of table one of paragraph 1 of subsection (a) of section
    31  4103 of the insurance law, as amended by chapter  359  of  the  laws  of
    32  2021, is amended to read as follows:
 
    33                                   Group A:
 
    34  7                                              $300,000       $150,000
    35  8, 9, 10, 11, or 14 - for each such kind       $100,000       $ 50,000
    36  13 or 15 - for each such kind                  $500,000       $250,000
    37  16                                             $900,000       $450,000
    38  17                                             $400,000       $200,000
    39  Basic additional amount
    40  required  for  any  one
    41  or  more  of  the above
    42  kinds of insurance                             $100,000       $ 50,000
    43  3(i), 3(ii), 6{1} or 12{2} - for each
    44  such kind                                      $100,000       $ 50,000
    45  22                                             $2,000,000     $1,000,000
    46  24                                             $400,000       $200,000
    47  26(B)                                          $200,000       $100,000
    48  26(A), 26(C) or 26(D) -
    49  for each such kind                             $600,000       $300,000
    50  27                                             $300,000       $150,000
    51  28                                             $2,000,000     $1,000,000
    52  30                                             $400,000       $200,000
    53  31                                             $100,000       $ 50,000

        S. 9481                             3
 
     1  32                                             $100,000       $ 50,000
     2  33                                             $100,000       $ 50,000
     3  34                                             $2,000,000     $1,000,0000
     4    § 5. Table two of paragraph 1 of subsection (a) of section 4107 of the
     5  insurance law, as amended by chapter 805 of the laws of 1984, is amended
     6  to read as follows:
 
     7                                  TABLE TWO
 
     8  Kind of
     9  insurance
    10  specified
    11  in the
    12  following                 Num-    Number
    13  numbered   Num-           ber      of
    14  paragraphs ber   Number    of     Insur-           Minimum
    15  of subsec-  of    of      Sep-    ance             Surplus
    16  tion (a)   Mem-  Appli-   arate   Poli-  Initial    to be        Other
    17  of § 1113  bers  cations  Risks   cies   Surplus   Maintained  Requirements
    18  ---------  ----- ------   -----   ----   -------   ----------  ------------
    19      4       50    300      300    --  $  300,000{1}$  200,000{1}see note{2}
    20      7       20     20      200    20  $  300,000   $  200,000   see note{3}
    21      8       20     20      300    20  $  150,000   $  100,000   see note{3}
    22      9       20     20      200    20  $  300,000   $  200,000   see note{3}
    23     10       20     20      300    20  $  150,000   $  100,000   see note{3}
    24     11       20     20      300    20  $  150,000   $  100,000   see note{3}
    25     13      100    100      500{4} --  $  500,000{5}$  400,000{5}see note{6}
    26     15       40{7}  40    2,500{7} --  $  500,000   $  400,000   see note{6}
    27              30{7}  30    5,000{7} --  $  500,000   $  400,000   see note{6}
    28              20{7}  20    7,500{7} --  $  500,000   $  400,000   see note{6}
    29              10{7}  10   10,000{7} --  $  500,000   $  400,000   see note{6}
    30     16       --     --      ---    --  $1,500,000   $1,000,000
    31     17       20     20    2,000    20  $  750,000   $  500,000   see note{3}
    32     20       50    300      300    --  $1,000,000{8}$  500,000{8}see note{9}
    33     21       20     20{10}  200{11}--  $  500,000   $  500,000   see note{12}
    34     34       20    20     200      20  $2,000,000   $1,000,000   see note {3}
 
    35    §  6. This act shall take effect on the thirtieth day after it shall have
    36  become a law.
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