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A06131 Summary:

A06131 Actions:

A06131 Committee Votes:

A06131 Floor Votes:

A06131 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6131--A
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 16, 2015
                                       ___________
 
        Introduced  by M. of A. STECK -- read once and referred to the Committee
          on Insurance -- committee discharged, bill amended, ordered  reprinted
          as amended and recommitted to said committee
 
        AN  ACT  to  amend  the insurance law, in relation to extending 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 section 9 of part B of chapter 78 of the laws of
     3  2014, is amended to read as follows:
     4    (3)  until  December  thirty-first, two thousand [sixteen] eighteen, a
     5  domestic property/casualty insurance company that maintains at all times
     6  a surplus to policyholders of at least  twice  the  minimum  surplus  to
     7  policyholders  required to be maintained for the kinds of insurance that
     8  it is authorized to write in this state, or an insurer licensed pursuant
     9  to article sixty-one of this chapter as a reciprocal insurer that  main-
    10  tains  at  all  times a surplus to policyholders of at least the minimum
    11  surplus to policyholders required to be  maintained  for  the  kinds  of
    12  insurance  that  it  is authorized to write in this state, provided that
    13  the domestic property/casualty insurance company or reciprocal  insurer:
    14  (A)  has  total  direct  premiums  comprised  of at least ninety percent
    15  medical malpractice insurance; (B) assumes reinsurance  premiums  in  an
    16  amount  that is less than five percent of total direct premiums written;
    17  and (C) writes ninety percent of  its  total  direct  premiums  in  this
    18  state.
    19    § 2. The opening paragraph of paragraph 3 of subsection (a) of section
    20  6303 of the insurance law, as amended by chapter 75 of the laws of 2013,
    21  is amended to read as follows:
    22    until  June  thirtieth,  two  thousand [fifteen] nineteen, the policy,
    23  other than a medical malpractice insurance policy, is issued to a  large
    24  commercial  insured  that  employs  or retains a special risk manager to
    25  assist in the negotiation and purchase of a policy exempted  under  this
    26  article, provided, however, that:
    27    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07120-03-5