S03736 Summary:

BILL NOS03736
 
SAME ASNo Same As
 
SPONSORBRESLIN
 
COSPNSRSEWARD, JORDAN
 
MLTSPNSR
 
Amd 6303, Ins L
 
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.
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S03736 Actions:

BILL NOS03736
 
02/13/2019REFERRED TO INSURANCE
03/11/20191ST REPORT CAL.250
03/12/20192ND REPORT CAL.
03/13/2019ADVANCED TO THIRD READING
03/25/2019PASSED SENATE
03/25/2019DELIVERED TO ASSEMBLY
03/25/2019referred to insurance
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S03736 Committee Votes:

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S03736 Floor Votes:

There are no votes for this bill in this legislative session.
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S03736 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3736
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    February 13, 2019
                                       ___________
 
        Introduced  by  Sens. BRESLIN, SEWARD -- 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  438 of the laws of 2018, 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-three, 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.
                                                                   LBD09808-01-9

        S. 3736                             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.
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