Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2016 |
referred to insurance |
Jan 22, 2015 |
referred to insurance |
Senate Bill S2348
2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S2348 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง2118, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
S7551
2015-S2348 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2348 TITLE OF BILL: An act to amend the insurance law, in relation to the duties of excess line brokers PURPOSE: To permit excess line brokers to rely on the Excess Line Association of New York ("ELANY") for certain services it provides in complying with the insurance law Summary of Provisions: Section one of the bill will permit excess line brokers to rely on the financial analysis and insurer reviews conducted by ELANY by providing a presumption that the excess line broker has used due care in selecting a financially secure insurer when the insurer is listed by ELANY. Section 2 improves the efficiency of broker operations by removing unnecessary reporting data elements requirements. Section 3 requires declinations to be acquired at least once every three years. Section 4 provides for 90 day effective date to allow for programming changes.
2015-S2348 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2348 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ Introduced by Sen. 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 the duties of excess line brokers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (a) of section 2118 of the insur- ance law, as amended by chapter 220 of the laws of 1986, is amended to read as follows: (1) (A) Every licensee licensed pursuant to section two thousand one hundred five of this article shall be required to use due care in selecting the unauthorized insurer from whom policies are procured under his license. (B) A LICENSEE IS PRESUMED TO HAVE EXERCISED DUE CARE IN SELECTING AN UNAUTHORIZED INSURER IF AT THE TIME OF PLACEMENT, THE EXCESS LINE ASSO- CIATION ESTABLISHED PURSUANT TO SECTION TWO THOUSAND ONE HUNDRED THIRTY OF THIS ARTICLE HAS PUBLISHED THE NAME OF SUCH INSURER ON A LIST OF ELIGIBLE UNAUTHORIZED INSURERS. THE EXCESS LINE ASSOCIATION WILL LIST NO INSURER UNLESS IT HAS CONDUCTED AN ANALYSIS OF SUCH INSURER UPDATED NO LESS THAN ANNUALLY AND DETERMINED SUCH INSURER, (I) IS FINANCIALLY SOLVENT AND STABLE; (II) MAINTAINS ADEQUATE CAPACITY AND POLICYHOLDER'S SURPLUS TO MEET ITS OBLIGATIONS TO POLICYHOLDERS, AND ALL OTHER LIABILITIES; (III) IS MANAGED BY INDIVIDUALS WHO ARE TRUSTWORTHY AND COMPETENT; AND (IV) MAINTAINS CLAIMS PRACTICES IN A SATISFACTORY MANNER. S 2. Subparagraph (C) of paragraph 3 of subsection (b) of section 2118 of the insurance law, as amended by chapter 684 of the laws of 1993, is amended to read as follows: (C) Every licensee, or affirming broker, in connection with the place- ment of each risk pursuant to this section, shall record on the affida- vit required pursuant to subparagraph (A) of this paragraph [the infor- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06935-01-5
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