Senate Bill S7746A

Signed By Governor
2017-2018 Legislative Session

Relates to extending authorization for certain exemptions from filing requirements

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Archive: Last Bill Status - Signed by Governor


  • 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

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Bill Amendments

2017-S7746 - Details

See Assembly Version of this Bill:
A10634
Law Section:
Insurance Law
Laws Affected:
Amd §6302, Ins L

2017-S7746 - Summary

Extends authorization for certain exemptions from filing requirements.

2017-S7746 - Sponsor Memo

2017-S7746 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7746
 
                             I N  S E N A T E
 
                             February 15, 2018
                                ___________
 
 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  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:

   Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
 ance law, as amended by chapter 24 of the laws of 2015,  is  amended  to
 read as follows:
   (3)  until  December  thirty-first,  two thousand [eighteen] TWENTY, a
 domestic property/casualty insurance company that maintains at all times
 a surplus to policyholders of at least  twice  the  minimum  surplus  to
 policyholders  required to be maintained for the kinds of insurance that
 it is authorized to write in this state, or an insurer licensed pursuant
 to article sixty-one of this chapter as a reciprocal insurer that  main-
 tains  at  all  times a surplus to policyholders of at least the minimum
 surplus to policyholders required to be  maintained  for  the  kinds  of
 insurance  that  it  is authorized to write in this state, provided that
 the domestic property/casualty insurance company or reciprocal  insurer:
 (A)  has  total  direct  premiums  comprised  of at least ninety percent
 medical malpractice insurance; (B) assumes reinsurance  premiums  in  an
 amount  that is less than five percent of total direct premiums written;
 and (C) writes ninety percent of  its  total  direct  premiums  in  this
 state.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14305-01-8



              

2017-S7746A (ACTIVE) - Details

See Assembly Version of this Bill:
A10634
Law Section:
Insurance Law
Laws Affected:
Amd §6302, Ins L

2017-S7746A (ACTIVE) - Summary

Extends authorization for certain exemptions from filing requirements.

2017-S7746A (ACTIVE) - Sponsor Memo

2017-S7746A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7746--A
     Cal. No. 731
 
                             I N  S E N A T E
 
                             February 15, 2018
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the  Committee  on  Insurance  --  reported
   favorably  from  said  committee,  ordered to first and second report,
   ordered to a third reading, amended and ordered  reprinted,  retaining
   its place in the order of third reading

 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:
 
   Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
 ance  law,  as  amended by chapter 24 of the laws of 2015, is amended to
 read as follows:
   (3) until December thirty-first, two  thousand  [eighteen]  TWENTY,  a
 domestic property/casualty insurance company that maintains at all times
 a  surplus  to  policyholders  of  at least twice the minimum surplus to
 policyholders required to be maintained for the kinds of insurance  that
 it is authorized to write in this state, or an insurer licensed pursuant
 to  article sixty-one of this chapter as a reciprocal insurer that main-
 tains at all times a surplus to policyholders of at  least  the  minimum
 surplus  to  policyholders  required  to  be maintained for the kinds of
 insurance that it is authorized to write in this  state,  provided  that
 the  domestic property/casualty insurance company or reciprocal insurer:
 (A) has total direct premiums  comprised  of  at  least  ninety  percent
 medical  malpractice  insurance;  (B) assumes reinsurance premiums in an
 amount that is less than five percent of total direct premiums  written;
 and  (C)  writes  ninety  percent  of  its total direct premiums in this
 state.
   § 2. The opening paragraph of paragraph 3 of subsection (a) of section
 6303 of the insurance law, as amended by chapter 24 of the laws of 2015,
 is amended to read as follows:
   until June thirtieth, two thousand [nineteen] TWENTY-THREE, the  poli-
 cy,  other  than  a medical malpractice insurance policy, is issued to a
 large commercial insured that employs or retains a special risk  manager
 to  assist  in  the  negotiation and purchase of a policy exempted under
 this article, provided, however, that:
              

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