Senate Bill S903

Signed By Governor
2021-2022 Legislative Session

Relates to the authority of assessment corporations to write insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A1252 - 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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2021-S903 (ACTIVE) - Details

See Assembly Version of this Bill:
A1252
Law Section:
Insurance Law
Laws Affected:
Amd §6605, Ins L (as proposed in S.4081 & A.7110)

2021-S903 (ACTIVE) - Summary

Grants authority to assessment corporations to write specified kinds of standalone liability insurance.

2021-S903 (ACTIVE) - Sponsor Memo

2021-S903 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    903
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the insurance law, in relation to  the  organization  of
   assessment corporations

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subsection (a) of section 6605  of
 the insurance law, as amended by a chapter of the laws of 2020, amending
 the  insurance  law  relating  to  the organization of assessment corpo-
 rations, as proposed in legislative bills numbers S. 4081 and  A.  7110,
 is amended to read as follows:
   An  assessment corporation may be organized and licensed in the manner
 prescribed in section six thousand six hundred three of this article and
 may do, in addition to the kind of insurance specified in paragraph four
 of subsection (a) of section one thousand one hundred thirteen  of  this
 chapter,  any  one  or more of the kinds of insurance specified in para-
 graphs five, six, seven and eight of such subsection SOLELY IN  CONJUNC-
 TION  WITH FIRE INSURANCE WRITTEN UNDER THE SAME POLICY AND COVERING THE
 SAME PREMISES and insurance against loss or damage to property caused by
 aircraft or vehicles in compliance with the following prerequisites:
   § 2. Subsection (b) of section 6605 of the insurance law,  as  amended
 by a chapter of the laws of 2020, amending the insurance law relating to
 the  organization of assessment corporations, as proposed in legislative
 bills numbers S. 4081 and A. 7110, is amended to read as follows:
   (b) (1) Any licensed assessment corporation may amend its charter  and
 be  licensed  to do the kinds of insurance specified in paragraphs nine,
 thirteen, fourteen and fifteen (except workers' compensation  insurance)
 of  subsection  (a) of section one thousand one hundred thirteen of this
 chapter SOLELY IN CONJUNCTION WITH FIRE INSURANCE WRITTEN UNDER THE SAME
 POLICY AND COVERING THE SAME PREMISES, EXCEPT AS PROVIDED  IN  PARAGRAPH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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