Assembly Bill A10298

2023-2024 Legislative Session

Expands authorization for certain exemptions from filing requirements

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Current Bill Status - In Assembly 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

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2023-A10298 (ACTIVE) - Details

See Senate Version of this Bill:
S9136
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6302, Ins L

2023-A10298 (ACTIVE) - Summary

Expands authorization for certain exemptions from filing requirements.

2023-A10298 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10298
 
                           I N  A S S E M B L Y
 
                               May 17, 2024
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weprin) --
   read once and referred to the Committee on Insurance
 
 AN ACT to amend the insurance law, in  relation  to  expanding  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 158 of the laws of 2023, is  amended  to
 read as follows:
   (3)  until  June  thirtieth, two thousand [twenty-five] TWENTY-NINE, 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)] (B) 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.
                                                            LBD15275-01-4

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