Senate Bill S1318

Signed By Governor
2023-2024 Legislative Session

Clarifies the excess line insurance placement affidavit requirements

download bill text pdf

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Current 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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2023-S1318 (ACTIVE) - Details

See Assembly Version of this Bill:
A2202
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L (as proposed in S.8127 & A.9088)

2023-S1318 (ACTIVE) - Summary

Clarifies the excess line insurance placement affidavit requirements.

2023-S1318 (ACTIVE) - Sponsor Memo

2023-S1318 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1318
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 clarifying the  excess
   line insurance placement affidavit requirements
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (C)  of  paragraph  3  of  subsection  (b)  of
 section  2118  of the insurance law, as amended by a chapter of the laws
 of 2022 amending the insurance law relating to  simplifying  the  excess
 line insurance placement affidavit requirements, as proposed in legisla-
 tive bills numbers S. 8127 and A. 9088, 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 [not otherwise exempt from
 the diligent    effort  requirement],  shall  record  on  the  affidavit
 required  pursuant  to subparagraph (A) of this paragraph the name, DATE
 OF THE DECLINATION, and  national  association  of insurance commission-
 ers code of each authorized insurer declining  a  risk  and  information
 relied  upon  that  formed  the  basis  of  such licensee's or affirming
 broker's reason to believe that the authorized  insurer  might  consider
 writing  the  type of coverage or class of insurance involved. [No addi-
 tional diligent effort information shall be reported on the affidavit] A
 LICENSEE OR AFFIRMING BROKER SHALL NOT BE  REQUIRED  TO  RECORD  ON  THE
 AFFIDAVIT  THE NAME OF THE REPRESENTATIVE DECLINING THE RISK, THE REPRE-
 SENTATIVE'S AFFILIATION, OR THE REASON FOR THE DECLINATION.
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a  chapter  of  the  laws of 2022 amending the insurance law
 relating to simplifying the excess line  insurance  placement  affidavit
 requirements,  as  proposed  in legislative bills numbers S. 8127 and A.
 9088, takes effect.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04213-01-3

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