S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7103
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 18, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 section 1 of item TTT of subpart B of  part  XXX
 of chapter 58 of the laws of 2020, is amended to read as follows:
   (3)  until  June thirtieth, two thousand [twenty-three] TWENTY-FIVE, 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 438 of the laws of
 2018, is amended to read as follows:
   until June thirtieth, two thousand  [twenty-three]  TWENTY-SEVEN,  the
 policy,  other than a medical malpractice insurance policy, is issued to
 a large commercial insured that employs or retains a special risk manag-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11476-01-3
 S. 7103                             2
              

 
 er to assist in the negotiation and purchase of a policy exempted  under
 this article, provided, however, that:
   § 3. This act shall take effect immediately.