Senate Bill S9420

2023-2024 Legislative Session

Relates to parametric insurance

download bill text pdf

Sponsored By

Current Bill Status Via A10344 - Passed Senate


  • 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-S9420 (ACTIVE) - Details

See Assembly Version of this Bill:
A10344
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 3425, 4101, 4102, 4103 & 4107, add §3416, Ins L

2023-S9420 (ACTIVE) - Summary

Relates to parametric insurance; requires insurers providing parametric insurance include certain disclosures in the application for the policy; makes related provisions.

2023-S9420 (ACTIVE) - Sponsor Memo

2023-S9420 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9420
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced by Sen. SKOUFIS -- (at request of the Department of Financial
   Services)  --  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 parametric insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Paragraph  34  of  subsection  (a) of section 1113 of the
 insurance law is renumbered paragraph 35 and a new paragraph 34 is added
 to read as follows:
   (34) "PARAMETRIC INSURANCE" MEANS INSURANCE AGAINST THE OCCURRENCE  OF
 A  WEATHER-RELATED  EVENT,  SUCH  AS  WINDSTORM,  FLOOD, SNOW, WILDFIRE,
 TORNADO, CYCLONE, OR EARTHQUAKE, WHERE THE INDEMNIFICATION IS  BASED  ON
 THE  PROXIMITY  AND MAGNITUDE OF THE EVENT AS MEASURED AND REPORTED BY A
 STATE OR FEDERAL GOVERNMENT AGENCY.
   § 2. Subsection (a) of section 2105 of the insurance law,  as  amended
 by chapter 359 of the laws of 2021, is amended to read as follows:
   (a)  The  superintendent  may issue an excess line broker's license to
 any person, firm, association or corporation who or which is licensed as
 an insurance broker under section two thousand one hundred four of  this
 article,  or  who  or  which is licensed as an excess line broker in the
 licensee's home state, provided,  however,  that  the  applicant's  home
 state  grants  non-resident  licenses  to residents of this state on the
 same basis, except that reciprocity is not required  in  regard  to  the
 placement  of liability insurance on behalf of a purchasing group or any
 of its members; authorizing such person,  firm,  association  or  corpo-
 ration to procure, subject to the restrictions herein provided, policies
 of  insurance  from insurers [which] THAT are not authorized to transact
 business in this state of the kind or kinds of  insurance  specified  in
 paragraphs  four through fourteen, sixteen, seventeen, nineteen, twenty,
 twenty-two, twenty-seven, twenty-eight,  thirty-one,  thirty-two  [and],
 thirty-three,  AND THIRTY-FOUR of subsection (a) of section one thousand
 one hundred thirteen of this chapter  and  in  subsection  (h)  of  this
 section,  provided,  however,  that  the  provisions of this section and
 section two thousand one hundred eighteen  of  this  article  shall  not
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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