S T A T E O F N E W Y O R K
________________________________________________________________________
9481
I N S E N A T E
May 16, 2024
___________
Introduced by Sen. MAYER -- (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 authorizing stand-al-
one business interruption 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, as renumbered by chapter 359 of the laws of 2021, is
renumbered paragraph 35 and a new paragraph 34 is added to read as
follows:
(34) "BUSINESS INTERRUPTION INSURANCE" MEANS INSURANCE AGAINST LOSS OF
USE AND OCCUPANCY, RENTS, AND PROFITS RESULTING FROM A BUSINESS CLOSURE
DUE TO: (A) LOSS OF OR DAMAGE TO INSURED OR NEIGHBORING PROPERTY; (B) AN
ACT OR THREATENED ACT OF VIOLENCE WHILE THE PERPETRATOR IS ON THE BUSI-
NESS PREMISES; OR (C) A GOVERNMENT ORDER.
§ 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14188-01-4
S. 9481 2
section, provided, however, that the provisions of this section and
section two thousand one hundred eighteen of this article shall not
apply to ocean marine insurance and other contracts of insurance enumer-
ated in subsections (b) and (c) of section two thousand one hundred
seventeen of this article. Such license may be suspended or revoked by
the superintendent whenever in [his or her] THE SUPERINTENDENT'S judg-
ment such suspension or revocation will best promote the interests of
the people of this state.
§ 3. Subsection (a) of section 4101 of the insurance law is amended to
read as follows:
§ 4101. Definitions. In this article: (a) "Basic kinds of insurance"
means the kinds of insurance described in the following paragraphs of
subsection (a) of section one thousand one hundred thirteen of this
chapter numbered therein as set forth in parentheses below:
fire (4);
burglary and theft (7);
glass (8);
boiler and machinery (9);
elevator (10);
animal (11);
personal injury liability (13);
property damage liability (14) - basic as to stock companies only;
workers' compensation and employers' liability (15);
fidelity and surety (16);
credit (17);
marine and inland marine (20);
marine protection and indemnity (21) - basic as to mutual companies
only;
BUSINESS INTERRUPTION INSURANCE (34).
§ 4. Group A of table one of paragraph 1 of subsection (a) of section
4103 of the insurance law, as amended by chapter 359 of the laws of
2021, is amended to read as follows:
Group A:
7 $300,000 $150,000
8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000
13 or 15 - for each such kind $500,000 $250,000
16 $900,000 $450,000
17 $400,000 $200,000
Basic additional amount
required for any one
or more of the above
kinds of insurance $100,000 $ 50,000
3(i), 3(ii), 6{1} or 12{2} - for each
such kind $100,000 $ 50,000
22 $2,000,000 $1,000,000
24 $400,000 $200,000
26(B) $200,000 $100,000
26(A), 26(C) or 26(D) -
for each such kind $600,000 $300,000
27 $300,000 $150,000
28 $2,000,000 $1,000,000
30 $400,000 $200,000
31 $100,000 $ 50,000
S. 9481 3
32 $100,000 $ 50,000
33 $100,000 $ 50,000
34 $2,000,000 $1,000,0000
§ 5. Table two of paragraph 1 of subsection (a) of section 4107 of the
insurance law, as amended by chapter 805 of the laws of 1984, is amended
to read as follows:
TABLE TWO
Kind of
insurance
specified
in the
following Num- Number
numbered Num- ber of
paragraphs ber Number of Insur- Minimum
of subsec- of of Sep- ance Surplus
tion (a) Mem- Appli- arate Poli- Initial to be Other
of § 1113 bers cations Risks cies Surplus Maintained Requirements
--------- ----- ------ ----- ---- ------- ---------- ------------
4 50 300 300 -- $ 300,000{1}$ 200,000{1}see note{2}
7 20 20 200 20 $ 300,000 $ 200,000 see note{3}
8 20 20 300 20 $ 150,000 $ 100,000 see note{3}
9 20 20 200 20 $ 300,000 $ 200,000 see note{3}
10 20 20 300 20 $ 150,000 $ 100,000 see note{3}
11 20 20 300 20 $ 150,000 $ 100,000 see note{3}
13 100 100 500{4} -- $ 500,000{5}$ 400,000{5}see note{6}
15 40{7} 40 2,500{7} -- $ 500,000 $ 400,000 see note{6}
30{7} 30 5,000{7} -- $ 500,000 $ 400,000 see note{6}
20{7} 20 7,500{7} -- $ 500,000 $ 400,000 see note{6}
10{7} 10 10,000{7} -- $ 500,000 $ 400,000 see note{6}
16 -- -- --- -- $1,500,000 $1,000,000
17 20 20 2,000 20 $ 750,000 $ 500,000 see note{3}
20 50 300 300 -- $1,000,000{8}$ 500,000{8}see note{9}
21 20 20{10} 200{11}-- $ 500,000 $ 500,000 see note{12}
34 20 20 200 20 $2,000,000 $1,000,000 SEE NOTE {3}
§ 6. This act shall take effect on the thirtieth day after it shall have
become a law.
