Senate Bill S5959B

Signed By Governor
2023-2024 Legislative Session

Authorizes certain policies issued by a risk retention group not chartered in this state

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

co-Sponsors

2023-S5959 - Details

See Assembly Version of this Bill:
A5718
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-S5959 - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-S5959 - Sponsor Memo

2023-S5959 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5959
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 23, 2023
                                ___________
 
 Introduced  by  Sens. WEBB, BROUK -- read twice and ordered printed, and
   when printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law and the vehicle and  traffic  law,  in
   relation  to  owner's policies of liability insurance issued by a risk
   retention group not chartered within this state

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5913 of the insurance law, as added by chapter 109
 of the laws of 1988, is amended to read as follows:
   § 5913. Financial responsibility. [Wherever]  EXCEPT  AS  PROVIDED  IN
 SECTION  THREE  HUNDRED  ELEVEN OF THE VEHICLE AND TRAFFIC LAW, WHEREVER
 pursuant to the laws of this state or any political subdivision of  this
 state  a  demonstration  of  financial  responsibility  is required as a
 condition for obtaining a  license  or  permit  to  undertake  specified
 activities,  if  any  such requirement may not be satisfied by obtaining
 insurance coverage from an insurer not authorized to do business in this
 state, such requirement may not be  satisfied  by  purchasing  insurance
 from a risk retention group not chartered in this state.
   §  2.  Paragraphs  (b)  and (c) of subdivision 4 of section 311 of the
 vehicle and traffic law, paragraph (c) as amended by chapter 200 of  the
 laws of 1974, are amended to read as follows:
   (b) In the case of a vehicle registered in this state, a policy issued
 by  (I) an insurer duly authorized to transact business in this state OR
 (II) A RISK RETENTION GROUP NOT CHARTERED IN THIS STATE WITH  A  MINIMUM
 OF  FIFTEEN  MILLION  DOLLARS  OF  SURPLUS AND WHICH EXCLUSIVELY INSURES
 501(C)(3) NONPROFIT ORGANIZATIONS THAT ARE REGISTERED IN THIS STATE; or
   (c) In the case of a vehicle lawfully registered in another state,  or
 in both this state and another state, [either] (I) a policy issued by an
 authorized insurer, or (II) A RISK RETENTION GROUP NOT CHARTERED IN THIS
 STATE  WITH  A  MINIMUM OF FIFTEEN MILLION DOLLARS OF SURPLUS AND EXCLU-
 SIVELY INSURES 501(C)(3) NONPROFIT ORGANIZATIONS THAT ARE REGISTERED  IN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10375-01-3
              

co-Sponsors

2023-S5959A - Details

See Assembly Version of this Bill:
A5718
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-S5959A - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-S5959A - Sponsor Memo

2023-S5959A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5959--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 23, 2023
                                ___________
 
 Introduced  by  Sens. WEBB, BROUK -- read twice and ordered printed, and
   when printed to be committed to the Committee on Insurance --  commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee
 
 AN ACT to amend the insurance law and the vehicle and  traffic  law,  in
   relation  to  owner's policies of liability insurance issued by a risk
   retention group not chartered within this state
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5913 of the insurance law, as added by chapter 109
 of the laws of 1988, is amended to read as follows:
   § 5913. Financial responsibility. [Wherever]  EXCEPT  AS  PROVIDED  IN
 SECTION  THREE  HUNDRED  ELEVEN OF THE VEHICLE AND TRAFFIC LAW, WHEREVER
 pursuant to the laws of this state or any political subdivision of  this
 state  a  demonstration  of  financial  responsibility  is required as a
 condition for obtaining a  license  or  permit  to  undertake  specified
 activities,  if  any  such requirement may not be satisfied by obtaining
 insurance coverage from an insurer not authorized to do business in this
 state, such requirement may not be  satisfied  by  purchasing  insurance
 from a risk retention group not chartered in this state.
   §  2.  Paragraphs  (b)  and (c) of subdivision 4 of section 311 of the
 vehicle and traffic law, paragraph (c) as amended by chapter 200 of  the
 laws of 1974, are amended to read as follows:
   (b) In the case of a vehicle registered in this state, a policy issued
 by  (I) an insurer duly authorized to transact business in this state OR
 (II) A RISK RETENTION GROUP NOT CHARTERED IN THIS  STATE  BUT  WHICH  IS
 REGISTERED  WITH  THE  SUPERINTENDENT  UNDER  THE FEDERAL LIABILITY RISK
 RETENTION ACT OF 1986, COMPRISED  ENTIRELY  OF  ORGANIZATIONS  TO  WHICH
 CONTRIBUTIONS  ARE ELIGIBLE FOR DEDUCTION UNDER SECTION 501(C)(3) OF THE
 FEDERAL INTERNAL REVENUE CODE AND WHICH QUALIFIES AS A  CHARITABLE  RISK
 POOL UNDER SECTION 501(N) OF THE FEDERAL INTERNAL REVENUE CODE; or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10375-02-3
              

co-Sponsors

2023-S5959B (ACTIVE) - Details

See Assembly Version of this Bill:
A5718
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-S5959B (ACTIVE) - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-S5959B (ACTIVE) - Sponsor Memo

2023-S5959B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5959--B
     Cal. No. 1188
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 23, 2023
                                ___________
 
 Introduced by Sens. WEBB, BROUK, COONEY, KENNEDY, RYAN -- read twice and
   ordered  printed, and when printed to be committed to the Committee on
   Insurance -- committee discharged, bill amended, ordered reprinted  as
   amended  and  recommitted to said committee -- reported favorably from
   said committee, ordered to first and second report, ordered to a third
   reading, amended and ordered reprinted, retaining  its  place  in  the
   order of third reading
 
 AN  ACT  to  amend the insurance law and the vehicle and traffic law, in
   relation to owner's policies of liability insurance issued by  a  risk
   retention group not chartered within this state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 5913 of the insurance law, as added by chapter  109
 of the laws of 1988, is amended to read as follows:
   §  5913.  Financial  responsibility.  [Wherever] EXCEPT AS PROVIDED IN
 SECTIONS THREE HUNDRED ELEVEN AND THREE HUNDRED SEVENTY OF  THE  VEHICLE
 AND  TRAFFIC  LAW,  WHEREVER  pursuant  to the laws of this state or any
 political subdivision of this state a demonstration of financial respon-
 sibility is required as a condition for obtaining a license or permit to
 undertake specified activities, if  any  such  requirement  may  not  be
 satisfied by obtaining insurance coverage from an insurer not authorized
 to  do  business in this state, such requirement may not be satisfied by
 purchasing insurance from a risk retention group not chartered  in  this
 state.    EVERY  INSURANCE  POLICY  ISSUED BY A RISK RETENTION GROUP NOT
 CHARTERED IN THIS STATE PURSUANT TO SECTIONS THREE  HUNDRED  ELEVEN  AND
 THREE  HUNDRED  SEVENTY OF THE VEHICLE AND TRAFFIC LAW SHALL CONTAIN THE
 NOTICE SET FORTH IN SECTION FIVE THOUSAND  NINE  HUNDRED  FIVE  OF  THIS
 ARTICLE.
   §  2.  Paragraphs  (b)  and (c) of subdivision 4 of section 311 of the
 vehicle and traffic law, paragraph (c) as amended by chapter 200 of  the
 laws of 1974, are amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.