NY S06948

Amends section 6106 of insurance law to allow reciprocal insurers with a corporate attorney-in-fact wholly owned by subscribers to execute subscriber agreements through policy or binder acceptance, without requiring separate signatures from the insured.

Permits acceptance of a policy or binder containing printed subscriber agreement language to constitute full execution and delivery of the subscriber's agreement by the insured.

Amends section 6107 of insurance law to allow reciprocal insurers with subscriber-owned corporate attorneys-in-fact to implement changes, amendments, or modifications to subscriber agreements with a 60-day opt-out period rather than requiring affirmative acceptance.

Subscribers who object in writing within 60 days of submission of proposed changes are deemed to have withdrawn from membership in the reciprocal insurer.

Takes effect immediately upon enactment.