NY S07773

Renumbers section 3445 of the insurance law to section 3453 and expands the definition of "employee" to include directors and "group member" to include domestic partners, relatives in the same household, and dependent children away at school.

Creates new section 3454 establishing sponsored group personal insurance for associations, organizations, labor unions, and similar entities with 25+ members that have existed for 3+ years, as well as banks and property owners with respect to renters' insurance.

Requires premiums to be paid by sponsor group members without making insurance purchase a condition of membership, and allows sponsors to aggregate and remit premiums on behalf of members.

Establishes insurer responsibilities including mailing certificates of insurance directly to group members, providing notice of cancellations or nonrenewals 45-90+ days in advance, and distributing policy dividends or refunds to affected members.

Prohibits individual member actions from triggering group policy cancellation, requires separate coverage limits for each member, and mandates conversion options for renters' insurance members when policies are cancelled or nonrenewed.