NY S04719

Adds "commercial lines specialty insurance" exemption to New York Insurance Law, exempting specified categories from rate and policy form filing requirements to promote competition in business-to-business insurance markets.

Defines commercial lines specialty insurance to include 20 specific types such as aircraft liability, surety, commercial inland marine, boiler and machinery, cybersecurity, professional liability, and product liability insurance.

Allows the Superintendent of Insurance to temporarily reinstate filing requirements for up to one year if a hearing determines that a reasonable degree of competition does not exist for a specific class of risk, with specific findings of fact required.

Presumes a competitive market exists absent specific written findings by the Superintendent demonstrating lack of reasonable competition.

Takes effect January 1 following enactment and applies to all property and casualty insurance policies issued, renewed, or modified on or after that date.