NY A07110

Removes restrictions requiring assessment corporations to write certain insurance types (paragraphs 5-8 of section 1113) solely in conjunction with fire insurance covering the same premises.

Removes restrictions requiring assessment corporations to write paragraphs 9, 13, 14, and 15 insurance types solely in conjunction with fire insurance covering the same premises.

Authorizes assessment corporations licensed to write paragraphs 13 and 14 insurance types to write personal or commercial umbrella liability insurance and other standalone liability insurance (excluding automobile insurance).

Requires assessment corporations writing umbrella liability insurance to maintain an additional $50,000 surplus, unless the entire risk is reinsured with an authorized insurance company or accredited reinsurer.

Takes effect immediately upon enactment.