NY S04081

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

Removes requirement that assessment corporations write certain insurance types (paragraphs 9, 13-15 of section 1113) solely in conjunction with fire insurance covering the same premises.

Authorizes assessment corporations licensed to write homeowners (paragraph 13) and commercial multiple peril (paragraph 14) insurance 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 in surplus, unless the whole risk is reinsured with an authorized insurance company or accredited reinsurer.

Takes effect immediately upon enactment.