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NY A02202
Bill
Status
Introduced
1/23/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
- Amends Insurance Law Section 2118 to modify excess line insurance placement affidavit requirements for licensees and affirming brokers
- Requires recording of the name, date of declination, and NAIC code of each authorized insurer declining a risk on the affidavit
- Removes the requirement to record the name of the representative declining the risk, the representative's affiliation, or the reason for declination
- Clarifies that licensees or affirming brokers need only record information that formed the basis of their belief that an insurer might consider writing the coverage or class of insurance involved
- Takes effect on the same date as the 2022 law amendments to excess line insurance placement affidavit requirements (S. 8127 and A. 9088)
Legislative Description
Clarifies the excess line insurance placement affidavit requirements.
Last Action
substituted by s1318
2/1/2023
Committee Referrals
Rules1/31/2023
Insurance1/23/2023
Full Bill Text
No bill text available