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NY A06256
Bill
Status
4/3/2023
Primary Sponsor
David Weprin
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AI Summary
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Removes the state insurance fund's exemption from licensing and other requirements under insurance law, making it subject to the same regulatory standards as other insurers.
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Transfers approval authority for state insurance fund rules from the commissioner of labor to the superintendent of financial services, requiring explicit approval rather than automatic approval after 30 days of inaction.
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Eliminates the requirement for employers to provide 30 days' written notice before withdrawing from the state insurance fund, requiring only notice of the effective cancellation date.
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Authorizes the state insurance fund to compensate licensed insurance brokers through commissions for services provided to clients insured by the fund, with commission costs factored into the existing rate structure.
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Effective 90 days after the bill becomes law.
Legislative Description
Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of financial services to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.
Last Action
referred to insurance
1/3/2024