Loading chat...

NY A08212

Bill

Official Source

Status

Introduced

10/27/2023

Primary Sponsor

David Weprin

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Removes the requirement that exempted insurance business must be underwritten and transacted from an office within New York State
  • Maintains three existing conditions for exemptions: minimum annual premium over $100,000, coverage for unusual/high-hazard risks, or policies issued to large commercial insureds with special risk managers
  • Requires new policy forms not previously filed with the superintendent to be submitted within three business days after first delivery or no later than sixty calendar days after policy inception
  • Sunsets the large commercial insured exemption (paragraph 3) on June 30, 2023
  • Takes effect immediately upon enactment

Legislative Description

Relates to extending the exemption from filing requirements only with respect to rates and policy forms to businesses underwritten and transacted from an office outside this state.

Last Action

reported referred to rules

5/22/2024

Committee Referrals

Rules5/22/2024
Insurance10/27/2023

Full Bill Text

No bill text available