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NY A08505
Bill
Status
1/4/2024
Primary Sponsor
Anna Kelles
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AI Summary
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Permits risk retention groups not chartered in New York to issue vehicle liability insurance policies for not-for-profit organizations exempt under federal tax code section 501(c)(3), provided vehicles have a seating capacity of 15 passengers or fewer, are not limousines, and are not solely for personal use by directors, officers, or key persons.
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Applies the same risk retention group eligibility requirements to both standard vehicle registrations and for-hire passenger-carrying vehicles, with policies no longer requiring superintendent form approval for out-of-state risk retention groups.
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Requires risk retention groups to report to the Department of Financial Services within 60 days any examinations, audits, investigations, or enforcement actions conducted by another state's insurance commissioner.
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Changes the reporting deadline for a study on risk retention group insurance policy efficacy from four years after the original law's effective date to September 1, 2027, and requires risk retention groups to submit necessary information to complete the study upon request.
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Amends the effective date of the underlying 2023 law from 180 days after enactment to March 1, 2024.
Legislative Description
Authorizes certain policies issued by a risk retention group not chartered in this state; requires reporting by certain risk retention groups of other state's examinations, audits, or other investigations and their findings; amends the effective date of a chapter of the laws of 2023 amending the insurance law and the vehicle and traffic law relating to owner's policies of liability insurance issued by a risk retention group not chartered within this state, as proposed in legislative bills numbers S.5959-B and A.5718-B, to March 1, 2024.
Last Action
substituted by s8053
1/16/2024