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NY S01469
Bill
Status
Engrossed
5/15/2023
Primary Sponsor
Neil Breslin
Click for details
AI Summary
- Removes the requirement that exempt insurance business must be underwritten and transacted from an office within New York State
- Maintains existing exemptions for risks producing minimum annual premiums exceeding $100,000 or unusual/high-hazard coverage classes
- Extends through June 30, 2023 the exemption for policies issued to large commercial insureds that employ a special risk manager, provided the manager is independent and properly licensed
- Requires new policy forms not previously filed to be submitted to the superintendent for informational purposes within three business days after first delivery or no later than 60 calendar days after policy inception
- 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
referred to insurance
5/6/2024
Committee Referrals
Insurance5/6/2024
Insurance1/3/2024
Insurance5/15/2023
Insurance1/12/2023
Full Bill Text
No bill text available