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NY S05959
Bill
AI Summary
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Amends Insurance Law Section 5913 to allow charitable risk retention groups registered with the superintendent to satisfy financial responsibility requirements, with an exception referencing Vehicle and Traffic Law Section 311.
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Modifies Vehicle and Traffic Law Section 311(4)(b) to permit vehicles registered in New York to be covered by owner's liability policies issued by charitable risk retention groups not chartered in the state but registered under the federal Liability Risk Retention Act of 1986.
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Modifies Vehicle and Traffic Law Section 311(4)(c) to permit vehicles lawfully registered in another state to be covered by the same qualifying charitable risk retention group policies.
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Updates definitions of "certificate of insurance" and "insurance identification card" in Vehicle and Traffic Law Section 311 to include policies issued by authorized charitable risk retention groups.
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Takes effect immediately upon enactment.
Legislative Description
Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.
Last Action
APPROVAL MEMO.8
9/15/2023