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NY S08053
Bill
AI Summary
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Permits not-for-profit organizations exempt under federal tax code section 501(c)(3) to register vehicles using liability insurance policies issued by risk retention groups not chartered in New York, provided vehicles have no more than 15 passenger seats, are not limousines, and are not solely for personal use by directors, officers, or key persons.
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Applies the vehicle registration eligibility requirements to both vehicles registered in New York (Vehicle and Traffic Law § 311) and vehicles registered in other states (Vehicle and Traffic Law § 370).
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Requires risk retention groups to report to the Department of Financial Services any examinations, audits, or investigations conducted by another state's insurance commissioner within 60 days, including findings and enforcement actions.
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Directs the Superintendent of Financial Services to study the efficacy of non-chartered risk retention groups issuing vehicle insurance policies and report findings to the governor and legislature by September 1, 2027, examining coverage quality, regulatory oversight, and impact on nonprofits.
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Changes the effective date of the underlying 2023 legislation (S.5959-B and A.5718-B) 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
SIGNED CHAP.14
1/26/2024