Loading chat...
NY A00979
Bill
Status
10/16/2025
Primary Sponsor
Jennifer Lunsford
Click for details
AI Summary
-
Limits service contract providers to a maximum of five service contract reimbursement insurance policies covering their actively offered service contracts
-
Amends Section 7903 of the insurance law regarding requirements for providers to insure their obligations under service contracts
-
Maintains existing requirement that providers must obtain insurance from authorized insurers or through excess line licensees
-
Preserves the 45-day compliance window for providers to meet alternative financial security requirements if insurance lapses or terminates
-
Takes effect immediately upon passage
Legislative Description
Relates to contractual liability insurance policies; provides that each provider may maintain a maximum of five service contract reimbursement insurance policies insuring its service contracts actively offered.
Last Action
signed chap.441
10/16/2025