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NY A03888
Bill
Status
1/30/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Removes the requirement that insurance businesses must be underwritten and transacted from an office within New York State to qualify for exemptions from rate and policy form filing requirements
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Maintains existing exemption criteria including: risks producing minimum annual premiums over $100,000, unusual or high-risk coverage types, and policies issued to large commercial insureds through June 30, 2027
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Continues requirement that large commercial insureds must employ a special risk manager who is not affiliated with the issuing insurer and is licensed as an insurance producer in New York
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Preserves the mandate that new policy forms be filed with the superintendent for informational purposes within 3 business days of first delivery, but no later than 60 days after policy inception
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
substituted by s4960
6/16/2025