Loading chat...
NY A06060
Bill
Status
2/26/2025
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
-
Waives the "diligent effort" requirement for commercial lines insurance when a retail producing insurance broker places coverage through an unaffiliated wholesale excess line insurance broker with unauthorized insurers
-
Defines "retail producing insurance broker" as a licensed broker who directly deals with the insured customer
-
Defines "wholesale excess line insurance broker" as the licensed excess line broker through whom the retail broker procures excess line coverage on behalf of the insured
-
Establishes that brokers are considered "unaffiliated" if neither controls the other, specifically if one does not own 25% or more of voting securities or control election of a majority of directors/trustees of the other
-
Applies only to commercial lines insurance, excluding policies defined as "covered policies" under section 3425 of the insurance law (which covers personal lines like homeowners and auto insurance)
Legislative Description
Permits a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers where a retail producing insurance broker seeks to procure or place commercial lines insurance through an unaffiliated wholesale excess line insurance broker.
Last Action
referred to insurance
1/7/2026