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NY S05310
Bill
Status
Introduced
2/20/2025
Primary Sponsor
Jamaal Bailey
Click for details
AI Summary
- Waives the "diligent effort" requirement for placing insurance with unauthorized insurers when a retail insurance broker procures commercial lines insurance through an unaffiliated wholesale excess line broker
- 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 retail brokers procure excess line coverage
- Establishes that brokers are "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
- Commercial lines insurance is defined as any policy not classified as a "covered policy" under section 3425 of the insurance law (which covers personal lines like homeowners and auto)
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
ADVANCED TO THIRD READING
3/11/2026
Committee Referrals
Insurance1/7/2026
Rules6/13/2025
Insurance2/20/2025
Full Bill Text
No bill text available