Assembly Bill A5718B

Signed By Governor
2023-2024 Legislative Session

Authorizes certain policies issued by a risk retention group not chartered in this state

download bill text pdf

Sponsored By

Current Bill Status Via S5959 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2023-A5718 - Details

See Senate Version of this Bill:
S5959
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-A5718 - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-A5718 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5718
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 Introduced by M. of A. KELLES -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend the insurance law and the vehicle and traffic law, in
   relation to owner's policies of liability insurance issued by  a  risk
   retention group not chartered within this state

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 5913 of the insurance law, as added by chapter  109
 of the laws of 1988, is amended to read as follows:
   §  5913.  Financial  responsibility.  [Wherever] EXCEPT AS PROVIDED IN
 SECTION THREE HUNDRED ELEVEN OF THE VEHICLE AND  TRAFFIC  LAW,  WHEREVER
 pursuant  to the laws of this state or any political subdivision of this
 state a demonstration of  financial  responsibility  is  required  as  a
 condition  for  obtaining  a  license  or  permit to undertake specified
 activities, if any such requirement may not be  satisfied  by  obtaining
 insurance coverage from an insurer not authorized to do business in this
 state,  such  requirement  may  not be satisfied by purchasing insurance
 from a risk retention group not chartered in this state.
   § 2. Paragraphs (b) and (c) of subdivision 4 of  section  311  of  the
 vehicle  and traffic law, paragraph (c) as amended by chapter 200 of the
 laws of 1974, are amended to read as follows:
   (b) In the case of a vehicle registered in this state, a policy issued
 by (I) an insurer duly authorized to transact business in this state  OR
 (II)  A  RISK RETENTION GROUP NOT CHARTERED IN THIS STATE WITH A MINIMUM
 OF FIFTEEN MILLION DOLLARS OF  SURPLUS  AND  WHICH  EXCLUSIVELY  INSURES
 501(C)(3) NONPROFIT ORGANIZATIONS THAT ARE REGISTERED IN THIS STATE; or
   (c)  In the case of a vehicle lawfully registered in another state, or
 in both this state and another state, [either] (I) a policy issued by an
 authorized insurer, or (II) A RISK RETENTION GROUP NOT CHARTERED IN THIS
 STATE WITH A MINIMUM OF FIFTEEN MILLION DOLLARS OF  SURPLUS  AND  EXCLU-
 SIVELY  INSURES 501(C)(3) NONPROFIT ORGANIZATIONS THAT ARE REGISTERED IN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10375-01-3
              

co-Sponsors

multi-Sponsors

2023-A5718A - Details

See Senate Version of this Bill:
S5959
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-A5718A - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-A5718A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5718--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 Introduced  by M. of A. KELLES, FAHY, LEVENBERG, GONZALEZ-ROJAS, ARDILA,
   McMAHON, OTIS, BRONSON, LUNSFORD, EPSTEIN, CLARK,  SHRESTHA,  BURDICK,
   REYES, CONRAD, SHIMSKY, STIRPE -- Multi-Sponsored by -- M. of A. SIMON
   --  read  once and referred to the Committee on Insurance -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the insurance law and the vehicle and  traffic  law,  in
   relation  to  owner's policies of liability insurance issued by a risk
   retention group not chartered within this state
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5913 of the insurance law, as added by chapter 109
 of the laws of 1988, is amended to read as follows:
   § 5913. Financial responsibility. [Wherever]  EXCEPT  AS  PROVIDED  IN
 SECTION  THREE  HUNDRED  ELEVEN OF THE VEHICLE AND TRAFFIC LAW, WHEREVER
 pursuant to the laws of this state or any political subdivision of  this
 state  a  demonstration  of  financial  responsibility  is required as a
 condition for obtaining a  license  or  permit  to  undertake  specified
 activities,  if  any  such requirement may not be satisfied by obtaining
 insurance coverage from an insurer not authorized to do business in this
 state, such requirement may not be  satisfied  by  purchasing  insurance
 from a risk retention group not chartered in this state.
   §  2.  Paragraphs  (b)  and (c) of subdivision 4 of section 311 of the
 vehicle and traffic law, paragraph (c) as amended by chapter 200 of  the
 laws of 1974, are amended to read as follows:
   (b) In the case of a vehicle registered in this state, a policy issued
 by  (I) an insurer duly authorized to transact business in this state OR
 (II) A RISK RETENTION GROUP NOT CHARTERED IN THIS  STATE  BUT  WHICH  IS
 REGISTERED  WITH  THE  SUPERINTENDENT  UNDER  THE FEDERAL LIABILITY RISK
 RETENTION ACT OF 1986, COMPRISED  ENTIRELY  OF  ORGANIZATIONS  TO  WHICH
 CONTRIBUTIONS  ARE ELIGIBLE FOR DEDUCTION UNDER SECTION 501(C)(3) OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10375-03-3
              

co-Sponsors

multi-Sponsors

2023-A5718B (ACTIVE) - Details

See Senate Version of this Bill:
S5959
Law Section:
Insurance Law
Laws Affected:
Amd §5913, Ins L; amd §§311 & 370, V & T L

2023-A5718B (ACTIVE) - Summary

Authorizes certain policies issued by a risk retention group not chartered in this state but which is registered with the superintendent of financial services under the federal liability risk retention act of 1986, comprised entirely of organizations to which contributions are eligible for deduction under section 501(c)(3) of the internal revenue code and which qualifies as a charitable risk pool under section 501(n) of the internal revenue code.

2023-A5718B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5718--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 22, 2023
                                ___________
 
 Introduced  by M. of A. KELLES, FAHY, LEVENBERG, GONZALEZ-ROJAS, ARDILA,
   McMAHON, OTIS, BRONSON, LUNSFORD, EPSTEIN, CLARK,  SHRESTHA,  BURDICK,
   REYES, CONRAD, SHIMSKY, STIRPE, JACOBSON, SIMONE, STECK, BURGOS, BORES
   --  Multi-Sponsored  by -- M. of A. SIMON -- read once and referred to
   the Committee on Insurance  --  committee  discharged,  bill  amended,
   ordered  reprinted  as  amended  and  recommitted to said committee --
   again reported from said committee with amendments, ordered  reprinted
   as amended and recommitted to said committee
 
 AN  ACT  to  amend the insurance law and the vehicle and traffic law, in
   relation to owner's policies of liability insurance issued by  a  risk
   retention group not chartered within this state
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 5913 of the insurance law, as added by chapter  109
 of the laws of 1988, is amended to read as follows:
   §  5913.  Financial  responsibility.  [Wherever] EXCEPT AS PROVIDED IN
 SECTIONS THREE HUNDRED ELEVEN AND THREE HUNDRED SEVENTY OF  THE  VEHICLE
 AND  TRAFFIC  LAW,  WHEREVER  pursuant  to the laws of this state or any
 political subdivision of this state a demonstration of financial respon-
 sibility is required as a condition for obtaining a license or permit to
 undertake specified activities, if  any  such  requirement  may  not  be
 satisfied by obtaining insurance coverage from an insurer not authorized
 to  do  business in this state, such requirement may not be satisfied by
 purchasing insurance from a risk retention group not chartered  in  this
 state.    EVERY  INSURANCE  POLICY  ISSUED BY A RISK RETENTION GROUP NOT
 CHARTERED IN THIS STATE PURSUANT TO SECTIONS THREE  HUNDRED  ELEVEN  AND
 THREE  HUNDRED  SEVENTY OF THE VEHICLE AND TRAFFIC LAW SHALL CONTAIN THE
 NOTICE SET FORTH IN SECTION FIVE THOUSAND  NINE  HUNDRED  FIVE  OF  THIS
 ARTICLE.
   §  2.  Paragraphs  (b)  and (c) of subdivision 4 of section 311 of the
 vehicle and traffic law, paragraph (c) as amended by chapter 200 of  the
 laws of 1974, are amended to read as follows:
   (b) In the case of a vehicle registered in this state, a policy issued
 by  (I) an insurer duly authorized to transact business in this state OR
 
              

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