Senate Bill S4172

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4172

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 12, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in  relation  to  extending  authori-
  zation for certain exemptions from filing requirements

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
ance law, as amended by chapter 490 of the laws of 2011, is  amended  to
read as follows:
  (3)   until   [June   thirtieth,   two   thousand  fourteen]  DECEMBER
THIRTY-FIRST, TWO THOUSAND SIXTEEN, a domestic property/casualty  insur-
ance  company  that maintains at all times a surplus to policyholders of
at least twice the minimum surplus to policyholders required to be main-
tained for the kinds of insurance that it is authorized to write in this
state, or an insurer licensed pursuant  to  article  sixty-one  of  this
chapter as a reciprocal insurer that maintains at all times a surplus to
policyholders  of at least the minimum surplus to policyholders required
to be maintained for the kinds of insurance that  it  is  authorized  to
write in this state, provided that the domestic property/casualty insur-
ance  company  or  reciprocal  insurer:    (A) has total direct premiums
comprised of at least ninety percent medical malpractice insurance;  (B)
assumes reinsurance premiums in an amount that is less than five percent
of  total  direct premiums written; and (C) writes ninety percent of its
total direct premiums in this state.
  S 2. Paragraph 3 of subsection (a) of section 6303  of  the  insurance
law,  as  amended by chapter 490 of the laws of 2011, is amended to read
as follows:
  (3) [until June thirtieth, two thousand thirteen,] the  policy,  other
than  a  medical  malpractice  insurance  policy,  is  issued to a large
commercial insured that employs or retains a  special  risk  manager  to

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09724-01-3

              

S. 4172                             2

assist  in  the negotiation and purchase of a policy exempted under this
article, provided, however, that:
  (A)(i) the special risk manager is not employed by the insurer issuing
the policy or any person in the insurer's holding company system; and
  (ii)  the special risk manager is licensed as an insurance producer in
this state pursuant  to  article  twenty-one  of  this  chapter,  unless
exempted from licensing therein;
  (B)  [the  insurer shall file with the superintendent a certificate of
insurance evidencing the existence and terms of the  policy  within  one
business day of binding the insurance coverage; and
  (C)]  a policy form that has not been previously filed with the super-
intendent shall be  filed  with  the  superintendent  for  informational
purposes  within [three] FIFTEEN business days after first delivery of a
policy using such form, but no later than sixty calendar days after  the
inception date of such policy.
  S 3. This act shall take effect immediately.