Assembly Bill A10698

2017-2018 Legislative Session

Relates to excess disability insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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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2017-A10698 (ACTIVE) - Details

See Senate Version of this Bill:
S8147
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 4101, 4103 & 4107, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2896, S3638
2021-2022: A3222, S5760

2017-A10698 (ACTIVE) - Summary

Authorizes catastrophic business disruption insurance as a non-basic type of insurance.

2017-A10698 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10698
 
                           I N  A S S E M B L Y
 
                               May 10, 2018
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend  the  insurance law, in relation to excess disability
   insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  32  of  subsection  (a) of section 1113 of the
 insurance law, as renumbered by chapter 626 of  the  laws  of  2006,  is
 renumbered  paragraph  33  and  a  new  paragraph 32 is added to read as
 follows:
   (32) "CATASTROPHIC BUSINESS  DISRUPTION  INSURANCE,"  MEANS  INSURANCE
 AGAINST  FINANCIAL  LOSS EXPERIENCED BY A CORPORATE ENTITY OR A PARTNER-
 SHIP WHERE AN INDIVIDUAL INTEGRAL TO THE SUCCESSFUL  OPERATION  OF  SUCH
 CORPORATE  ENTITY  OR  PARTNERSHIP  BECOMES  DISABLED  DUE  TO SICKNESS,
 AILMENT OR BODILY INJURY. SUCH INSURANCE MAY BE OBTAINED IN EXCESS OF  A
 PRIMARY  BUSINESS-RELATED DISABILITY POLICY, OR IN THE ABSENCE OF SUCH A
 POLICY IF COVERAGE  CANNOT  BE  OBTAINED  FROM  AN  AUTHORIZED  INSURER.
 CATASTROPHIC  BUSINESS DISRUPTION INSURANCE COVERAGE MAY INCLUDE, BUT IS
 NOT LIMITED TO, REIMBURSEMENT FOR ALL OVERHEAD COSTS  AND  EXPENSES  AND
 ALL  CAPITAL  OUTLAYS  OF  A  CORPORATE ENTITY OR PARTNERSHIP WHICH SUCH
 CORPORATE ENTITY OR PARTNERSHIP INCURS IN THE ORDINARY COURSE  OF  BUSI-
 NESS  DURING  THE  PERIOD OF DISABILITY; AND BUY/SELL ARRANGEMENTS IN AN
 AMOUNT SUFFICIENT TO PURCHASE THE DISABLED INDIVIDUAL'S  INTEREST  SHARE
 IN THE CORPORATE ENTITY OR PARTNERSHIP.
   §  2.  Subsection (a) of section 2105 of the insurance law, as amended
 by section 9 of part I of chapter 61 of the laws of 2011, is amended  to
 read as follows:
   (a)  The  superintendent  may issue an excess line broker's license to
 any person, firm, association or corporation who or which is licensed as
 an insurance broker under section two thousand one hundred four of  this
 article,  or  who  or  which is licensed as an excess line broker in the
 licensee's home state, provided,  however,  that  the  applicant's  home
 state  grants  non-resident  licenses  to residents of this state on the
 same basis, except that reciprocity is not required  in  regard  to  the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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