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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2018 referred to insurance

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

A10698 (ACTIVE) - Summary

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

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