S T A T E O F N E W Y O R K
________________________________________________________________________
8361
2017-2018 Regular Sessions
I N A S S E M B L Y
June 12, 2017
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Introduced by M. of A. SKOUFIS -- read once and referred to the Commit-
tee on Insurance
AN ACT to amend the insurance law, in relation to the organization of
assessment corporations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of subsection (a) of section 6605 of
the insurance law, as added by chapter 137 of the laws of 1986, is
amended to read as follows:
An assessment corporation may be organized and licensed in the manner
prescribed in section six thousand six hundred three of this article and
may do, in addition to the kind of insurance specified in paragraph four
of subsection (a) of section one thousand one hundred thirteen of this
chapter, any one or more of the kinds of insurance specified in para-
graphs five, six, seven and eight of such subsection [solely in conjunc-
tion with fire insurance written under the same policy and covering the
same premises] and insurance against loss or damage to property caused
by aircraft or vehicles in compliance with the following prerequisites:
§ 2. Subsection (b) of section 6605 of the insurance law, as amended
by chapter 379 of the laws of 2001, is amended to read as follows:
(b) Any licensed assessment corporation may amend its charter and be
licensed to do the kinds of insurance specified in paragraphs nine,
thirteen, fourteen and fifteen (except workers' compensation insurance)
of subsection (a) of section one thousand one hundred thirteen of this
chapter [solely in conjunction with fire insurance written under the
same policy and covering the same premises] and may be licensed to do
the kinds of insurance specified in paragraphs twelve, nineteen (exclud-
ing aircraft physical damage insurance) and twenty (inland marine only)
of such subsection. AN ASSESSMENT CORPORATION LICENSED TO WRITE THE
KINDS OF INSURANCE SPECIFIED IN PARAGRAPHS THIRTEEN AND FOURTEEN OF
SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THIS
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09515-03-7
A. 8361 2
CHAPTER IS AUTHORIZED TO WRITE PERSONAL OR COMMERCIAL UMBRELLA LIABILITY
INSURANCE OR ANY OTHER TYPE OF STANDALONE LIABILITY INSURANCE, EXCLUDING
AUTOMOBILE INSURANCE.
§ 3. Section 6605 of the insurance law is amended by adding a new
subsection (d) to read as follows:
(D) AN ASSESSMENT CORPORATION LICENSED TO WRITE THE KINDS OF INSURANCE
SPECIFIED IN PARAGRAPHS THIRTEEN AND FOURTEEN OF SUBSECTION (A) OF
SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THIS CHAPTER IS AUTHORIZED
TO WRITE PERSONAL OR COMMERCIAL UMBRELLA LIABILITY INSURANCE OR ANY
OTHER TYPE OF STANDALONE LIABILITY INSURANCE, EXCLUDING AUTOMOBILE
INSURANCE. EXCEPT AS HEREIN PROVIDED, THE CORPORATION MUST MAINTAIN AN
ADDITIONAL SURPLUS OR FIFTY THOUSAND DOLLARS IF THE CORPORATION WRITES
UMBRELLA LIABILITY INSURANCE. THE ADDITIONAL SURPLUS IS NOT NECESSARY IF
THE WHOLE RISK FOR THIS PERIL IS REINSURED IN AN INSURANCE COMPANY
AUTHORIZED TO DO BUSINESS IN THIS STATE, OR IN AN ACCREDITED REINSURER,
AS DEFINED IN SUBSECTION (A) OF SECTION ONE HUNDRED SEVEN OF THIS CHAP-
TER.
§ 4. This act shall take effect immediately.