S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4010--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed 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, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09515-02-7

 S. 4010--A                          2
 
 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.
   §  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.