Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 12, 2018 |
referred to insurance delivered to assembly passed senate |
Jan 29, 2018 |
advanced to third reading |
Jan 23, 2018 |
2nd report cal. |
Jan 22, 2018 |
1st report cal.228 |
Jan 03, 2018 |
referred to insurance returned to senate died in assembly |
Jun 13, 2017 |
referred to insurance delivered to assembly passed senate |
May 24, 2017 |
advanced to third reading |
May 23, 2017 |
2nd report cal. |
May 22, 2017 |
1st report cal.1080 |
Feb 23, 2017 |
referred to insurance |
Senate Bill S4654
2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
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
Actions
Votes
2017-S4654 (ACTIVE) - Details
2017-S4654 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4654 TITLE OF BILL : An act to amend the insurance law, in relation to exemption from filing requirements only with respect to rates and policy forms PURPOSE : The purpose of the bill is to modernize the insurance law by allowing insurers to take advantage of the Free Trade Zone regardless of whether or not they maintain a physical office in the state. SUMMARY OF PROVISIONS : The bill amends Section 6303 (a) of the insurance law to repeal the provision which requires that business must be underwritten and transacted from an office within the state in order to be eligible for placement in the Free Trade Zone. JUSTIFICATION : The Free Trade Zone (FTZ) is a useful tool for insurers that provides some flexibility from the usual rate and form filing process as it relates to larger, sophisticated or highly specialized risks. Unfortunately, the FTZ fails to be utilized to its fullest potential
2017-S4654 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4654 2017-2018 Regular Sessions I N S E N A T E February 23, 2017 ___________ 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 exemption from filing requirements only with respect to rates and policy forms THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 6303 of the insurance law, as amended by chapter 490 of the laws of 2011, paragraph 3 as amended by chapter 75 of the laws of 2013 and the opening paragraph of paragraph 3 as amended by chapter 24 of the laws of 2015, is amended to read as follows: (a) The exemption that may be granted pursuant to this article shall apply only if [the business is underwritten and transacted from an office within this state; and]: (1) the risk, as defined in regulations of the superintendent, produc- es a minimum annual premium in excess of one hundred thousand dollars or such higher amount as the superintendent may prescribe by regulation; (2) the coverage is for a risk or class of risks which is of an unusu- al nature, a high loss hazard, or difficult to place, pursuant to a list promulgated or amended by the superintendent; or (3) until June thirtieth, two thousand nineteen, 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 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; and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10034-01-7
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.