Senate Bill S8147

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-S8147 (ACTIVE) - Details

See Assembly Version of this Bill:
A10698
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: S3638, A2896
2021-2022: S5760, A3222

2017-S8147 (ACTIVE) - Summary

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

2017-S8147 (ACTIVE) - Sponsor Memo

2017-S8147 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8147
 
                             I N  S E N A T E
 
                               April 9, 2018
                                ___________
 
 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  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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