Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 19, 2018 |
referred to insurance delivered to assembly passed senate |
Jun 04, 2018 |
advanced to third reading |
May 31, 2018 |
2nd report cal. |
May 30, 2018 |
1st report cal.1389 |
Apr 09, 2018 |
referred to insurance |
Senate Bill S8147
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-S8147 (ACTIVE) - Details
2017-S8147 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8147 SPONSOR: SEWARD TITLE OF BILL: An act to amend the insurance law, in relation to excess disability insurance PURPOSE: This bill creates a new kind of business disability-related coverage to protect businesses, and individuals associated with such businesses, from catastrophic loss where the limits of a primary disability insur- ance policy in force may be inadequate to properly cover losses relative to a business' financial circumstances, or where no primary business-re- lated disability insurance coverage can be obtained in the authorized insurer market by such business. SUMMARY OF PROVISIONS: Section 1 of the bill establishes a new type of insurance, "catastrophic
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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