senate Bill S8147

2017-2018 Legislative Session

Relates to excess disability insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
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

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 2019-2020 Legislative Session:
S3638, A2896

S8147 (ACTIVE) - Summary

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

S8147 (ACTIVE) - Sponsor Memo

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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